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Payables

Manage all types of business payments

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Easily pay and manage all your vendors, bills, rentals, taxes, and more in one platform

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Categories
Payables

Stay Organized and Avoid Late Fees with Credit Card Bill Payment Best Practices

Credit cards can be a convenient and useful tool for managing expenses and building credit scores. While using credit cards can be advantageous, it is essential to prioritize making timely payments. Late payments can result in incurring late fees, leading to potential damage to your credit score. By staying on top of your payments, you can avoid the burden of accumulating fees and maintain a positive financial outlook. Thus, staying organized and implementing the best credit card bill payment practices is crucial to avoid late fees and keep your credit card account in good condition.

One of the most practical ways to avoid late fees is to set up automatic payments for your credit card bill payment. This ensures that your payments are always made on time, even if you forget or are occupied with other things. Additionally, it is essential to keep track of your payment due dates and budget accordingly to ensure that you have enough funds to cover your credit card payments. By staying organized and implementing these best practices, you can avoid late fees’ stress, financial burden and enjoy the benefits of using credit cards responsibly.

Read on to learn more about credit card bill payments, the importance of staying organized with credit card payments, bill pay service, bill payment offers, tips to avoid late credit card payments, and how to choose a suitable payment method.

What do you mean by credit card bill payment and bill payment offers?

Credit card bill payment means settling the outstanding balance with the issuer on a credit card account. Using a credit card for purchasing or withdrawing cash involves borrowing money from the card issuer, which incurs interest if not fully paid by the end of the billing cycle. While charges are only incurred with late or partial payments for purchases made on credit cards, cash withdrawals are charged even if repaid on time.

 

Benefits of Staying Organized with Credit Card Bill Payments

The credit card bill payment process usually involves the cardholder reviewing the statement of account. This contains a summary of all the transactions made during the billing cycle and any fees or charges incurred. The cardholder can make full payment, pay a portion of the balance, or meet the minimum payment demanded by the card provider. Some credit cards also allow for an EMI (equated monthly instalment) option to restrict the interest amount.

On the other hand, bill payment offers are promotional deals or discounts offered by companies or service providers to incentivize customers to pay their bills on time. These offers can come in various forms, such as cashback, reward points, discounts, or other perks.

Bill payment offers are designed to encourage customers to stay with a particular company and make timely payments while providing additional value or benefits. For instance, a credit card company may offer cashback or reward points for paying your monthly statement balance on time. In contrast, a utility service provider may provide a discount for enrolling in automatic bill payments.

Importance of staying organized with credit card bill payment

Keeping track of due dates, payment amounts, and statements is crucial for making timely and accurate payments. This can help your company achieve its financial goals. Hence, staying organized with credit card bill payments is important for several reasons:

  1. Avoiding late fees and charges: Missing a credit card payment deadline can lead to late fees and interest charges. These charges can accumulate rapidly, ultimately increasing your overall credit card balance
  2. Maintaining a good credit score: Make payments on time to ensure that your credit score is accurate, as payment history is crucial. Hence, paying your bills promptly every month can assist you in preserving a favourable credit score
  3. Saving money: By staying organized and making timely credit card bill payments, you can avoid costly fees and interest charges, saving you money in the long run
  4. Improving financial management: Staying on top of your credit card bill payment can also help you improve your overall financial management. It helps you to stay aware of your spending habits and budget accordingly

What should you do to avoid late credit card bill payments?

To avoid late credit card payments, you can follow these tips:

  1. Set up automatic payments: Most credit card issuers offer the option to set up automatic payments so that your credit card bill can be paid automatically each month and ensure that you have the requisite funds to meet this obligation. This is a great way to ensure that all your payments are completed on time
  2. Set up reminders: If you do not want to have automatic payments, you can establish reminders for paying your bills. This can be achieved by configuring notifications on your phone or computer or using a budgeting application
  3. Create a budget: Crafting a budget enables you to monitor your spending and guarantee that you possess sufficient funds to settle your bills on time
  4. Pay attention to due dates: Make sure you know when your credit card bill payment is due each month, and try to pay it a few days in advance to avoid any potential issues
  5. Use online banking: Most credit card issuers offer online banking services, making tracking your payments and managing your account easier

How to monitor credit card statements for accuracy?

