FAYETTEVILLE -- Arvest Bank says its credit card division generated record spend volume in commercial credit card payment solutions during 2022, according to a news release.
"Arvest Commercial Credit Card Payment Solutions provides a variety of solutions that allow business customers throughout the bank's four-state footprint to make payments with purchasing cards and ePayables programs.
"In 2022, the Arvest Commercial Credit Card department posted a record spend total for its commercial payments portfolio, including purchasing card and ePayables customers. The portfolio's total spend was over $1 billion, which is a 16.57% increase over 2021," the release said.
"We are incredibly excited about last year's growth," Keith Zollicoffer, director of Arvest Commercial Credit Card Payment Solutions, said in the release. "This overall growth can be attributed to a variety of factors, including how businesses reevaluated vendor payment methods during the pandemic. Traditional checks became a challenge, and ePayables offered a more streamlined solution. The added mobile functionality in our purchasing card program allowed cardholders to more seamlessly capture receipts and complete expense reports."
"The commercial credit card industry continues to evolve and Arvest works diligently to enhance card payments to make the payment process more efficient in as many ways as possible," the release said.