Tag: Cards

A corporate credit card is an incredible financial instrument for businesses to carry out financial tasks with ease. It offers the business complete and centralized control over the company funds, which ultimately allows them to take strategic business decisions regarding necessary expenses.

Corporate Card: Meaning and Advantages

A corporate credit card is a financial tool similar to a standard credit card but is used essentially for corporate needs. The company issues these cards to a selective group of employees to carry out important financial expenditures on behalf of the corporate firm. To further simplify corporate card meaning and its extensive usage for growing business, listed below are some of the most prominent advantages which make it the ultimate financial instrument for businesses.

• A corporate credit card allows the business to manage, control and streamline all the company funds under one domain
• A business can track its financial expenditure and formulate strategic plans to curb unnecessary spending with corporate credit cards, India
• The company can even set limits on the card to avoid incidents of overspending
• Also, with the help of corporate credit cards, companies can now have a bird’s eye view of their business finances; this allows them to track any potential financial leaks
• Additionally, a corporate credit card in India improves the employee’s efficiency and productivity exponentially, as they do not have to go through the complicated procedure of reimbursements

A corporate card opens a multitude of excellent business growth opportunities, but only if the company has a stringent and reliable corporate card policy in place. In addition, a corporate credit card policy and procedure allows the company to set proper regulations for the employees to adhere to and benchmarks for other corporates who want to do business with them.

Also, corporate credit card is easy to use and functions exactly like a standard credit card. But compared to regular credit cards, a corporate card is more secure and convenient to use. Additionally, it allows the company to set limits on the withdrawal amount irrespective of the available balance amount on the card. However, firstly, a corporate credit card must be loaded with funds by the company to make transactions possible. As a next step, employees must be informed about the corporate credit card policy that highlights the usage rights to avoid accidental or deliberate malpractices.

What is Corporate Credit Card Policy?

A corporate credit card policy is all the listed regulations that employees must abide by as these are complaisant rules for responsible and fair usage of the corporate card. The policy holds the power of accountability, responsibility and usage rights applicable to the cards issued by the company to the employees to make authorized business expenses.

The company formulates the corporate credit card policy and procedures to protect itself in case of any unauthorized or unfair use of the card. In addition, the card protects the employees in case of phishing, as a corporate credit card is a highly secured financial instrument.

Importance of Corporate Credit Card Policy and Procedures

Having strict corporate credit card policy guidelines enables the business to avoid the risk of misuse by employees. The guidelines are binding to the employees and ensure fair and authorized usage.

The purpose of the corporate credit card is defined in the policy to help the employees understand their contractual agreement for making payments on behalf of the company. The company expense process and policy educates the employees on their role and responsibility with regard to the corporate card issued to them.

The business credit card policy guidelines clearly define who is eligible to use the card and under what circumstances to restrict employees from sharing the cards with other employees who are not entitled to use them.

Furthermore, the company also gets complete control over the spending limits on every corporate credit card, which complies with the policies and guidelines to avoid deliberate or accidental overspending by employees.

A company-provided credit card policy document is available to the employees to ensure they completely conform to the policies stated to avoid causing any unintentional accounting lapses.

Corporate Credit Card Policy Best Practices

For companies that deal with multiple vendors, issuing a corporate credit card to their employees simplifies the accounting procedure just like credit policy makes lending easier. It also reduces the efforts required to apply and approve funds between the management and the employees for the use of business expenses.

But issuing corporate cards to various employees can also lead to problems like accidental or unauthorized spending by the employees. That is why the company needs to set firm corporate credit card guidelines before handing out the cards to ensure fair use of the corporate card.

Below are some of the foundational corporate credit card best practices to ensure the employees understand and comply with them.

• Stating clear and concise responsibilities that come with holding a corporate credit card. The employees should know the repercussions of misuse and the benefits of proper usage of the corporate cards beforehand
• Corporate credit card spending limits should be informed to the employees to ensure they take strategic financial decisions on whether or not the expense is a top priority at the moment
• Authorized expenses should be listed in the policy clearly to make sure the employees avoid instances of personal spending using the corporate credit card in India
• Additionally, the business credit card policy guidelines should mention steps to take in case the card gets stolen or lost

To know more, visit EnKash. You can click on Book A Demo and fill in the details required; we will reach out to you.

Many businesses that operate on a small and medium level have gained huge success and have been able to scale their company profitably with prepaid credit cards, as they are regarded as a powerful financial tool to manage business expenses. Moreover, in the wake of digitization, it has become even more critical for organizations to adopt prepaid cards to ease the process of managing company accounts payable.

Significance of prepaid credit cards in India

Prepaid credit cards are an essential financial instrument that every business needs to grow in India. Corporate prepaid credit cards allow your business to allocate its working capital resourcefully and avoid the risk of financial fraud.

Having a limit set on the prepaid credit card enforces a sense of responsibility in the employees’ minds as they must adhere to the available balance on the card. This way, the company can control where the business funds are getting used and whether or not it is a priority to make that expense.