Monitoring your credit card statements is important to ensure that all charges on your card are accurate and authorized. Below mentioned are some steps you can take to monitor your credit card statements for accuracy:

  1. Review your credit card statement: Take the time to review your statement every month carefully. Look for any charges you don’t recognize or errors in the statement
  2. Check for fraudulent charges: Look for any unauthorized charges on your statement. In case you notice any fraudulent charges, report them to your credit card company immediately
  3. Keep track of your receipts: Keep receipts safe and compare them to your credit card statement to ensure that all the charges match up
  4. Sign up for alerts: Many credit card companies offer alerts that notify you of unusual charges on your account. Sign up for these alerts to catch any potential fraud at an early stage
  5. Use online banking: If your credit card company offers online banking, use it to monitor your account regularly. This way, you can quickly check your balance, view recent transactions, and report any errors or fraud

EnKash is an excellent spend management platform for credit card bill payment or bill pay services due to its user-friendly dashboard and comprehensive features. It lets users quickly pay their bills online or through a mobile app, saving them time.

EnKash offers a wide range of payment options, including credit or debit cards issued by their trusted banking partners, net banking, and UPI. Its robust security measures ensure users’ payment information is safe and protected, giving them peace of mind while making transactions. Hence, EnKash is an ideal payment method for businesses looking for a reliable, secure, and convenient way to pay their bills. Start your EnKash journey now!

Categories
Cards

Things You Must Know About Credit Card Rent Payment Charges

Credit and debt are the basic processes that form the pillars of accounting. They are essential to the working of any business and act as important factor while evaluating the success of a business.

A credit card is a type of credit facility commonly associated with banks and lines of credit. A credit card is issued to an individual or an organization and allows the holder to purchase goods and services on borrowed money.

Using credit cards is extremely convenient and provides full flexibility to the holder. Plus, credit cards allow quick, secure, and smooth payments of all kinds. In fact, credit cards these days are so widely accepted that they can be used to pay rent, and buy accessories, to name a few. Moreover, credit card rent payment includes business rental payment, house rent payments through credit cards, etc.

One might wonder about the rent payment through credit card charges, but in exchange of all these benefits, credit card rent payment charges are incredibly minimal. This is because the associated systems and technology have evolved to perfect efficiency. Let’s learn about credit card rent payment charges and how your business can reap the benefits.

Why you should pay rent using credit card?

Credit card rent payment charges are the right choice for any business because they allow the holder to acquire assets through instant payments. They facilitate smooth business operations and allow you to consolidate smaller rental payments into spread-out larger payments. In fact, credit card rent payment charges enable businesses to take control and set the pace for their payments. We have listed all the benefits below.

Benefits of using a credit card for rent payment

Businesses that utilize credit card rent payments gain a competitive edge in the market as they can manage their expenses better and make informed decisions.

credit card rent payment charges

  1. Convenience: Credit card rent payment charges allow utmost convenience by facilitating payments to take place in mere seconds. In fact, rental payments through EnKash allow you to group payments to different payees and make a single transaction.
  2. Flexibility: Credit card rent payment charges allow businesses to take charge and focus on the tasks at hand. You do not have to worry about making payments.
  3. Rewards: Completing the rent payment charges through a credit card gives you various bonuses and points. These bonuses vary from bank to bank, but the more payments done through credit card rent payment charges, the more rewards you win.
  4. Universal: Credit card rent payments have now become popular and every form of payment supports them. They can be used to purchase commodities of all kinds.
  5. Business growth: Credit card rent payment charges provide the holder complete freedom, and business owners can focus on making important decisions. As a result, credit card rent payment charges can help you manage and improve your business.

How to pay rent using a credit card?

Completing credit card rent payment charges is extremely easy using the EnKash portal. We have listed all the steps to help you reap all the benefits.

