Tag: Credit card for company

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.

For any business to flourish, a corporate credit management and a steady cash flow are crucial. The more working capital your business has, the more strategic decisions can be made concerning investment, talent acquisition, and purchases.

To maintain a healthy cash flow in your business, you need to put firm protocols in place for your Accounts Payable (AP) and Account Receivables (AR). When these two start generating cash flow like a well-oiled machine, that’s when you know that your business will never run out of money.

Cash is king, but it’s not always possible or smart to make cash payments. More often than not, businesses rely on working capital loans or credits for making their purchases and, in turn, paying their invoices or payroll.

Leverage Short-Term Credit management with Corporate Cards

There are two types of credits available in the financial landscape

• A line of credit
• Revolving credit.

Let’s see the differences between the two in detail.

A line of credit is a one-time financial arrangement or a static product that is closed once the borrower spends the set amount of credit, whereas borrowers can use revolving credit and repay it over and over again up to a certain credit limit. Revolving credit and lines of credit are facilities that offer the borrower purchase and payment flexibility.

A revolving credit product can be used up to a certain credit limit and paid down. And it remains open until such time that the lender or borrower closes the account.

On the other hand, a line of credit is a one-time arrangement such that when the credit line is paid off, the lender closes the account.

Both these financial arrangements are available to businesses. Business owners can opt for any of these credit types according to their source of financing and working capital requirements.

Major differences between A Line of Credit & Revolving Credit

Even when the two seem similar, there is one huge difference between the two types of credit-renewal of credit.

While the pool of available credit does not replenish after payments are made in revolving credit, this is not the case in a line of credit. Once you use the line of credit and pay it off in full, the account is closed and can no longer be used.

These two types of credit are substantially different from a typical loan. When you take a loan from any financial institution, you get a lump sum amount of money and the interest gets charged right away.

In a line of credit, you can borrow funds up to a certain amount in the future and the interest is charged only after the line of credit is tapped into.

In revolving credit, like that in credit cards, you are assigned a credit limit in advance. You can borrow any number of times until that credit limit is not breached, and then pay back the amount by the due date. Once that amount is paid off- fully or the due payment amount, the credit is available again to borrow against.

These kinds of credits are usually short-term credits because the interest rate charged on these credits is way higher than normal loans.

Corporate Credit Management Tips

Businesses rely heavily on credit to keep their cash flow consistent. This is where corporate cards enter to save the day. Corporate credit cards, like Purchase Cards powered by EnKash, offer excellent revolving credit which is a boon to businesses that often face cash crunch to pay off their invoices on time.

With a revolving credit line, you can defer your payments to a later date for purchases made on these P-cards.

The advantage of having a powerful purchase card is that you do not have to pay the full amount of the bill right away. For example, if you have a bill of 10 lacs INR on your P-card, you can only pay 50,000 as an initial payment and pay the rest of the bill at a later date

Likewise, by deferring payment to a later date, you are using your revolving credit wisely and can do the best credit management to track where your money goes.

By not paying the full amount, you can use the remaining credit for expansion, purchases, and payments to other overdue invoices. In this manner, a commercial purchase card can boost your business’ financial efficiency by boosting your cash flow. Also, you keep your eyes better on the source of financing working capital.

What EnKash do for your business?

With an EnKash purchase card, you will never have to face cash crunch situations because you have the option to partially settle the bills along with customizable credit cycles. Team it up with an intuitive spend management platform like that of EnKash and you’ve got yourself centralized visibility in your business finances along with control over where your money goes because you can prioritize payments based on their due dates automatically.

A purchase card can be the best weapon in your financial arsenal if you use it wisely. Direct all your corporate expenses to your P-cards and enjoy revolving credit, customized credit cycles, faster payments, and improved cash flow- all in one go.

Additionally, corporate cards have many more advantages. It can eliminate most of the manual work that goes behind making payments as it is completely digital. With corporate cards, you can get real-time updates on all the transactions made on the card, and hence, reporting is faster and more detailed.

Employees can also enjoy the perks of digitization with the power of P-cards. It’s a hassle-free way of paying which empowers purchasers to make decisions faster. The finance team can have complete visibility on the expenditure on these cards as it happens so they can leverage the revolving credit into grabbing opportunities whenever they arise.

So, what are you waiting for? Revolutionize your procurement process with corporate credit cards like P-cards from EnKash and make that cash flow!

