Corporate cards have become a lot more advanced in recent years. Now, you can do a lot more than just pay company expenses with them. In fact, they offer your company – and employees a whole host of benefits. This article will explore six of these benefits in more detail, showing companies why a corporate credit card is a worthwhile investment.
6 Benefits That Corporate Credit Cards Offer
1. Simplifies The Expenses Process
Maintaining a steady cash flow is vital to the success of any business. The traditional way to track company expenses is through an expenses template; you can find an example of one of these online. However, filling out expenses sheets not only wastes a lot of time – but also makes it a lot difficult for businesses to track spending.
These sheets can easily get misplaced, and before they know it, companies have spent more than they can afford. This is one of the many great benefits of company cards. They simplify the expenses process by putting all transactions into one centralised system. Your employees no longer have to go through the mundane task of filling out each expense once they return to the office.
2. Helps Businesses Grow
Although you may not think it, a corporate credit card can enhance any business. This all comes down to how accessible money is. For example, your company may require some quick funding for a new piece of equipment. Rather than going through the burden of applying for a loan, you can spend the money on your corporate card. Businesses can quickly access the products they need to help their business excel. This is particularly useful for small businesses that are looking to upscale. Budgets can often be tight, but having the opportunity to access cash when needed can help them get to where they need to be. It can also help them get one step ahead of their competitors.
3. Allows You To Set Spending Controls
If you give multiple employees a corporate credit card, you may worry that some might take advantage. Luckily, you can ease those worries thanks to spending controls. Take a look at this corporate credit card from Payhawk. It allows you to customise your employee spend thanks to built-in limits, rules and policies.
Not only can you adjust your spending controls in real-time, but you can also set different limits for each person in your team. You even have the option to freeze the card if it is necessary. This gives business owners a clearer idea of what money is being spent, so they can easily stay on top of their finances. It also helps set expectations in place for employees.
4. Virtual Cards Minimise The Risk Of Lost Cards
Giving your employees a corporate credit card is all well and good until they lose it. Losing or misplacing company cards can be stressful for any business, and you increase your risk of falling victim to fraud. This is another reason why modern-day corporate cards are effective. Now, you can issue your employees with a virtual card instead.
The premise is simple. Your employees pay company expenses through a mobile device or by entering card information into an online payment gateway. They are also single-use, so more than one employee can use them. Virtual cards take away the hassle of handing out physical cards – and gives you peace of mind that they cannot get lost.
5. Boost Productivity
Once a business trusts its employees with company cards, it will notice an increase in productivity and job satisfaction. Not only does issuing company cards show your employees that you trust them with additional responsibility, but it is also comforting to know that company expenses won’t come out of their own pocket. Unlike a traditional expenses process, your employees will no longer be burdened with the mundane task of filing for reimbursement.
This is because all expenses are now tracked on one centralised system. Productivity is crucial for the success of any business and it help in increase the turnover of the business. If your company is struggling with this, take a look at some productivity-boosting tips online. Company cards are certainly a resource that can help.
6. Potential To Earn Extra Benefits
Depending on the credit card programme a business chooses, there is the potential to earn some extra benefits. Many businesses can earn additional rewards for how much they spend. These rewards are much more beneficial than the odd voucher. Instead, there is the potential to earn cash back and points that can be put towards travel costs.
This is ideal for companies that often have to send their employees around the country for work. Please note – that not all credit card programmes offer this privilege, so it will require some research. If you want to get the most out of corporate card rewards, choose a programme that closely reflects your company’s spending habits.