How to pick the right corporate credit card for your business?
With the help of corporate cards, companies have scaled up their business operations and established company-wide expense control. Apart from being the first choice of large corporates, corporate business cards have also created a firm grip on small businesses allowing them to lower their operational costs and maintain adequate working capital.
But, as you compare business credit cards segment, one can find many alternatives catering to a specific niche. Owing to this, companies choose between high price, high-performance cards, or low cost, low performance.
Finding a corporate card that addresses your expense management needs, delivers boosted results, offers highly functional features, all while being economical, is what stands out to companies.
Features to look for in corporate credit card
Choosing the right corporate credit card goes a long way in managing your business expenses the right way. It is a thoughtless perception that opting for an expensive company card will vanish your unnecessary spending. In the bottom line, it increases your opportunity cost and leads to poor outcome quality. Additionally, before choosing a corporate card program, companies need to understand their requirements from the selected card. Blindly going for a card without a clear picture in mind will increase your costs unnecessarily.
Bookkeeping integration
Accounting for corporate cards is necessary to understand your gross spending on each card and map out the expense categories. Through the help of these insights, companies understand the spending patterns of the employees and adopt policies based on these insights. Therefore, it's required for these expense management cards to seamlessly integrate with the accounting software to provide an analytical overview of the company's expenses.
Spending limit
Corporate credit cards are enabled with in-built spending limits. These limits ensure the card owner does not exceed the spending limit to keep their expenses under control and within the budget of their spending. However, if your corporate credit card issuer considers the owner's credit score before issuing you the cards, you know it's not an ideal card for you. As your corporate credit card limit and usability should not impact the owner's credit rating any point of a given time.
No founder's guarantee
Corporate business card is supposed to be free from the founder's deposit and mortgage of assets. Because the corporate business card is not a loan for a business. It works like any other credit card, where you use the card whenever required and pay it back on the due date. Moreover, a corporate credit card is not an individual term; the card is created explicitly for corporates. A single person's validation might not be practical for fraud-check or authentication.
Usable rewards
Corporate cards that offer rewards in the form of cashbacks, vouchers, discounts on SaaS platforms, and other benefits are bound to help your business grow. These rewards can assist in saving money by availing SaaS subscriptions at a discounted rate. Companies either receive free subscriptions for a period of time, or the highest-rated plan is available at a concession price.
Real time visibility
Corporate card issuers claim they offer real-time visibility, but the actual reflecting time is an hour or even more. Through real-time visibility, your expenses are reflected and could be easily monitored via the app, which could be managed for better spending through these expense management tools. But, with delayed visibility, impromptu actions cannot be taken on the transactions.
What makes Volopay corporate credit cards best in industry?
To optimize and escalate your business spending, Volopay empowers companies with corporate cards. Volopay's corporate cards are high-functional, multi-purpose, and data-driven. These smart cards streamline your entire accounting and financial stack, making it more proactive and robust. With a vast number of features, you can quickly grab control of your business and employee expenses and an interactive software that lets you easily navigate without any complex commands and structure.
Volopay caters to the needs of more than 700+ customers, helping them revive their financial management techniques. With problem-solving being the core value of Volopay's team, we assist companies in deriving at their root problems, uncovering their critical points, and designing a custom-made solution based on your company's spend requirements.
At Volopay, we realize that tracking expenses are the essence of expense management. Companies with no overview of their spending can never escape the hamster wheel of scattered and unambiguous expense reporting.
For this very purpose, Volopay's complete spend management software is equipped with a corporate credit card. These digital cards are highly capable of tracing every dollar in and out of your company. To provide depth to your business expenses, our software captures granular expense details ranging from the purpose of the transaction to the approver of the transaction. And in doing so, our expense management cards help us to a great extent.
Physical and virtual corporate credit cards
Physical cards are issued to the employees and work like any other debit card. These cards can be used for financing business trips and paying the expenses for meals and commuting. Managers load funds into the employee spending card based on their spending requirements.
On the other hand, virtual cards are intangible in nature, used explicitly for subscription management and vendor payments. These cards are funded via a single budget and created for a purpose, project, activity, or department.
In-built spend controls
Allocating corporate cards does not end the task of the managers and will not help your company in cost control. You still need to oversee employee spending. And for this, you don't need to monitor their expenses manually. Volopay's corporate cards are enabled with in-built spending limits, so you know your employees cannot make expenses beyond a specific limit.
Card security
An employee lost his Volopay corporate card? Block the card. An employee forgot his Volopay corporate card on a business trip? Freeze the card. Your employee forgot the Volopay corporate card PIN? Reset the PIN.
Multi-currency wallet
Well, do international payments burn your pockets? Yes, for a majority of companies, they do. So, is there a way companies can escape the hefty transaction costs without comprising security and settlement time? With Volopay's corporate cards, you can hold and pay in international currencies without having to worry about long settlement hours. With no remittance and transfer fees, Volopay truly revamps your business payments.
Subscription management with virtual credit card
Volopay's virtual card for business helps you in assorting your online SaaS subscriptions. You no longer have to track and manage your SaaS payments through a single card. Create individual cards for each SaaS subscription. Each subscription card displays the payment made, the employee who made the payment, date, and payment method.
To unload the burden of funding these cards every month, Volopay offers one-time and recurring card options. With one-time card funding, the cards will not get funded every month. The budget owner or admin can add funds to these cards as and when needed. At the same time, the recurring cards get funded automatically on the first of every month, until made changes.
FAQs
You can earn up to 5% cashback rewards on all the FX transactions you conduct using the Volopay corporate cards.
Firstly, with Volopay's corporate cards, you won't be able to cross your spending limits. After multiple failed attempts, the admin will be notified about this.
If you want to cancel an employee's corporate card, you can go to card settings, block or freeze the card, and the card cannot be used any further. However, this action is irreversible. You cannot reactivate the card once blocked.
Yes, you can change the budget limit of a virtual card anytime by changing the limit in the setting tab. Enter your new limit and click save.
Trusted by finance teams at startups to enterprises.
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