EnKash is not only a Corporate Credit Management Solution but also freedom for your financial capital management headache.

FinTech, short for Financial Technology, has been making waves in the Indian financial ecosystem in terms of b2b payments in India for a few years now. FinTech is now a significant force to be reckoned with in this new age. Today, India is one of the largest FinTech markets with the highest FinTech adoption rate of 87% worldwide. Especially post-Covid, India, along with some of its global peers, has seen tremendous growth in FinTech.

Fintech Credit Cards & B2B Payments Solution

As per the latest report – “India FinTech: A USD 100 Billion Opportunity” by Boston Consulting Group (BCG) and FICCAI, India’s FinTech Industry is estimated to grow up to USD 150-160 billion by 2025. The report also noted that Indian fintech companies have raised about USD 10 billion from investors all over the world over the past five years, catapulting the sector’s total valuation to an estimated USD 50-60 billion.

India is also only second to the US in emerging FinTech-based start-ups with around 2100+ FinTech start-ups as per MEDICI’s India FinTech Report, 2nd Edition. Of the over 2,100 fintech firms existing in India currently, 67% have been set up in the past five years.

COVID-19 has further accelerated the pace of digitization across categories. While Indian FinTech has cumulatively raised more than USD 10 billion since 2016, eight fintech companies have reached the ‘billion-dollar-valuation’ milestone (unicorns), and an additional 44 are valued at over USD 100 million as of date, the report said.

Between March 2020 and January 2021, B2C & B2B payments in India (by value) have risen to 3x their pre-pandemic value, with three new unicorns and five new ‘Soonicorns’ (about to become unicorns) being created since January 2020, the report said.

Digital Lending Platform & Fintech Payment Gateways in India

“We believe that India’s FinTechs are at the precipice of a significant value-creation of USD 100 billion over the next five years. To actualize this potential, the industry would require additional investments to the tune of USD 20-25 billion,” BCG Managing Director and Partner Prateek Roongta said. Consequently, the number of Indian fintech unicorns will more than double by 2025, he added.

While Fintech is becoming the lifeblood of an economy, Injeti Srinivas, Chairman, IFSCA, agreed that despite enormous potential in India, only a fraction of the economic transactions happen digitally via fintech corporate card and other b2b payments India mode.

The government’s Direct Benefit Transfer scheme, Digital India, Start-up India, and UPI initiatives however can be a great trigger to this process combined with the talent at the grassroots level that made use of this opportunity, said Srinivas.

A new report from Deloitte India also noted that Fintech companies have grown a staggering 13x to 70x over the last two years. The aggregated revenue of the top 10 companies has gone up from about USD 20 million to approx. to USD 70 million between the 2018 to 2020 period.

On the contrary, a new report from Accenture noted that despite the significant increase in the adoption of digital technologies over the past few years, there is a continued lack of technical expertise and digital fluency in the boardrooms of the world’s largest banks and India, of course, is no exception to the rule.

According to the report, Accenture recommends that technology experience for making business payments. While the world’s largest banks have made progress in adding technology experience in the boardroom, progress has been slow. That gets reflected in their way of dealing with customers and other stakeholders as well.

On the brighter side, several banks are now joining forces with FinTech start-ups to upgrade their existing systems and enable smoother operations to deliver a better experience for consumers towards digital lending platforms & b2b payments in India. Similarly, by leveraging data analytics, FinTechs have encouraged collaboration between numerous financial service providers and enabled them to deliver products and services through an open architecture.

As Sanjay Doshi, Partner and Head of Financial Services Advisory, KPMG in India, commented, “Many of the banks in India are now going down the path of digital. They are looking at tech and fintech credit card companies that can help them move their digital activities forward, either investing in them directly or using them as service providers. That is going to be a big growth area for investment here in India — banking-as-a-service platforms.”

Digital Payments & Fintech Credit Card India

In a report by Infosys titled ‘FinTech Revolution in Banking: Leading the Way to Digital’, crucial reasons are mentioned that led to the FinTech revolution. Traditional banks have many problematic issues that FinTech can help resolve effectively.