  1. Log in to the dashboard
  2. Go through the auto-fetched rent records
  3. Identify your recurring recoverable, ad hoc deductions or advance payments
  4. Manage GST entries and calculate TDS deductions against the records
  5. Approve bill records in bulk and make payments with one click
  6. Get MIS in the format you prefer

Details required for credit card rent payment

To begin processing credit card rent payment charges, there are important details you should know to provide. These include the landlord’s name, contact number, and bank account details along with your credit card information like card number and expiration date. After this, your business is all set to utilize the benefits of credit card rent payment charges.

Things to consider before credit card rent payment

There are some final things you should consider before you decide to go for credit card rent payment charges. Rent payment through credit card charges allows businesses to manage their accounts better. Especially if you decide to make use of EnKash for rental payments.

EnKash offers credit cards as a mode of payment for rental payments and allows businesses to make informed decisions. It shares statistics on the uploaded rent records and helps you store and manage your TDS certificates. Essentially, EnKash is a great tool to manage your cash flow.

Conclusion

Enable faster business growth by making rent payments using credit cards. With EnKash, you can configure a centralized or decentralized payment system for your company and manage rents, payments, and taxes, all in one platform. Build a better vendor network promoted by the efficient account type for vendors and experience seamless transactions. Go for financial innovation and start your EnKash journey today.

Categories
Payables Cards

Save Money with Timely Credit Card Bill Payments

Credit cards are a commonly used payment method in businesses for making purchases and accepting payments from customers. They offer a convenient and efficient way for business owners to manage their finances and provide benefits to customers, such as reward programs and protection against fraud. Credit card bill payment in a business allows the company to separate personal and business expenses, making it easier to track and manage finances. It also offers rewards on business purchases, such as cashback or points.

Accepting credit card payments from customers also has benefits for the business. It allows for a broader range of payment options, increasing customer satisfaction and potentially leading to more sales. Credit card transactions also have fraud protection measures in place, which can help reduce the risk of monetary loss for the business. Overall, using credit cards in a business can be a useful tool for managing finances, increasing customer satisfaction, and reducing financial risk.

Now, there are so many platforms that provide you with easy credit card bill payment. Loaded with various credit card bill payment offers, customers experience convenience and gratification.

Make Timely credit card bill payments and enjoy the benefits
Make Timely credit card bill payments

Ways businesses can use credit cards

Businesses can use credit card bill payment to make purchases, pay bills, and manage cash flow. Credit cards are a convenient and secure way for businesses to make transactions and manage expenses. They can also offer benefits such as purchase protection, credit card bill payment offers, and extended warranties. However, it is important for businesses to use credit cards responsibly and carefully manage their credit card debt to avoid financial difficulties. There are several ways businesses use credit card bill payment:

  1. Accepting credit cards as a form of payment
    Many businesses accept credit cards as a convenient and secure way for customers to pay for goods and services. This can be done through a physical card reader, online payment gateway, or mobile app.
  2. Using a business credit card for business expenses
    Many businesses use a credit card specifically for business expenses such as purchasing supplies, paying for advertising, or covering travel costs. This is an efficient way to track business expenses and offer additional benefits such as rewards points or cash back.
  3. Getting a credit card for employee expenses
    Some businesses issue credit cards to employees to make business-related purchases. This can be helpful for expenses that are not easily reimbursable with a traditional check or bank transfer, such as purchasing supplies or paying for travel expenses.
  4. Using a credit card for financing
    In some cases, businesses may use credit cards to finance large purchases or investments. This can be a quick and convenient way to access funds, but it is essential to carefully consider the terms and interest rates of the credit card before using it for financing.

How can you streamline credit card bill payments for business?

  1. Set up automatic payments
    Set up automatic payments through your credit card provider or bank to automatically pay the minimum payment or the entire balance each month. This ensures that you never miss any utility bill payments and reduces the need for manual payment processing.
  2. Use online payment portals
    Many credit card bill payment companies offer online portals that allow you to view and make utility bill payments easily. This can save time and reduce the need for paper billing statements.
  3. Use a payment processing service
    Consider using a payment processing service to manage all your credit card payments. This service allows you to process payments online, in person, or over the phone, making it easier to manage and track your credit card payments.
  4. Set up alerts
    Set up alerts with your credit card bill payment provider or bank to notify you when your bill is due or when your balance is getting low. It can help you stay on top of your payments and avoid late fees.
  5. Streamline your billing process
    If you have multiple credit card accounts for your business, consider consolidating them into one account to streamline your billing process. This can make tracking and paying your bills easier and save you money on fees and interest.

