Over the past couple of years, Corporate cards have garnered a massive response. They are slowly but steadily becoming an indispensable tool in the arsenal of a successful businessman. Any business, whether a start-up or a BigTech, needs to keep track of the corporate expenses. The money spent by employees for business purposes should have a fail-proof way of being recorded and traced. While very few people feel that corporate or Corporate cards risk financial exposure, the majority are in full favour of Corporate cards being a must-have in any business' finance portfolio. There could be dual notions about the acceptability of Corporate cards in the corporate ecosphere but that does not mean that we misunderstand the usability, flexibility, and efficiency these cards provide on the go.
India is currently riding the way of the digital revolution. From businesses to homes, everything is turning smarter, more intuitive, and accustomed to consumer needs. An increasing number of companies are adopting corporate credit cards. Although, there is still a higher penetration opportunity in India for corporate cards. The market is highly under-penetrated with the options available in Corporate cards that can be used in several customized ways. Let's take a quick look at the three most common Corporate cards available in the market.
Each of these cards has its own set of usage and has varying levels of restrictions. For example, for buying office supplies, equipment or paying bills of any kind, P-cards are the best. But for business travel or client meals, a corporate card is your best option. However, hybrid cards are the most powerful as they can be used across the entire spectrum of business expenses.
Not every company opts for issuing Corporate cards for their employees. In such cases, employee reimbursement comes into the picture. Employees pay for business expenses from their own pockets and then submit the payment receipts to the finance team for reimbursement. Doing this requires an awful amount of expense tracking, maintaining receipts of transactions, reviews and approvals from the finance teams after cross-verifying every data and then finally approving the total amount. This process increases the chances of reimbursement fraud as employees can also stack up personal expenses and get away with them. Reimbursement is time-consuming, unreliable, and cumbersome for all teams involved.
Companies are now turning over a new leaf with Corporate cards for corporate spending to gain more control over corporate expenditure. With Corporate cards, companies can issue and manage cards, track expenses, and access rewards- all from a single platform.
Corporate cards are the new way of making payments and to shed some light on the reasons, let's take a look at few benefits of Corporate cards over traditional reimbursement methods:
Having seen all these advantages, it is now clear that Corporate cards are the way forward for an efficient payments system. The cards can be customised per usage, can be distributed on an individual or department basis, and can be either prepaid or credit cards with an inbuilt credit line. Corporate cards help streamline all business expenses and empower employees to make decisions independently. While the flexibility and ease these cards offer are truly unmatched, we at EnKash are the best match for you when it comes to Corporate cards. We offer a variety of Corporate cards, p-cards, expense cards, and virtual cards for you to choose from according to your business needs. Show your employees that you care for them and have full faith in their expense decisions with the help of personalized expense cards and uplift your employees' morale to the next level.