Corporate prepaid card solutions: the most efficient way to accelerate business growth

When a business is in a growth stage, it is common to have multiple employees work in one department, like the finance department having more than one employee managing the company finances. And even though issuing corporate cards to multiple employees makes the business process efficient, it raises the risk of misuse of the business funds. That is why it is crucial for corporations issuing multiple corporate cards to shift to prepaid credit cards to have more control over their working capital.

Let’s look at some of the most prominent reasons why corporate prepaid card solutions are the most efficient way to accelerate business growth.

Financial Control: With prepaid credit cards, businesses can set spending limits on the cards issued to employees. This way, the company can have complete financial control over the working capital. Furthermore, corporate prepaid card solutions ensure timely payments for organizations dealing with multiple vendors and creditors. In addition, businesses can easily set recurring payment options, which automate the payment process and reduce employees’ workload.

Streamline Accounting Process: With EnKash prepaid credit cards, companies can view where the business funds are being used. The corporate prepaid credit card enables them to track every transaction with utmost accuracy. In addition, the EnKash spend management feature allows the company to view all the vendor databases, including the invoicing details, in one place.

Ease of Invoicing: If a business trades with many suppliers, managing invoices becomes challenging as the company needs to maintain the receipts, fill in the details in the accounting records, and then make timely payments. The entire process is tiring and runs the risk of errors in the accounting books, as it is humanly impossible for employees to record massive data with 100% accuracy. With EnKash corporate prepaid card solutions, businesses can automate their digital payment process, like invoicing, recording, managing, and sending payments.

Allocating financial resources: For growing businesses, it is essential to strategically allocate financial resources to avoid losing business funds. Companies in the growth stage aim at diversifying and delegating, which might lead to the draining of working capital if the employees handling the business finances do not use the financial resources appropriately. That is why it becomes even more critical for growing businesses to issue prepaid credit cards encouraging the employees to make informed and strategic purchase decisions.

Reloadable: A prepaid credit card not only reduces the risk of overspending but is also a great alternative financial instrument for companies as these cards are easily reloadable. Companies function for an extended period, and thus it is expected that they will incur substantial business expenses every month. With corporate prepaid credit cards, the company can quickly reload the cards monthly with a budget.

How do reloadable prepaid cards work?

• Reloadable prepaid credit cards are relatively simple to use. Businesses can claim the card and easily activate it with just a few simple steps. Once the card is activated, the company can load the card with funds by direct cash, bank transfer, online payment, or by linking the company bank account
• With reloadable prepaid cards, the company can opt to transfer funds into the cards weekly, monthly, or even daily based on the needs or the frequency of the card’s usage
• In addition to setting the budget on the cards, the corporate prepaid card solutions enable the business to set a limit on the amount that can be used daily to further reduce instances of reckless spending

Digital payments through payment gateway are the best way to make business transactions, as they are convenient, easy to process and track, and, most importantly, they enable the business to control spending limits. Additionally, for growing startups and enterprises, issuing prepaid credit cards to employees enables the business to streamline the company’s business funds and provides it with centralized authority over the business cash flow.

To know more, visit EnKash. You can also click below on Signup Now and we will reach out to you soon.

Businesses – big or small, still heavily rely on business credit cards for their finances. It’s a practice that’s been adopted for years, and while it does give a certain degree of freedom to conduct business transactions, there are still many roadblocks that lead to its inefficient usage. In this blog, we will learn more about prepaid cards vs corporate cards and which is more optimal for usage.

A Glimpse of Prepaid Cards

Prepaid cards come as both physical and virtual card that is already loaded with a specific amount, so the employee cannot spend a rupee above the pre-loaded amount. These cards can be used the same way- online and offline as you would use any other card.

When you evaluate prepaid cards vs. corporate credit cards, you realize in prepaid cards, there are no credit cycles or revolving credit associated with them. You pay with what you have. Prepaid cards are not linked to the company’s bank account, which makes them less prone to expense fraud. But in Corporate Credit Cards, there is not set of limits and the expenses are charged from the company’s account.

Being a business owner, you can easily hand them out to trusted employees to give them independence over financial decisions. Prepaid cards work in a simple yet effective manner. It comes with a preset monthly budget and spends limit. If an employee wants to make a purchase from his prepaid card, he will first need approval from his manager. Once his expense is authorized, access is granted to him.

Exclusive Features of Prepaid Cards

In Prepaid Cards, if the purchase is within the monthly budget and single purchase limit, the purchase is validated and successfully done. If not, the purchase stands cancelled and the employee needs to ask for access to funds again that sticks to the budget. Many Fintech companies formulate prepaid cards and design the algorithm as per the benefit of the firm.

Employees in higher management can gain access to a higher amount of funds, and so on, hierarchical classification of approvals and spending limits can be set in place easily.

Prepaid cards also come in a virtual avatar. These cards can only be used for online transactions. It is a one-time card that is created by the finance manager for a specific end-use.

Virtual cards are extremely secure because everything from their spending limit to the merchants at which they can be used can be customized and preset. This saves precious time wasted in approvals. virtual credit cards in India enabled many businesses to manage cash effectively.

Optimizing workflow and enabling smarter payments is what virtual cards do best. And not just one-time payments, virtual cards can also be used to take care of all your recurring expenses like rent, subscriptions, retainer fees, and so on.