The best platform to pay business credit card bills

There are many payment platforms that allow businesses to pay their credit card bills quickly and easily. EnKash offers one of the best spend management platforms, with which businesses can set up automatic payments, view payment history, and track expenses all in one place. Additionally, EnKash offers integrations with popular accounting software that makes it even easier for businesses to manage their finances. Furthermore, with the ability to make payments from anywhere, businesses can take care of their credit card bills on the go. Overall, this smart platform is a convenient and efficient solution for paying business credit card bills, planning cash flow and getting insights to prepare better for the future.

Conclusion

Start your journey of timely payments and save yourself a lot of money in the long run by taking advantage of credit card bill payment offers and programs. Now is the time to streamline your business with safe and secure payments and manage finances like never before. Browse through our website for further assistance and give wings to your business!

Categories
Cards

How to Get the Best Business Credit Card for New Business?

Small businesses often struggle to pay bills, manage vendors, and pay salaries to employees on time. This results in bitter relationships with the vendors’ workforce and disturbs the cash flow in multiple ways. However, new entrepreneurs can easily bridge this gap and control the company’s finances with the help of the best business credit cards for new businesses. Like personal credit cards, this best credit card for new businesses offers numerous benefits.

Do you also own a business, want to explore the uses and advantages, and know how to get the best business credit cards for a new business? Read ahead to find out!

What exactly is a business credit card?

Business owners often need help to separate expenses from personal ones in a new business. Whether your business has a single proprietorship, a limited liability company (LLC), a corporation, or in partnership, having a business credit card is useful when making purchases for offices and employees.

These best business credit cards are akin to personal credit cards. Specifically designed for business owners, these cards have higher spending limits, and you can meet all the fixed expenses, such as paying bills, rent, and salaries on time every month. There are two types of business credit cards:

  1. Prepaid business credit cards
    Prepaid business credit cards function similarly to regular personal cards. The only difference is that you will have to deposit funds in the linked bank account to enable their use.
  2. Business credit cards for startups
    Startups can also qualify for business credit cards. They have a higher spending limit and lower interest rates. They offer numerous rewards and perks, help open a line of credit, and maintain regular cash flow without putting the company in debt.
Benefits of Business Credit Card
Benefits of Business Credit Card

Here are multiple benefits of having the best business credit cards for new business:

  1. Increasing cash flow
    Having business credit cards can increase cash flow remarkably. For instance, suppose you purchase a software subscription or any other office supply at the month’s start. You will get an extended payment period where you can save the money to repay the credit. You will increase the company’s cash flow by opening a line of credit.
  2. Greater credit limit
    Since these best business credit cards for new business are designed to meet all office expenses, they have higher credit limits than regular credit cards. When you repay the credit bill on time, the lending company increases the credit limit, which helps for any heavy usage in the future.
  3. Rewards
    Like regular credit cards, you will also get rewards and points on business credit cards when you make big payments or pay at certain stores or products. For instance, the best business credit cards for new businesses from EnKash offer loyalty points, rewards, and even certain cashback on the platform.
  4. Track expenses
    For new businesses, it is essential to keep track of expenses. Often, new companies spend a lot of money on maintaining the infrastructure, retaining resources, and paying employees. This may also result in the employee or the business owner paying from their pocket. Though employees send in the bill for reimbursement, at times, it gets lost and creates problems for the finance department during the auditing season, which affects regular operations. With the help of small business credit cards for new businesses, one can easily keep a record and avoid over-the-top expenses.
  5. Employee card
    With the help of employee cards, you can even add your employee to your credit card. Your employee can leverage this feature to make purchases, and you can monitor the activity in real time. Additionally, you can set up a limit for employee cards too.
  6. Have complete control
    The best business credit card for new business from EnKash allows you to take complete control of the card. You can set spending limits, block, track expenditures, and do much more with the EnKash spend management platform.