According to the report, the various reasons are:

• Banks are highly regulated and bound by numerous compliance norms
• Banks have high operating costs due to the high number of branches across the world
• Banks have poor visualization beyond traditional business lines as they are publicly held companies averting risk propositions
• Low involvement of customers in the center of operations
• Low investment in innovation and technology
• Low collaboration with progressive minds Lack of focus on individual profitable products and services
• Difficulties and resistance in upgrading legacy core banking infrastructure

Adopting Fintech Credit Card in India

Due to the above-mentioned reasons, banks shy away from adopting the full potency of FinTech credit card India that can truly enhance the way banking happens. What banks don’t realize is if they partner with FinTechs rather than looking at them as rivals, they can earn many fruitful rewards from this dynamic partnership.

Collaboration of banks and Fintech can result in:

• Safe and Secure Banking
• Mutual Growth
• Wide Range of products and services
• Ease of Transactions
• Discounts & Offers
• High Return on Investment Regulatory Support and Government Incentives
• Venture into New Alternate Business

With a high demand for B2B payment solutions in India, EnKash is now emerging as the best FinTech company to serve the nation. Just take a glimpse to get an idea.

Fintech – More Than a B2B Payments India Solution

These reasons should be reason enough for banks to break all shackles and wholeheartedly embrace all that FinTechs have to offer such as Fintech credit cards, b2b payment setups, and more. FinTechs offer services in the form of products, applications, business models, and business processes.

FinTech start-ups are taking core and non-core banking business to the next level by providing faster, smarter, and more innovative solutions in all spaces.

Emerging FinTech players like EnKash offer the smartest all-in-one platform for all kinds of commercial spending and needs for B2B payments. By enabling card payments where cards are not accepted, EnKash has made B2B payments robust yet insightful.

Over the past couple of years, corporate cards have garnered a massive response. They are slowly but steadily becoming an indispensable tool in the arsenal of a successful businessman. Any business, whether a start-up, SME, or BigTech, needs to keep track of the business expenses.

The money spent by employees for business purposes should have a fail-proof way of being recorded and traced. While very few people feel that corporate or corporate credit card India risks financial exposure, the majority are in full favour of Corporate cards being a must-have in any business’ finance portfolio.

An increasing number of companies are adopting corporate credit cards. However, there is still a higher penetration opportunity in India for business expense cards. The market is highly under-penetrated with the options available in corporate payment cards that can be used in several customized ways.

Challenges Faced by Businesses In Absence of Corporate Cards

Manual Reimbursement: Not every company opts for issuing corporate cards for their employees. In such cases, employee reimbursement comes into the picture. Employees pay for business expenses from their own pockets and then submit the payment receipts to the finance team for reimbursement. 

Tracking & Receipt Management: Doing this requires an awful amount of expense tracking, maintaining receipts of transactions, reviews, and approvals from the finance teams after cross-verifying every data and then finally approving the total amount.

Identifying Frauds: This process increases the chances of reimbursement fraud as employees can also stack up personal expenses and get away with them. Reimbursement is time-consuming, unreliable, and cumbersome for all teams involved.

Benefits Of Incorporating Corporation Card Payment System Into Your Business

• Multiple Offers: One of the key benefits that corporate cardholders enjoy is that they get many offers. Nowadays, almost every card provider offers some serious reward points and instant rebates on transactions done via cards. These rebates and reward points combined can generously increase the efficiency of the company’s expense management system.
• Better Control: Tracking spends vs. budget can get tricky when cash payments are used as the primary mode of transaction. With an EnKash corporate credit card in India, all you need to do is import the card statement in the expense report to generate an in-depth analysis of where and how money was spent. This can help identify weak points in the financial report, help make well-informed buying decisions, and gain more control over how and where the business’ money is spent.
• Fraud Reduction: More often than not, employees may try to get into expense fraud. Employees try to sneak in personal expenses under the garb of business expenses and get away unnoticed because of inefficient reimbursement methods. Enabling employees with EnKash corporation credit card payment eliminates all these hassles from the root itself because expenses done via cards are fully transparent with high traceability. It is almost impossible for employees to fraudulently manipulate false receipts to claim expenses.
• Increased Spend Visibility: With corporate payment cards, it gets very easy to keep an eye on the company’s expenses. It keeps a log of every transaction and updates it in the database. This database is synced with the company’s expense management platform so the finance teams can have real-time visibility of all expenditures as and when they happen. This saves hours’ worth of time which is spent on the reconciliation of all payments manually.
  
  

  Let’s take a quick look at the most common corporate credit cards in India available in the market.

