Running a business has never been easy. There are many things to manage and every task in hand is a priority. Employee reimbursement is one such tedious task that demands attention and effort. However, the advent of corporate cards has helped minimize this task to a considerable extent. If your business involves frequent employee expenses then it's high time you should adopt corporate cards to streamline these expenses better. It is advisable to understand your business requirements first and then find a corporate card provider who is aligned with the same.
How are corporate cards different from company business cards?
Corporate cards are often confused with business cards. However, there are noticeable differences between the two. A business credit card is owned by a business entity and not by an individual. They are designed to make business-related expenses. Business cards have offers like cashback and travel perks. A corporate card, on the other hand, is issued to employees for business-related expenses. Businesses can streamline their employee expenses using these cards.
Ownership
Business cards are usually given to small business owners, while corporate cards can be owned by the business owner and employees of the organization. Corporate cards can be used by employees according to their department requirements.
Eligibility
A business card can be obtained by businesses of all sizes, big or small. Those doing business alone can also get a business credit card. Corporate cards are usually given to established organizations with considerate spending requirements.
Expense tracking & reporting
Business credit cards often have basic tracking features when compared to corporate cards as they are equipped with robust expense tracking features. They often have the capability for real-time monitoring of transactions, along with customizable spending limits for individual employees or departments.
Choosing a corporate card provider
Businesses need to consider certain factors before choosing a corporate card provider. Know them below: Types of cards: When looking for the right corporate card provider, identify the cards your business needs. You can opt for physical cards and corporate virtual cards. Your business may need single-use cards for different purposes or occasional travel. Getting a single-use virtual credit card from the provider is a bonus.
Implementation process: The provider must be able to set up your account and issue cards in no time. Payment processing, notifications and approvals should flow seamlessly between the manager and the employee.
Credit limits and spend control: As a business owner, you must enjoy the liberty to customize your virtual credit card spend limits. An ideal corporate card provider gives you admin-controlled card limits. Being able to set spend controls on every budget and card makes it easier to control employee expenses.
Reliable support: Before deciding on a corporate card provider, ensure they have a good support system. There are technical nitty-gritty involved in card management for which you would require efficient support.
Reconciliation: The provider must provide automated and seamless reconciliation against receipts and expense reports. This will help establish transparency in the expense management process.
Security: Security is non-negotiable in the case of corporate cards. The provider needs to ensure that transactions are secure, along with disclosing the fraud prevention measures being taken and ways to handle lost/stolen cards.
Corporate cards
EnKash is a corporate card facilitator for efficient employee expense management. These cards can be customized on the platform as per business requirements. Businesses can get meal cards, T&E cards, digital marketing cards, fuel cards, and SaaS cards for different departments. The admin and spend control can be managed using the DIY card module provided by EnKash. Simply sign up on the platform for corporate cards and get cards instantly for your business. Define budgets, spending limits, and adherence to company policies along with the approval flow. You can create single-use cards and unlimited virtual cards for employee usage. To know more about corporate cards, go through these frequently asked questions: Can we define payment limits on each card? EnKash allows you to link corporate cards with the company’s policies and department budgets. An alert will be created if the budget is not aligned with the department's policy and budget.
Is it possible to create virtual cards instantly?
Yes, you can create unlimited corporate virtual cards and they will be available for immediate use. These virtual credit cards can be customized as per usage.
What support should I expect in the long run?
EnKash has a dedicated customer support team that is readily available to help you. They will help schedule demos to set up and integrate accounts seamlessly.