Being an Indian, you can create a recurring virtual card India for all your expenses, and the amount is just prepaid on the card right before the payment is due. Putting your repeated expenses on autopilot has never been easier!

Why choose EnKash Corporate Credit Cards?

How to Leverage Prepaid Cards When Business Credit Cards May Not Be Accessible

As an entrepreneur, if you are in a dilemma of prepaid cards vs corporate credit cards, then it is time to learn about both options – corporate credit cards and prepaid cards. A corporate credit card is just like an ordinary credit card, where the employees get the authenticity to do the expenses for official purposes, and the amount is deducted from the business account.

Corporate Credit Cards in India provide major support to businesses but may not be accessible to all. Unless you have the right credit card usage policy in place and limits are not set, then it is likely that one employee may use the limit, leaving no funds available to others. 

Prepaid cards are a good option for those businesses that do not have access to corporate credit cards due to the lack of financial history.  Corporate credit cards,  are very handy, but those who cannot avail them can use prepaid cards to make matters easy.

For any business to, manage the expenses incurred on corporate credit cards or prepaid cards can become a problem.  Employees must save receipts of each expense borne on the company credit card and submit them to the finance team for verification. And that is just one employee with one card! Imagine the plight of the finance team at the end of every monthly or quarterly closing, sitting with a pile of receipts along with a host of expenses on multiple credit cards. The scene is nothing short of a nightmare.

The above process comprises manual reconciliation and paperwork that can be easily avoided by opting for prepaid cards or corporate credit cards that are supported by a smart platform. A smart platform can track and monitor the usage of corporate credit cards as well as prepaid cards. The platform can enable the issuing of virtual cards with spend limits and specific usage to mitigate these concerns.

With built-in approvals and preset budgets, prepaid cards- virtual or physical, are on the fast track to becoming the next best digital lending platform.

While corporate credit cards in India do have the allure of revolving credit, the end goal is to have a steady cash flow rotation so that there is substantial working capital available at all times for your business.

The goal is met by prepaid cards, too, because when budgets are adhered to, expenses are tracked, and reconciliation is done in real-time, cash flow is maintained.

Give in to the charm of prepaid cards and make your employees happy and your finance team relaxed. Some of the best practices to follow when choosing a prepaid card for your business is:

Some of the best practices to follow when choosing a prepaid card for your business is:

Key Elements to note while choosing Prepaid Cards

Virtual cards

Unique card details for each expense are a boon for one-time and recurring expenses that could be set on autopilot without worrying about the card details being stolen and the business account being hacked into.

Virtual Credit Card India is in high demand because of its features and transparency. Moreover, virtual credit card is highly secure and also retains the details of every transaction.

Flexibility

Creating different spending limits for each card according to the employee hierarchy makes expense management easier

Automated approvals

Built-in approvals for expenses can save a majority of time in going to and for a single purchase.

Easy integration

A virtual credit card is a utility that integrates easily with your existing accounting software so that you don’t have to make manual data entries

Remote corporate access

Expenses can be monitored, tracked, approved, and flagged from anywhere at any time.

Features offered by corporate credit cards

Corporate credit cards have a credit limit as per the financial credibility of the business and the promoters, like other credit cards issued to individuals. However, corporate credit cards have many additional features, which make them a significant convenience.

Issuance of virtual cards

When you avail of a business credit card from a fintech solution provider like EnKash, you get access to a smart spend management platform that lets you issue virtual cards to your various teams. You can set limits on the type of spend and usage on these virtual cards and manage them from your platform.

Ability to split the limit among your team

When you receive a corporate credit card from a fintech organization like EnKash, it comes with a smart and customizable spend management platform. You can use this platform to allocate the overall limit of the corporate card to various team members in the form of virtual cards. The platform will allow you to track and manage the use of the cards.

Customize limits and usage

With corporate credit cards, the feature to customize the limits you set for team members and the type of expense they can use it for adds to the efficiency of your finance team. For instance, you can allocate funds via a virtual card to spend only for fuel or another purpose.

Discounted or minimal annual fees

Many corporate credit card issuers will offer business cards with minimal annual renewal fees to ensure they are attractive. The spend management platform could often be made available at either a minimal charge or for free based on the deal you negotiate. 

Cashback and other rewards

Corporate credit cards offer many attractive rewards as part of their program. You can get cashback, rewards that add value to your business, or even benefit from add-on services like cloud storage, consultancy, and much more. When you avail your corporate credit cards from EnKash, you get access to their Loyalty Lounge, with benefits and rewards that include, employee rewards and recognition aspect, gifting options to all business stakeholders, channel incentives, coupons, and much more.

Enables setting of budgets and controls

When you issue virtual cards to your employees, it is important to have budgets that indicate how much they can spend on the card and controls to ensure that the required approvals are available. The spend management platform allows you to set these budgets and controls in place per different departments’ needs.

Integration with your core finance system

If you are worried that the management of corporate cards will add any extra work to sync with your core system, you need not do so. The spend management solution will integrate with your core financial system to always ensure updated data.

To understand the difference between prepaid cards and corporate cards, go through these FAQs.

What is the better option for me when it comes to corporate credit cards or prepaid cards?