How to apply for the best business credit cards for new business?

EnKash provides one of the best business credit cards for new businesses. Here’s how you can apply through our website:

  1. Open the official website of EnKash at www.enkash.com
  2. Click on the signup tab at the top right corner of the home page
  3. Create your account by registering your phone number and official email ID
  4. Log in with your credentials to access the platform
  5. Click on the credit card tab under the Freedom section
  6. Enter your GSTIN number, username, and the password
  7. Upon saving the details, connect your bank account with EnKash
  8. Upload your bank account statement or log in to the account and initiate verification
  9. In case you don’t want to provide a bank statement, you can enter your bank details and verify the account
  10. Once you are done, select the company type and sub-category
  11. Upon saving, you will have to upload the director’s PAN, email address, and the mobile number
  12. Submit the application

If you need help uploading the documents or verifying your information, you can email [email protected] or call 8530490475 and connect with our customer support.

Conclusion

In a nutshell, business credit cards are a boon for new businesses. EnKash helps facilitate the best business credit card for a new business with all the benefits mentioned above. Additional features that EnKash provides are a flexible billing cycle to manage the cash crunch, a simple KYC process, giving your company complete control of the transactions, and the freedom to link multiple cards for different purposes. To reap the maximum benefits of the best business credit card for your new business, visit the official website today and apply for your business credit card right away!

FAQs about Corporate Credit Cards for New Businesses

What is included in a business credit card?

A business credit card typically includes a higher credit limit, cashback or rewards on eligible purchases, spend tracking tools, and the ability to issue employee cards. Some also offer integrations with accounting platforms and expense control features.

Can a new business apply for a credit card without a credit history?

Yes, some providers like EnKash offer business credit cards to startups even without extensive credit history. The application may require alternate verification methods such as bank statements, GSTIN, or company registration documents.

What are the benefits of using a business credit card for startups?

Key benefits include better cash flow management, expense tracking, rewards or cashback, higher credit limits, and the ability to issue cards to employees with usage controls.

Is there any collateral needed for business credit cards?

Most modern fintech providers, including EnKash, offer unsecured business credit cards—meaning you don’t need to pledge collateral to apply.

How long does it take to get a business credit card approved?

With platforms like EnKash, digital verification allows approval in as little as 1–3 business days, depending on the documentation provided.

Are business credit cards and corporate cards the same?

They are similar but not always the same. Business credit cards are typically used by small to mid-sized businesses, while corporate cards are usually tailored for large enterprises with more complex needs.

Categories
Expenses

3 Ways to Avoid Business Expense Fraud

Prevent business expense fraud through corporate cards. Expense fraud is one of the biggest pain points those industries face every day, every quarter, and every year. Around 48% of companies in India lack a system to detect business travel expense and expense management frauds as they do it manually, according to a report generated by an expense management company in India.

But there is no pain from now onwards because the virtual credit card is designed to prevent duplicate payments. Also, it allows you to monitor all direct and indirect expenses related to the business are charged. Additionally, corporate business cards are the one-stop solution to do seamless transactions without sharing your personal information across the platforms.

We will take more in-depth about the EnKash expense management software and how to apply for business credit card. But before that, let’s have a look at what the survey says about business expense fraud in India.

Statistics of Expense Fraud Faced by Businesses

The survey was conducted in India between July and September 2018 and found that nearly 55% of the companies stated their inability to retrieve past expense data as a key bottleneck in auditing and managing T&E expenses. Around 82% of companies covered in the survey are either partially or entirely lacking in making the whole T&E process automated despite it being the second-largest operational expense after payroll.

According to the ACFE Global Fraud Study, 5% of a typical organization’s annual revenue is lost due to fraud and not having any smart expense management tool. T&E is just one kind of expense fraud that a business can bear. There are many kinds of expense frauds that trouble businesses- big or small.

