How to pick best corporate credit card program for your business?

The benefits offered by corporate virtual cards have made it a no-brainer for organizations to select a corporate credit card program. For your employees, these corporate cards enable easy access to budgets for business travel, marketing-related expenditure, and other miscellaneous expenses without having to worry about lengthy reimbursement periods. On the business front, you and your finance team get to easily track, monitor, and control your budget on a granular level.

What are small business credit cards?

A small business credit card, as the name suggests is a credit card that is issued to small businesses by a bank. Of course, there are certain criteria that you must fulfill to get access to it.

 

While there is no universal metric to define a ‘small’ business, most organizations that are privately owned partnerships or run by sole proprietors with few employees and a low annual revenue as compared to corporates fall under the umbrella of ‘small business.’

 

This was the go-to option for business owners back in the day. But now, the trend is shifting in favor of corporate credit card programs as people are starting to learn more about it and what makes them a better option.

small business credit cards

How do corporate credit cards differ from small business credit cards?

They differ based on who is eligible to receive and use them, who is liable to pay the credit, and other requirements that you must fulfill.

Liability

When it comes to small business credit cards, the owner of the business is liable to pay for the credit received even if the business is under another entity’s name. 

 

With a corporate account, the liability can be divided between relevant stakeholders based on the corporate credit card provider you choose:


- When an employee pays for the expenses and is later reimbursed, it falls under individual liability.

- When the business pays off the bills, it is known as corporate liability.

- And another option is a joint liability, where both the company and the employee are liable to pay the debt.

 

Within Volopay, since we provide corporate credit cards that draw funds from the credit provided on the platform, it is only the business that is liable to pay for the amount utilized.

Eligibility

For any sort of credit or lending activity, there will be eligibility criteria to make sure that your business is financially sound.


To be eligible for small business credit cards:


- You must have business credit reports.

- Depending on the bank, the age of your business will be taken into consideration.

- And your annual revenue reports will be checked for financial stability and growth patterns.


To be eligible for a corporate credit card program:


- Depending on the provider, there might be a minimum number of users you must have to use their platform and be part of the corporate program.


- You must also be able to show a certain amount of forecasted credit charge based on past data. The amount again depends on the provider.

Requirements

Some other common requirements for both these types of credit cards include:


- Financial statements of the organization

- Tax information

- Company structure

- Contact information of the representee.

Looking for the best corporate credit card program for your business?

Why do your employees need corporate credit card program?

Reduced paperwork

A corporate credit card program eliminates the need for reimbursements by allowing your employees to spend from the company budget instead of spending their own money and filling for reimbursements later. 


But just in case you do still need the reimbursement feature, it is available through the provider platforms where your employees simply have to upload a picture of the receipt through the mobile and add the necessary details to get their money back.

Employee satisfaction

No more do your employees need to worry about paying from their pocket when traveling for business, or making subscription payments and getting overcharged. 

 

They will spend less time worrying about when they’ll get their reimbursements and spend more time getting work done. All due to fast payment approvals and direct spending from the company budget instead of their own pockets.

Keep track of every transaction

Be it physical corporate credit cards or instant virtual cards; your employees and finance team will experience complete transparency as each transaction will be recorded on the credit platform being used.

Saves time

All of this ultimately saves a lot of time for everyone, leaving more opportunities to engage in work.

Factors to consider while choosing corporate credit cards

Can you choose liability option?

There are different liability options when you opt for a corporate card program. Make sure that the provider you choose offers a type of liability option that you are comfortable with.

Can you make faster payments?

The whole point of opting for a new credit service like a corporate card program is to save time, save money, or do both. If the platform you choose does not allow you to process your payments faster than traditional options, what’s the point?

Look out for rewards

A good corporate card program comes with a good reward program. Since virtual corporate cards have pretty much no cost of being issued, they are built with a good reward system that offers cashback on various types of transactions. You can then use the cash back you receive as part of your credit budget for future expenses.

Does it have accounting integration?

When choosing a provider, probably one of the most important factors to consider is whether you can integrate your accounting software with the platform so that all your expenses get synced in your ledger accounts. 

 

If the provider does not mention the accounting software you use on their website as part of available integrations, you can always reach out to them and ask whether it is possible to execute a custom integration.

Does it have expense policy?

An expense policy allows organizations to set approval workflows, allot budgets to corporate credit cards, and enforce spending limits on each cards. Having the ability to create and implement an expense policy for your corporate card program is very essential. 


Setting rules and guidelines through the provider platform for all the physical and virtual cards for businesses that you issue is crucial to tracking, monitoring, and controlling how budgets are spent by your teams and employees.

Choose correct card provider

Each corporate credit card program provider will have different and many of the same offerings. Make sure to choose depending on your requirements. Most of them usually have the option for both physical as well as virtual credit cards.

 

You should ensure that they support the currency you transact daily and what their FX charges are for cross-border payments.

Get your corporate credit card program from Volopay

Volopay offers businesses a corporate credit card program that gives you access to physical cards, instant virtual cards, and many other product features. We give corporate credit cards for small businesses wherein you get 1 physical card per user and the ability to create unlimited virtual corporate cards. 

Integrate with accounting software

Volopay offers integrations with major accounting software products like Xero, Netsuite, Deskera, QuickBooks, and more. Custom integrations are also taken into consideration as per the client's request.

integrate with accounting software

Multi-level approvals

You can set multiple levels of approvers for transactions above a certain amount. For example, if an employee wants to conduct an expense that is above $100, then rules can be set wherein the payment first goes to the respective team member’s manager for approval before being able to conduct that expense.

multiple level approval

Virtual cards for every employee

Under any of our plans, you can issue an unlimited number of virtual corporate cards for your employees.

virtual cards

Earn cashback and rewards

Depending on the type of transactions you incur, Volopay offers up to 5% cashback as part of our rewards which you can redeem and utilize at any point as part of your budget.

rewards

International transactions

If you’re tired of high cross-border transaction fees, then Volopay is definitely for you. Our cross-border transaction fees are very low as compared to traditional cross-border payments.

expenses

Real time reporting

Every transaction done through our corporate credit cards is instantly collated in a ledger tab specifically for card expenses. This allows you to see all expenses made by employees in one place.

spend analytics

Say goodbye to reimbursement culture

Implementing corporate credit cards eliminates the need for reimbursements. Through the Volopay dashboard, you can automatically enforce the expense policy without the accounts team having to continuously check for compliance.

corporate credit cards

FAQs

Rakuten logo
MR Yum Logo
Polygon logo
CoinDCX logo
LIVSPACE logo
Cialfo logo
Zipmax logo
HealthifyMe logo

Trusted by finance teams at startups to enterprises.

Meet our customers

Bring Volopay to your business. Get started for free.