Business credit cards have been around for decades. The introduction of corporate cards eliminated almost all of the administrative problems.
Business credit cards have experienced a tremendous response in recent years. They are slowly but surely becoming an indispensable tool in the arsenal of a successful entrepreneur. Every company, whether start-up, SME, or BigTech, must pay attention to company costs.
Money that employees spend on business needs must be securely recorded and tracked.
The world is currently heading for a digital revolution. From businesses to homes, everything is becoming smarter, more intuitive, and more responsive to consumer needs. More and more companies are accepting corporate credit cards.
What Are The Pain Points of Entrepreneurs?
Not every company decides to issue company cards to its employees. In this case, reimbursement of personnel costs turns out to be tiring. As employees pay the expense out of their own pocket and then hand the receipt to the finance team. This requires a lot of steps including tracking expenses, keeping receipts for transactions, review and approval by the finance team once all data is cross-checked, and finally the total amount gets approved. This process increases the chances of fraud.
Businesses are now issuing corporate expense credit cards to gain more control over corporate spending. With Epic Card, companies can issue and manage cards, track expenses, and access rewards – all from one platform.
The corporate credit cards are a new way of making payments. To explain why, let’s take a look at some of the advantages of corporate cards over traditional recovery methods.
4 Quick Benefits Of Implementing A Corporate Credit Card Payment System In Your Company
- Offers: One of the main benefits that corporate cardholders enjoy is offers. Today almost every card issuer offers some serious reward points and instant discounts on card transactions. These reward points together can greatly increase the effectiveness of a company’s cost management system.
- Better Controls: Tracking the expense can be difficult when using cash as the primary transaction method. With the corporate credit card, all you have to do is import the card statement into the expense report to make a detailed analysis of where the money is being spent. This can help identify weaknesses in financial statements, make informed purchasing decisions, and gain more control over how business funds are spent.
- Reduce Fraud: In a few cases, employees seek to engage in expense fraud. Employees try to sneak personal expenses under the guise of business expenses and feel that they would go unnoticed because of ineffective monitoring methods.
- Improved cost transparency: With a corporate payment card, tracking corporate expenses is very easy. It maintains a log of every transaction and updates it in the database. This database is synchronized with the company’s expense management platform, allowing the finance team to view all expenses in real-time, as and when they were incurred. This saves hours spent manually reconciling all payments.
Why Should The Businesses Must Use Corporate Credit Cards?
Easy management of expenses
Corporate cards can be easily issued and managed by the finance department in a central dashboard instead of having to work with traditional processes. With a business credit card, you can also add or remove users or change user permissions as needed. Cards can be set up for one-time use (to purchase certain items from individual vendors) or issued prior to certain events or business trips. It even enables instant online purchases.
Automate expense reimbursement
Business credit cards can be configured with various controls that reflect the company’s expense policies. This may include per transaction restrictons or per day/week, restrictions on categories of traders, or specific traders. Cards can also be set to only be used during certain hours/days or expire on certain dates. In this way, organizations can minimize their financial risk and avoid paying fees that are not related to the policy. Corporate Cards can even be linked to pre-authorization requests.
Improve end-user experience
It’s not just the organization itself that benefits from a corporate card. They can also have a significant positive impact on the cardholders themselves. Eliminating the need for employees to pay and then waiting days or perhaps weeks for reimbursement can be a significant relief. This is especially true for those who have traditionally been able to file large expense reports or have less cash to cover card charges. When the card is combined with an expense management software solution, the automated expense reconciliation described above can also cut the effort of the expense process from hours to minutes.
Avoid unexpected expenses
With a corporate credit card, employees no longer have to spend money on business expenses. This often eliminates a difficult cost recovery process, which is a pain for employees and the finance department. Employees who travel may find themselves exchanging large amounts of foreign currency, thus increasing security risks.
Don’t you want to take full advantage of payments with a credit card?
With all these advantages, it is now clear that the corporate card is the path to an efficient payment system. Epic Cards can be customized for use. After all, the main reason for using a company credit card is to make it easier to record and manage employee expenses.
Get the advantage of business credit cards to streamline processes between finance and employees.