Both corporate credit cards and prepaid cards offer various benefits and have some limitations. If you have a well-established business with financial documentation in place, then you can apply and get a business or corporate credit card with a credit limit that you can use for various purposes. However, if your financial data and records are not in place, then a prepaid card could be the way to go. You can also consider prepaid cards as an option when you want to limit spending to a certain amount.

What are the benefits of virtual cards for my business?

Virtual cards are a simpler option to manage the decentralization of payables and expenses while still maintaining control of budgets and paperwork. With a smart spend management platform to back the usage of your business-related credit card or prepaid card, you can issue virtual cards with predefined limits to key personnel in your company. You can also limit the type of expense that the virtual card can be used for. Managing the cards can also become easier with virtual cards with options to track, block, unblock, or cancel the cards.

Can I reload funds onto my prepaid card?

You can reload funds into your prepaid cards if you have opted for a reloadable card. It is critical to discover if the cards can be reloaded with funds when you avail of the prepaid card. 

How do I manage the usage of credit cards by my employees?

With a smart spend management platform, you can set budgets for the usage of the cards. You can also manage approval hierarchies to ensure that there are maker-checker-approver levels to check and approve the spending on the card. Employees can also scan and upload receipts of the spending they have done on the card to ensure audit compliance. 

Can I limit the usage of cards issued to employees?

Yes, you can limit the usage of cards issued to employees. To ensure proper usage, have a credit card usage policy with properly laid out guidelines to regulate usage. The second aspect is by using a spend management platform to monitor and track the usage of the credit cards issued to employees.

The digital marketing industry is booming currently. Most of the companies are running digital campaigns to reach audiences. In the digital marketing process, expenses are done in several forms and it becomes quite hard to manage cash flow. Intending to manage digital marketing expenses, corporate cards play a vital role. In this article, you will come to know about corporate business cards, their benefits, and their impact on the business.

Stats of Digital Economy

According to Business Insider, India’s digital economy is expected to touch the $1 trillion mark by 2022. A report in Indian Express suggests that 85% of marketers are tracking revenues generated through digital marketing and 50% of them reported that e-marketing activities are contributing to more than 10% of their revenues.

As reported by Dentsu Aegis Network, the total advertising industry of India in 2019 was valued at INR 68,475 crores and it was calculated to be INR 75,952 crores by the end of 2020. That’s a whopping growth rate of 10.9%.

The above-listed figures show that businesses are not shying away from advertising and marketing even during a pandemic. Moreover, digital mediums are the best way to reach potential customers in the state of lockdown. Digital Marketers in India have grown significantly and they are handling digital marketing efficiently.

Why choose Corporate Cards for Digital Marketing?

An increase in digital marketing means an increase in the expense of marketing and advertising. Any business looking into making a foray in this direction has to keep in mind the added costs it shall incur. Digital Marketers focus on various platforms like Facebook, Instagram, Linked In, Twitter, YouTube, Snapchat, and others have a predefined way of running campaigns.

All you need to do is add your credit card to use for digital marketing expenses onto the platform and choose the kind of campaigns you want to run. Even if you want to run a campaign for only 1 day, you still have to add your credit card and pay.

Now, most often businesses have digital marketers to run these campaigns. These marketers usually end up adding their personal credit cards to the platform to use for digital marketing expenses and then get reimbursed for the expenses at the end of each month. This process is usually long and cumbersome with multiple approvals needed at each step. This is just the campaign part.

There are also design agencies involved in creating the artwork, social media managers for uploading and managing the platform, and many more costs involved. And that’s on social media. Print media is a whole new ballgame. Right from getting our creatives made to printing them and then setting them up – all of these steps come with their own added costs and multiple payment modes.

Marketing and advertising are a costly affair and to cut down on these costs to a certain limit, there’s a new tool in the market – corporate business cards! These cards are made specifically for the advertising and marketing expenses of your business.

EnKash with the power of its intuitive platform has virtual cards which are essentially preloaded digital cards that ease the process of marketing spending. You can create as many virtual cards as you need on the go and give them to individual employees, teams, departments, branches, and even temporary contractors. Let’s take a look at the benefits of virtual cards powered by the EnKash platform and how they help manage digital marketing expenses.

Made in India EnKash Corporate Card – One Credential for all your Business Expenses.

Benefits of Corporate Cards for Digital Marketers

Customized Usage Limit

These virtual cards come with a customised usage limit so that there is no scope for overspending. You can set the limit according to your marketing budget.

Digital KYC

These cards take only a matter of minutes to go live so you can start using the card instantly. With a digital KYC facility, verification happens almost instantaneously so that no time is wasted.

Specific End Use

These cards can be created for specific end-use like social media campaigns, print media expenses, vendor payments, and so on. With a predefined usage policy, misuse of cards is prevented.

Monitor Spends

When all your cards are digitally synced to a single platform, you can easily keep a track of all expenses and maintain set budgetary constraints. Digital Marketers in India perform the cash flow task efficiently and enables you to handle the accounts smoothly.

Recurring Virtual Cards

You can also issue recurring virtual cards for all your SaaS subscriptions. This way you can put all your subscription payments on autopilot and never miss another payment.

