Purpose-built corporate cards

Corporate cards in India are primarily similar to personal credit cards. However, corporate cards are used exclusively for business-related purposes. With corporate cards, businesses can have easy access to funds. With smart usage, the business can enjoy a certain period of free credit within the billing cycle to pay for immediate requirements without having to arrange for working capital funds.

Corporate cards are given to companies with a reasonable financial history. The business must have existed for at least a year with a distinct address and documents that validate its existence, like a registration certificate, partnership deed, or equivalent document. Banks that issue corporate cards also consider the promoters' eligibility and financial statements to strengthen the case. Many fintech companies have partnered with banks to help get corporate cards and manage them from end to end.

A virtual card is available in a virtual format, not in a physical form. The use of virtual cards started with the need to enable safe and speedy online transactions. Unlike a physical card with the risk of being misplaced, lost, or stolen, virtual cards can be kept safe with password-protected access.

Virtual cards are primarily designed for online transactions and may not be suitable for in-person point-of-sale (POS) transactions or ATM cash withdrawals. However, some virtual card providers may offer a physical card linked to the virtual card account, which can be used for in-person transactions and cash withdrawals.

You can sign up on EnKash to get a virtual card for your business. After signing up, enter your required details and complete your KYC. The virtual card will be generated as soon as your verification is done. Create a PIN for its usage, transfer funds from your primary account to this virtual card, and use it freely for online purchases.

A prepaid card is a type of payment card that functions similarly to a debit card, but instead of being linked to a bank account, it holds a predetermined amount of funds that must be loaded onto the card before it can be used. Prepaid cards offer a secure and convenient way to manage spending and can be used for a variety of purposes, including making purchases, paying bills, and more.

Prepaid cards offer businesses a flexible and efficient way to manage expenses and provide financial resources to employees. Companies can distribute prepaid cards to employees for use in making business-related purchases. This helps in budgeting and controlling expenses, as the cards can be preloaded with specific amounts. Additionally, businesses can track and monitor transactions, ensuring transparency and accountability.

Prepaid cards offer various features and benefits:

• No Credit Check: Prepaid cards do not require credit checks, making them accessible to individuals with varying credit histories

• Reloadable: Users can reload funds onto the card, allowing for continued use over time

• Security: Prepaid cards offer enhanced security compared to cash, minimizing the risk of loss or theft. In case of loss or theft, the card can be promptly deactivated

• Budget Control: Prepaid cards promote budget control by limiting spending to the amount loaded onto the card

• Convenience: Prepaid cards can be used for a variety of transactions, including online and in-store purchases, bill payments, etc