Corporate credit cards are offered to businesses to pay for business-related expenses such as supplier payments, travel reservations, lunches, and rental cars. Corporate credit cards are a great tool for SME’s and start-ups who wants to stay on top of managing their expenses and meeting their short term credit woes. SME’s and start-ups were not being catered by tradition banks for the issuing of corporate credit cards. However, with rise of fintech companies taking advantage of the digital ecosystem, have risen to fill the credit gap which previously existed for SME’s and start-ups.
Let’s explore 5 unrivalled benefits a corporate credit card can offer.
Full Control and limits – The business owner or the finance team of the company needn’t share the financial details for facilitating various payments with employees. Corporate cards are a great tool which can be issued to employees with a pre-determined limits on the monetary value of transaction, places where it can be used, weekly & monthly limits etc. This helps the organisation to monitor all the expenses and prevent fraud.
Working Capital Requirements – Corporate credit cards are an excellent way for SMEs and start-ups to supplement their working capital. Having the option to pay to the bank at a later date can help business not only pay its suppliers quicker, but it can also help company qualify for early payment discounts, and any money saved is money made. Any extension in their DPO (Days Payable Outstanding) is always appreciated for SMEs and start-ups, who are typically restricted with their working capital.
Ease in Managing and Monitoring Expenses – Employers can better manage their business expenses with corporate cards. Previously, employees had to pay for all of their business-related travel expenses out of pocket or using personal credit cards, and then be reimbursed. The entire procedure was time-consuming, tedious, error-prone, and required maintaining multiple receipts, documentation, and accounting concerns. The employee’s productivity was also impacted. With the use of corporate credit cards, companies can stay one step ahead on monitoring and documenting expenses of various employees. Employees can easily make payments for the above mentioned expenses and with the help of account statements, they can easily document their expenses which would otherwise take much of their productive time.
Dashboard with Reports and Complete Visibility:Corporate credit cards also offer a dashboard report with numerous filters to enable businesses see all of their financial transactions in one place. Various filters aid in the much-needed unified and streamlined process of cash management and credit allocation for future financial planning (vendor-based, expenditure vertical-based, location-based, and so on). It also relieves the finance department or the business owner from of the burden of manually compiling all of these reports and data.
Easy Payments – Corporate cards can be used by SME’s and start-ups to facilitate easy payments for various business expenses such as utility bills, rent, fuel expenses etc.
Fintech company ZikZuk have launched their business credit card exclusively for business owners called ‘Founderscard”. The card, which is aimed at founders and CEOs of start-ups and SMEs, is also designed to optimize working capital and manage all expenses digitally, including business, petty cash, and travel expenditure.
Founderscard the latest offering by fintech company ZikZuk is a business credit card for business owners which offers best in class credit, rewards and benefits and AI generated reports so that one can always stay on top of his business expenses. Founderscard enables business owners to
Easy access to credit – In comparison to other traditional cards, Founderscard delivers the best in class credit limit, allowing business owners to meet their credit needs which includes early payments to vendors and working capital needs thereby optimizing cashflows.
Manage your finances – Expense management has never been easier. Understand and manage your business spending effectively using real-time transaction data and AI-generated business reports. These reports enables business owners to take data driven business decisions.
One stop solution for your travel expenses – Founderscard has one of the lowest Forex markup fees, at 2%. Founderscard also provides a one-stop travel solution with unique discounts on travel expenses. To know more about the Founderscard and its offers please visit founderscard.in