Real-time Spend Visibility

Keep a track of all your expenses on a single dashboard. Virtual cards provide a high level of visibility into all your expenses so you can keep your cash flow in check and make informed decisions regarding upcoming purchases and receivables.

Risk Reduction

Virtual cards also come with an option for one-off use. Create pre-approved virtual cards for online spends. These cards are auto-destroyed after one use and hence are safe to use.

Boosts Productivity

With automated spend management, your employees can spend their time on revenue-generating tasks and stay productive. Moreover, corporate gift cards are also an option to enhance your business.

Virtual cards are the future of digital payments for digital mediums of marketing. Enroll your business for virtual cards with EnKash and make your payments quicker, smarter, and more beneficial for you. Let your money make money for you in return with EnKash- a smart platform for a smart business.

Corporate cards with attractive rewards programs are one of the most popular choices in the business world these days. Their ease of usage coupled with their immense flexibility makes them a prime choice for finance teams worldwide to include in their spend management portfolio.

Virtual Credit Cards in India/ Corporate Cards nowadays offer an abundance of rewards programs to businesses. From discounts on SaaS subscriptions to benefits on travel and lodging bookings, corporate cards are truly a boon to managing to spend and earn rewards. Basically, corporate cards pay you back rewards and benefits when you pay your vendors!

What Are The Best Corporate Cards?

EnKash empowers a wide variety of corporate cards through banks that encompasses all your business needs. A few mentions of the best virtual credit cards in India are:

• Travel & Entertainment (T&E) Cards: Perfect for business travel and entertainment expenses
• Purchase Cards: Ideal for everyday business purchases with pre-loaded funds
• Meal Cards: Manage employee meal allowances efficiently
• Fuel Credit Cards: Streamline fuel purchases and track spending on company vehicles with fuel credit cards
• E-commerce Seller Cards: Facilitate online transactions for e-commerce businesses
• EMI Cards: Offer easy installment plans for specific purchases
• Payroll Cards: Simplify salary disbursement for employees
• Gift Cards: Motivate employees or reward customers
• Multi-Currency Forex Cards: Manage international transactions conveniently

EnKash also enables virtual cards which are powered by banks and financial institutions – the best corporate cards that are created online for specific end-use with customizable spend limits. If you are still researching “which credit card offers the following benefits” then virtual credit cards in India are the option. You can assign corporate cards to individuals, teams, branches, departments, and locations. These cards are loaded with rewards programs and benefits and are intended for online use or digital payments.

Rewards And Benefits Of Using Corporate Credit Cards In India

Corporate cards also have a huge network of merchants and vendors affiliated with them. Rewards are basically perks that you enjoy when you swipe your corporate card for any kind of business payment. These rewards can be redeemed at the mentioned merchant. Video out YouTube videos to get a quick idea of how your Card can help you get huge rewards and other benefits.

For Businesses

Expense Management: You can easily track, categorize, and do business expense management without having to worry about missing out on details or doing extra work.

Security: Virtual cards reduce fraud risk and limit misuse as no physical card is needed to make a purchase which eliminates the risk of theft.

Budgeting: Make sure that all expenses made are under budget by setting spending limits for different departments, employees, or projects.

Improved Cash Flow: Analyze employee spending habits with robust reporting and analytical tools, optimize business expenses, allocate budget only where needed, and make correct decisions concerning business cash flows.

Employee Convenience: Don’t let your employees use their personal funds to make business purchases, rather empower your employees with corporate cards so they don’t have to wait for reimbursements

For Employees

Convenience: Employees no longer have to use personal funds or keep receipts for business expenses to get their reimbursement. Rather they can just use their corporate cards for all expenses related to business.

Clear Distinction: Earlier, employees often faced difficulties when it came to keeping their personal and business expenses separated as all the expenses were made from their personal cards. Now with corporate cards, employees can easily differentiate and set clear budgets both for personal and professional use accordingly.

Faster Approvals: Before making any business-related purchase, employees can easily get approval from their reporting manager and once approved, they can make the purchase using the corporate card assigned to them.

Travel Perks: Certain corporate cards also give the benefit of airport lounge access and travel perks.

Rewards and Incentives

Many corporate cards also offer rewards programs and incentives that enable employees to earn points, cashback, and miles on any business-related purchases made using the card, which can later be redeemed for different things.

Video this video to get a quick idea of how your card can help you get huge rewards and other benefits.

Why should you care about the corporate card’s rewards and benefits?

When it comes to the best rewards and benefits for your business, it is always wise to choose the ones that add value to your business rather than getting a luxury or lifestyle reward. And such are the rewards that you can unlock at EnKash. With EnKash, you can get huge discounts on SaaS subscriptions or software crucial for your business’s growth, it is a rewarding benefit for you. In essence, corporate cards are the best virtual credit card in India and investment that keeps on giving.