  Common Business Expense Cards In India

  • Corporate Cards: These cards can be used to pay for expenses related to the business. These expenses are either paid completely by the organization or shared between the organization and the employee on a pre-decided basis.
  
  
  • P-Cards: P-cards, or Payment/Purchase/Procurement cards, are used exclusively for business-related payments when procurement is involved. These cards are issued only to authorized employees and can be used solely for business transactions.
  
  

  Analyzing the needs of a business, EnKash has introduced a new range of Purpose Built Cards. These cards can be customized by businesses according to their needs.

  These cards can be used to manage all your expenses. Let’s have a quick look at it.

  Corporate Cards Solution by EnKash

  EnKash provides businesses with a holistic corporate cards solution using which businesses can customize cards as per their usage; they can distribute these cards to individuals and departments to manage payments effectively.
  
  These corporate cards help streamline all business expenses and empower employees to make decisions independently. While the flexibility and ease these cards offer are truly unmatched, we at EnKash are the best match for you when it comes to corporate cards. We offer a variety of business expense cards, p-cards, expense cards, gift cards, fuel cards, and virtual cards for you to choose from according to your business needs.
  
  

  Corporate Cards by EnKash

  Meal Cards: Businesses can issue these cards to their employees to save tax and purchase food and grocery-related items across multiple food chains, retail outlets, and supermarkets.
  
  Fuel Cards: Employees who purchase fuel while traveling for work can be issued fuel cards. To ensure fuel expenses are within the defined budget, limits can be defined on these cards. Digital
  
  Digital Marketing Cards: The digital marketing team needs funds for their campaigns. Having a digital marketing card at their disposal will allow them to define their budgets and run them independently.
  
  Virtual Cards: Having a virtual card makes it easier for businesses to track and reconcile all payments. SaaS Cards: For all subscription-based products, businesses can use SaaS cards and manage them with smart controls.
  
  SaaS Cards: For all subscription-based products, businesses can use SaaS cards and manage them with smart controls.
  
  T&E Cards: Travel expenses are a real deal in businesses. To manage them effectively, get these T&E cards from EnKash and track them in real time.
  
  Purchase Cards: Procurement is an essential part of any business. To fulfill this need, P-Cards or purchase cards can be of great value to your business.
  
  

  DIY Card Module

  The corporate card solution by EnKash comes with a DIY card module. It has the following functions:
• Businesses can create purpose-made cards according to their specific needs and use cases, and set spending rules aligned with organization policies.
• You can easily streamline approval workflows and enforce policies to ensure your business spending aligns with your budget.
• You can get immediate insights into your spending patterns with detailed analytics and reports, enabling you to maintain centralized control and optimize business spending.
  
  Having seen all these advantages, it is now clear that corporate cards are the way forward for an efficient payments system.

One of the fastest-changing landscapes of business is that of Financial Technology, commonly known as Fintech. Most businesses are shifting towards the digital lending platform because of smooth and efficient payment. This article will describe the benefits of corporate cards for making business payments to other businesses and suppliers.

How Corporate Cards Came Into The Limelight?

With ever-upgrading rules and legislation to unpredictable laws, the money market has always been a real head-scratcher in terms of trend predictions. Fintech has been a key driver in revolutionizing financial services and business payment modules owing to dynamic consumer expectations and need of the hour solutions.

Moreover, the recent pandemic, i.e., Covid-19 is also the reason behind accelerating corporate cards via Fintech Credit Card. With more and more offices asking their employees to work from home, non-traditional methods of payments have seen a meteoric rise.

Digital payments in India have scaled new heights over the last few years. In the year 2020, 48 billion digital transactions were recorded in India alone, and this trend is expected to grow at the same rate over the years to come.

Below is the infographic that showcases 5 key areas that will be the trendsetters of the bossiness payments space in India. Innovations in electronic payments and dedicated payment systems seem to be one of the 5 leading trends of 2021.

Finance teams have opted to switch to the digital lending platform for ease of the process. While bank transfers have already been accepted in the financial world now, commercial cards are relatively new kids on the block who are quickly gaining popularity worldwide.

Incumbents in this field were initially worried by fintech rapidly climbing the charts. However, this worry was soon put to rest as it was essentially found that 75% of fintech founders claimed that their goal is to partner with key players in the banking industry rather than to challenge them. Owing to this, the majority of large and mid-sized companies are already enroute the highway of change. However, it remains a challenge to make commercial cards lucrative enough for each business.