The Association of Certified Fraud Examiners has distinguished expense fraud into four categories

Mischaracterized Expenses

Claiming personal expenses under the garb of company expenses is the easiest yet the toughest business expense fraud to catch. It is almost impossible to identify an expense based solely on the submitted receipt so the chances of the claim getting denied is almost nil.

Fictitious Expenses

Employees get crafty with design skills and software to counterfeit expense receipts and submit them for reimbursement.

Overstated Expenses

Employees balloon up the expenses incurred on the business trip and get reimbursed for more than what they paid.

Multiple Reimbursements

Employees end up submitting the same receipt, again and again, to reclaim the amount, thus getting duplicate payments.

All these frauds are punishable offenses globally. There is no one-stop solution to 100% safeguard your company from being a victim of expense fraud. There are a few steps you can take to ensure that business expense fraud happens in the least and if it does, it is caught.

3 Best Ways To Deal With Business Expense Fraud And Duplicate Payment

Set stringent policies in place

Start by setting stringent policies in place for all kinds of expense reimbursements. An expense receipt should be submitted within 30-60 days, all purchases over a certain amount need to be furnished with an authentic purchase receipt, all spends should be properly categorized under entertainment, travel, meals, offenses, and so on.

Random audits

Maintain the fear of prosecution by randomly auditing the expenses of any employee and ensuring that they fall under the company guidelines. If not, do not shy away from punishing the act as that will set an example for fellow employees and they’ll think twice before indulging in expense fraud themselves.

Provide your employees with the correct tools

Eliminate paper receipts to claim expenses as they are unreliable and easy to commit fraud. Enable your employees with the right set of tools and systems so they can follow policies easily. These methods are used widely, but they go only so far in decreasing the chances of business expense fraud.

Adopt EnKash expense management solutions

One of the best ways to manage expense fraud is by investing in virtual credit cards, also known as corporate cards, Purchase Card, or P-Card.

Corporate cards are a robust tool to handle all kinds of business expenses. Get a host of corporate cards, which can be controlled & managed by one of its kind platforms, for each kind of business expense you can imagine.

When expenses are routed through this corporate business card & expense approval system combinations, they are easy to track, reconcile, and report. These cards can help you manage all direct and indirect expenses related to the business. You can preload the virtual credit card or credit cards, depending on the expense that needs to be done.

The credit cards come with a flexible billing cycle so you can choose when to pay the bill, depending on your cash flow. There is no waitlist as you can get quickly onboarded with e-KYC upon furnishing authentic identity proofs. The future of Safe Digital Expense Management is here.

Benefits of using a corporate business card

The EnKash expense approval system is preloaded cards available in the form of virtual cards. These can be used digitally or offline as per convenience. There are many benefits of using expense management software and here are some of them:

  • Virtual credit cards can be used to manage business travel expenses.
  • Also, EnKash cards can be given to employees, teams, branches, or departments, as and when needed, as they can be generated from a digital platform.
  • Corporate business cards can be customized via a platform with a pre-set expense limit, predefined merchants where the card can be used, the number of times the card can be swiped, and many more alterations.
  • You can set custom end-usage and usage limits to eliminate the possibility of expense fraud entirely when using business travel expenses.
  • You can activate or deactivate the purchase cards for ATM/ POS/ Online usage and restrict by merchant and usage category too.
  • The beauty of using these corporate cards & platforms is that you can view the expenses in real time. This makes tracking expenses super easy and efficient.
  • You can monitor any expense as it happens. And if it looks suspicious, you can block the corporate card right away and take appropriate action.
  • This kind of spend management suite also ensures adherence to budgets and company spend policies.
  • Corporate business cards come with in-built approvals, so you save precious time in purchasing as time is money.

Corporate expense cards and virtual cards are some of the safest bets to eliminate causes of expense fraud. Apart from this, maintaining employee faith is also instrumental in ensuring that they do not engage in such fraudulent activities. Invest in a strong spend management tool like EnKash to uplift your employees’ morale and take your business to newer heights. Must Apply for a business credit card today to leverage your company with rewards and benefits.