15+ Benefits Of Adapting Purchase Card Program To Your Business

• AWS activate- $6500 worth of Amazon web services cloud credits
• HubSpot for Start-ups- up to 90% off HubSpot software and access to Education & Support
• Leadsquared- 50% off on the super plan of LeadSquared
• Freshworks- $10,000 credits across Freshworks suite of products
• ClearTax- Flat 20% off
• Profitbooks- Rs. 3000 off on Annual Subscription charges
• Instamojo- Transactions up to Rs. 1 Lakh free + Access to mojoCommerce
• Easyleadz- 30% extra credits on the annual subscription plan
• MakeMyTrip- Rs. 500 discount on 1st transaction and 5% cashback is 5 plus transactions in the next 30 days
• Brandup- Flat 30% off on digital marketing services and flat 20% on all web & branding services
• Vakilsearch- Discounts up to Rs. 14,000
• LegalWiz- 15% discount on professional fees on any service listed on the website

These are just a few of the plethora of Gift Card rewards & benefits that are available for grabs on the EnKash platform. These enticing offers and rewards could be unlocked in a jiffy by getting on board the corporate card program and applying for a business credit card. Do not hesitate to Call Us Today for a free demo!

Frequently Asked Questions

• What are rewards programs, and how do they work with corporate cards?

Rewards programs incentivize spending by offering points, cashback, or miles on purchases made with the card. These rewards can be redeemed for various benefits, like travel, gift cards, or merchandise. Corporate cards often have partnerships with specific vendors, offering bonus rewards on certain categories like travel, office supplies, or software subscriptions.

• What are the best corporate credit cards for earning rewards?

The “best” card depends on your business spending habits. Look for cards that offer rewards aligned with your typical expenses. For example, if your company travels frequently, a card with travel rewards might be ideal.

• How can I use corporate cards for expense management?

Corporate cards simplify expense management by providing real-time transaction data and automated reports. This allows businesses to easily track spending, identify areas for cost savings, and ensure employees are adhering to spending policies.

• Are there virtual credit cards for fuel expenses?

Yes, virtual fuel cards are a type of corporate card specifically designed for gas station purchases. They offer increased security and control over fuel spending compared to traditional cards.

• What are the benefits of using virtual credit cards?

Virtual cards offer several advantages, including enhanced security (no physical card to lose or steal), better spending control (set specific spending limits), and simplified expense tracking.

• Are there any eligibility criteria to get a corporate card?

Yes, getting a corporate card requires your business to be a registered entity (age requirements may apply) with good financial health. Banks will also check the authorized representative’s credit score and may have spending minimums or industry restrictions. You can also check directly with the issuing bank for the latest eligibility criteria.

A steady cash flow is crucial to keep any start-up’s engine running without using a corporate credit card. Even if the idea behind the start-up is one in a million, it will, however, require millions soon enough to stay afloat.

SMEs and start-ups do not get loans from banks easily because of reasons like new to credit, no collateral to bet upon, lack of sufficient funds to show in their account, and so much more.

Using a personal credit card might help run the show, but it is not a permanent solution because it exposes your personal belongings. It is highly unadvisable to mix your personal finances with your business finances because of legal risks.

Because of these hosts of reasons, SMEs and start-ups are increasingly moving towards corporate cards. It is a new way to manage business finances without worrying about credit scores or personal liability.

Corporate cards can be incorporated into your spending strategy at the incubation stage itself because the earlier you add them to your financial toolkit, the better rewards you can earn over a period of time and the better your credit score for future loan purposes.

A simple definition of what is corporate credit card is; it is a flexible way of paying your accounts payable and earning perks- it’s truly the best of both worlds!

Let’s take a look at the benefits of corporate cards and how they can help in boosting cash flow.

Top 7 Benefits Of Using Corporate Credit Card India

Revolving credit

One of the beauties of a corporate card is that you can make purchases till you exhaust your limit. And once you pay off the card bill payments, you can start purchasing again. It also offers time to pay off your bills.

Some cards offer a credit period of as long as 90 days to pay the bill. This helps in moving funds around accordingly so that your cash flow remains steady. Corporate credit cards like those from EnKash come with flexible billing cycles so you can pick a cycle that best suits your business finances. On top of that enjoy an interest-free credit period and that just is a cherry on the cake.

Credit score

Corporate cards are the best way to build a respectable credit score for your start-up by simply paying your bills on time. Depending on your spending habits and bill payments, you can build a strong credit score. This can help you in the future if you need to take a business loan from banks.

Financial Safety Net

business expense EnKash Corporate cards can act as a brilliant safety net in dire times. Cash flow in a start-up is never steady because of inconsistent revenue and unexpected purchases. You can’t always dip into your personal savings to keep your start-up from sinking.

This is where corporate credit card India enters the picture. You can pay off any immediate bills from your EnKash cards and get a grace period of as long as 45 days to collect pending payments to pay off the bill.

Rewards and Cashback

One of the best reasons to hop onto the corporate credit card India bandwagon is the rewards and perks attached with it. EnKash corporate cards offer amazing business-related rewards which can be redeemed at a huge network of merchants which offer services that can help your business climb the charts.

Such kickbacks are always welcome, especially for SMEs and start-ups because they could hardly invest in costly SaaS and software. But with the help of such targeted rewards, you can at least start to think about it.

Automated Payments

With made in India corporate card, you can make automated payments to your best friend. If you have a fixed payment cycle for payroll and vendor payments, you can simply put it on auto-pilot and rest assured that your vendors and employees will get paid on time.