While there could be many reasons for resistance to adopting this technology, let’s also take a look at the numerous benefits that you could enjoy while adding commercial cards to your business payments portfolio.

Made in India, the First Business Card is specially designed for Entrepreneurs, SMEs, and Small & Big Brands.

Benefits For SMEs, Entrepreneurs, And Businesses

Competitive Advantage

When you offer something new to your partners, you gain an advantage over your competitors. A purchase card gives your business a massive boost as it denotes ease of business payments, increased spend limits, virtual assistance, and real-time updates in payment structure- all at the touch of a few buttons.

Enhanced Risk Management

With great power comes great responsibility! Corporate cards are primarily used to manage business accounting. Such cards come with their own set of risks which can be mitigated in an earlier stage so that a risk does not convert into a potential threat. The virtual credit cards in India can be customized with preset limits, can be authorized to work only at selected outlets, and be accepted only by selected vendors, as deemed fit by the company’s finance team.

Decreased Operational Inefficiencies

Paper cheques and bank transfers come with their package of value-added inefficiencies. These business payment methods require manual intervention at all points and can be rejected due to errors. These operational roadblocks are conveniently eliminated by corporate cards, making them a smart choice to keep the cash flow steady.

Moreover, such cards have been termed as the best credit card for travel in India. In a business, travel is mandatory because the business owner needs to expand the business and for that meeting new clients becomes essential. The travel expenses slip becomes a headache for the account manager and also for the employees as they have to wait for the reimbursement. With corporate cards, all such sorts of problems can be easily resolved.

Benefits for Suppliers

Quicker Receipt of Payments

One of the most daunting scenarios for suppliers worldwide is that of payment receipt. Bank transfers and other paper-based payments take days owing to manual processes associated, sometimes weeks, to process from the banks. This can stall the much-needed cash flow to keep the business engine running. Offering commercial cards as an accepted mode of payment can easily resolve this issue, all the while keeping you updated with the changing payment trends in the market.

Increase in Sales

To make your business grow, having a diverse portfolio of products and services is not all that you need. In today’s economy, you also need to offer a diverse portfolio of accepted payment methods. Allowing commercial cards as a mode of payment catapults you to the top of the list of tech-savvy businesses. And you know what they say: Always in sight, always in mind!

Going off the track, corporate cards stand as the best travel credit card in India that gives ample options to manage your traveling expenses in a business. With this new technology, you can easily handle your business cash flow and focus more on the other prioritized segments.

How to Incorporate Commercial Cards in Your Accounting Infrastructure?

Educate your Consumers and Stakeholders

A change that is well explained is a change that is well received. Inform and guide your suppliers and stakeholders through this switch and educate them as to why commercial cards are all the rage right now. Keep the door open for queries and allow them to easily sink into this change rather than forcing them into it.

Additionally, instant virtual cards in India are helpful for suppliers in many forms. Using this card, they can also handle their business expenses smoothly.

Evaluate your Organization’s AR and AP Structure

It is important to know your company’s Account Receivable and Account Payable structure in-depth to include commercial cards in the portfolio of accepted payment methods.

Evaluate your goals and then distill them down to a card program that works best for your business. Ensure that your purchase department is up-to-date with this add-on as they will be doing all the heavy lifting for your business.

Important factors like where the cards can be used, whether will they be used on an individual basis or a team or department basis, and the kind of expenses that can be done on it- all these questions need to be answered before they arise. The instant approval virtual credit card in India can perform all these tasks smoothly and efficiently.

Ease of Acceptance

Make purchase cards simple to accept. Stick to your payment terms and pay your suppliers on time. Ensure that your vendors, suppliers, and sellers are open to accepting payments via virtual credit card India and, in the process, denote the ease of usage, quicker payments, and faster operations.

Choose the Right Provider

It all comes down to picking the one that works best for you and your business. There are multiple commercial card providers in the market vying for your attention. Choose the one that meets all your requirements and even more. EnKash is a powerful commercial card provider and offers a wonderful Multiple Payments, Single Platform feature that simplifies payments.

EnKash has a host of technology-driven and innovative solutions that are guaranteed to act as a catalyst for your growing business. An instant virtual credit card India initiative should simplify your APs and ARs and we, at EnKash, are always happy to help in doing just that!