With automated payments and EnKash spend management software, you can also avail of early payment discounts on your vendor bills. Automation in payables helps in achieving transactional efficiency and reduces manual labour so that each employee can focus on more revenue-generating tasks.

Track Expenses in Real-Time

Corporate cards also bring with them a whole lot of transparency and visibility. With EnKash expense management software, you can track payments as they happen and where they happen.

This level of visibility in the corporate spending structure can allow you to make informed decisions regarding the impending purchases and payments in a way that does not drastically affect your cash flow and bottom line.

Separate personal and business spends

It is vital to separate your business spends from your personal spends so that if your business is ever under scrutiny for any legal reasons, your personal assets stay safe.

EnKash corporate cards paired with spend management software are also helpful during the tax payments season if you have a clear record of your business spending which does not include any personal spending.

Have a look at the clips below to get an idea of how powerful the EnKash B2B credit cards are!

EnKash is a smart Card & Platform suite that offers more than 10 types of corporate cards that aid you in boosting your business’s cash flow. EnKash also offers unique virtual cards that are extremely useful for one-off payments and subscriptions that do not need repayments.

EnKash cards also have APIs and an integrated accounting feature so that you can keep working on your existing software and still enjoy all that EnKash has to offer.

Dive into the deep end of automation and enjoy financial freedom like never before with EnKash!

At its simplest, Purchase cards are commercial credit cards that allow companies to make business payments and manage business expenses. They are considered better, secure, and efficient to shorten the business payments cycle than a general long procurement process. Being a business owner, you must try a new angle on your business, i.e., Purchase Card, and this article covers most of the things related to purchasing cards.

Purchase Cards – At A Glance

With a streamlined procure-to-pay process, purchase cards are a more modern alternative to make business payments than Corporate Credit Card.

P-Cards provide a mechanism for authorized staff to make routine purchases without involving the accounts payable and purchasing staff. The major benefits of purchase cards are mounted around the key business pillars of efficiency, business promotion, process compliance and improvements, convenience, and cost savings.

Overall, for most businesses, purchase cards offer the best medium for business payments – simple, easy to use, and with some cash flow benefits, too. What makes purchase cards one of the most sorted financial instruments? Some of the following benefits are listed below.

Benefits of incorporating EnKash Purchase Card into your business

Accelerating operational efficiency

Purchase or P-Cards help in faster payment to vendors and elimination of the need for manual interventions. It also smoothens the gem procurement process and thus gives a push to the company’s growth.

P-Cards can effectively transform the traditional, manual, paper-based procurement & accounts payable processes into swifter and seamless payment processes. In addition to the best use of technology, they provide better control levels and spend visibility, generating cost savings.

The finance and purchasing team have to no longer go through the tiresome manual data entry and paper receipts and trails. Purchase cards are the smart alternatives that eliminate the need for purchase orders (POs). They’re fast, efficient, and even save the company money. Most effective P-card programs come with built-in approval flows, which not only helps in better control and visibility but also fastens the entire gem procurement process.

Greater control and security

In comparison to Corporate Credit Card, Purchase card programs allow administrators to restrict usage of cards based on a variety of business rules, including spend restrictions per transaction and per time period. Also, restrictions can be set for particular types of businesses eligible for P-Card payments.

The purchasing or finance department has visibility on overall spending through EnKash P-cards. With individual logins and a built-in approval matrix for every team member, the financial controller or CFO can track every single payment, receipt, and approval. The managers are able to track just their own teams and the employees, just their own payments.

P-cards offer both buyers and suppliers many benefits, including better business expenses tracking, reducing fraud by setting credit limits on each card and setting designated Merchant Category Codes (MCCs) on vendor-specific cards to prevent unauthorized spending. Purchase Card create clear accountability and ownership of transactions and provide more information about buying habits than is usually available.

Don’t you want the virtual manager to monitor all your business expenses? If yes then have a look at the easy incorporation of EnKash to your monitor.

Credit cost optimization

With the different options for spending caps offered on various P-card programs, companies that use purchasing cards rarely go over budget. They can choose the card based on their spending requirements, including business promotion expenses. Limiting spending means no overspending, leading to cutting down on unnecessary card fees and interests.

Corporates can identify vendors who are looking for an early payment discount or agree on bill discounting. They can then use the purchase card to pay them the discounted amount or split the MDR (Merchant Discount Rate) charge between the two. This means the corporate can not only save on the charge but also avail (interest-free, in case the entire charge is borne by the vendor) credit period for the same.

The traditional gem procurement process can turn out to be costly, whether it is human resource cost or bearing the cost of printing documents to be sent to vendors/ contractors/ suppliers. Overall, payment processing cost needs to be curtailed, and p-cards offer the best alternate. Clearly, P-cards are a more sorted mode of payment, leading to more savings.

Covering all business payments

Purchase cards are used for both core and non-core business payments. The core business payments are payments that are essential to the business – that impact the main revenue source of the business. While it depends on the nature of the business, typically, critical vendor/supplier payments fall under this category.

Non-core payments are payments on secondary activities, which are not considered central to business operations. These typically include rental payments, GST payments, business promotion expenses, and even utility payments in the majority of cases. Globally, there are FinTech’s working to resolve acceptance challenges through their platforms, thereby making p-cards an integral part of the ecosystem.

Accountability for spenders

Every finance team knows the constant hassle that comes with sharing a corporate credit card. With p-cards and the elimination of purchase orders, it can be a huge time saver. Every payment will not require multiple discussions, approvals, and paperwork between the employee and the finance team.

With easy and approved access to funds, purchase cards avoid several manuals, time-consuming processes that are unproductive. Such manual work is also generally error-prone, leading to a double edge sword of unproductive processes. With EnKash P-cards, the more man-hours saved, the better for the company.

In conclusion, the potential of purchase cards is potentially limitless.

Why EnKash?

EnKash Purchase Card acts as a complete solution that can save genuine time and money for busy procurement departments. It is an easy to implement, digital solution that enables monitoring and control through automation of the reconciliation process. P-card creates a more transparent, accountable, and flexible option for business expenses.

With multiple benefits aligned to the future of the digitalization and save business payments ecosystem, the P-card program is here to stay.

In India, EnKash works closely in issuance of Purchase Cards across business segments and company sizes. It has created a world class P-card acceptance program which provides seamless onboarding of thousands of validated suppliers in a few minutes and enabled all types of business payments. However, if you are applying for business credit card, then EnKash is there for you.

Entrepreneurs always hunt for a smart way to manage expenses. They always desire to have smart corporate cards to make fast transactions online. Some succeed through expense management software, and some fail due to a lack of accountability tools. To sort out the problem, EnKash provides smart and efficient solutions such as corporate credit cards. It will help SMEs and other small businesses to grow.

By definition, a corporate credit card is a credit card issued to an organization. They must take care of their business-related expenses. For instance, the company can manage supplier payments, travel booking, meals, rental cars, and other expenses. Additionally, countless situations occur while you are operating a business. You need to purchase subscriptions, domains, software, learning materials, and more things online. So, if you don’t want to share your personal credit card details or own funds, corporate cards will fulfill your needs.

Traditionally, SMEs and startups were the most underserved among the enterprise ecosystem wrt getting corporate cards. The silver lining is that a few fintech companies like ours, are launching innovative products specially designed for SMEs and Startups.

Following are some key benefits that SMEs and Startups are deriving from Corporate Cards:

Corporate Cards for a favorable working capital environment

Corporate Credit Cards are a great tool for SMEs and Startups to enhance their working capital requirements. Having the flexibility to pay to the bank at a later date can not only expedite the payment of suppliers but also help in getting early payment discounts, and any money saved is money earned.

For SMEs and startups, who are traditionally very tight with their working capital, any extension in their DPO (Days Payable Outstanding) is always welcome

Act as an Expense Management System

Corporate cards comprise expense management software. It helps employers to manage their business expenses.

Earlier, employees used to pay for all their business-related expenses out of their own pockets. Alternatively, they use their credit cards and then get reimbursement. The entire process was very lengthy, manual, error-prone, and time-consuming. It involved managing multiple receipts, paperwork, and issues in reconciliation. This also hampered the employee’s productivity.

All of such expenses are now managed easily with corporate cards designed especially for SMEs and startups. Using the EnKash card is now easier to make payments for the said expenses. Because it comes with the monthly statements helping in easy reconciliation and tracking of all expenses. It is a win-win situation for the employees as well as the SME/Startup.

Corporate Cards as an Expense Approval System

The centralized finance team /person of the Startup and SME would not want to share financial or bank account details with the employees for different business payments. Instead, now they can issue corporate cards with pre-set overall and per transaction limits.

The limits can also define where a card can be used, limiting daily/ weekly/ monthly purchases to specific merchants among others. Such an expense management platform helps in keeping control of the entire financial situation. Also, it reduces any risk of fraud and mishandling of funds.

Dashboard Reports and Complete Visibility

Corporate Credit Card also provides a dashboard report with various filters to help organizations get complete visibility of all their financial transactions. Diversified filters in EnKash Expense Management Software will help in generating customized reporting. For instance, you can see all the vendor-based, spend vertical-based, location-based, and other transactions at a place and do a comprehensive spend analysis. It provides the much-needed centralized and streamlined process of cash management. Also, it allows credit allocation for future financial planning. It also frees the finance team from manually generating all such reports.

Easy Payment Option for other Business Expenses

Select Corporate cards designed by EnKash can be used by SMEs and Startups for their bills payable. A few examples include fuel expenses, digital marketing expenses, and cloud storage bills, among others. Using EnKash cards, and paying utility bills like rent, electricity, GST tax, etc., are just a click away.

Corporate Credit Cards, if used correctly, can be an important tool, especially for SMEs and Startups. Convenience and security are major points of consideration for any setup. However, it is a fact that EnKash corporate cards help small organizations with their working capital requirement.

Borrowing money from banks or private lenders at a very high rate is definitely expensive. And the main point is, you didn’t receive the fund immediately on request. But EnKash is the reverse where you get instant cash in your corporate cards which makes it most beneficial. With renewed interest in this financial instrument, it will be interesting to see what the future holds for everyone in the ecosystem.