Corporate credit card benefits for businesses
When business travelers need to incur business expenses out of their funds, it dissatisfies them. Choosing corporate credit cards helps eliminate this cause of employee dissatisfaction.
Employees can pay for the authorized business expenses by availing of the facility of corporate credit cards. Corporate credit card benefits include cash back rewards and a reasonable spending limit.
9 corporate credit card benefits for businesses in India
1. Solves the pain points of handling business expenses
India is a central hub for startups. It is obvious that entrepreneurs face unexpected troubles due to expense management. Corporate Credit cards in India serve as a solution for the inconveniences that startup owners face.
Corporate credit cards for employees should be employed in every kind of business. Corporate credit cards in India offer dynamic credit limits. Therefore, employees need not use their personal credit cards to make payments for business expenses.
2. No personal liability
The high transactional value involved in a business makes it a bit tricky to handle. Huge business transactions cannot be done through personal credit cards because of the transactional limitations on your cards.
So, it is advisable to choose a business credit card for smooth transactions. Another benefit of corporate credit cards is that no liability is forced upon the employees. The corporate business is liable to handle all kinds of liabilities.
3. Seamless business travel
In some corporate offices, employees are required to make payment for the authorized business expenses through their own pocket. This payment system becomes a barrier to employee satisfaction.
Businesses offering corporate credit cards to their employees can result in a seamless business travel experience. The employees can pay for the business travel expenses directly through their corporate credit card. Corporate credit cards in India are the best way to handle expenses for business-related trips.
Suggested read: Benefits of travel and expense automation for Indian businesses
4. Hassle-free reimbursement process
Corporate credit cards in India offer great visibility to the business-associated payments made by your employees. It allows the employer to keep a check on an employee's spending pattern.
The business credit card makes the reimbursement process hassle-free. Another benefit of corporate credit cards is that businesses can also provide an alternative of automatic repayment to company employees
The reimbursement process is made more accessible by a corporate credit card in India.
5. Improves cash flow
Acquiring additional liquidity for your business can sometimes be challenging. It is so because your company has already acquired finances from different sources in the past.
Corporate credit cards in India are capable of eliminating the issues associated with cash flow in businesses.
6. Higher spending limit
Just like individuals, corporate businesses also require good and convenient alternatives to make business transactions. The best way of doing so is by availing corporate credit card benefits.
When compared to a standard or personal credit card of an employee, corporate credit cards in India offer higher credit limits. This means that employees can smoothly make business transactions by choosing a business credit card.
7. Real-time visibility for finance teams
There are several benefits of a corporate credit card. Corporate credit cards in India can also be proved helpful for the finance department.
They can easily track the transactions done by an employee through the corporate credit card. It further helps in the reimbursement process.
8. Reduced expense fraud
Businesses can reduce the risk of expense fraud by choosing business credit cards. If corporate credit cards for employees are issued by businesses, employees cannot do expense fraud.
They cannot present false receipts for reimbursement. The reimbursement fraud associated with employees is reduced with the help of corporate credit cards in India.
9. Improves credit score of the business
Applying for a corporate credit card in India can initially affect your credit score a bit. However, it improves your CIBIL score with time. Choosing a business credit card can positively improve the credit score of your business.
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What are the eligibility criteria for a corporate credit card?
To apply for a corporate credit card in India, businesses must fulfill the following eligibility criteria:
• Banks require information from corporate businesses regarding their annual turnover, creditor, and the amount of profit.
• Businesses must have a satisfying track record of their business operations.
• Corporate credit cards in India can be issued to limited firms, banks, small-scale businesses, partnership firms, and government-funded companies.
• The primary criterion for applying for corporate credit in India is that your business should have an excellent Cibil score. A good credit score helps businesses quickly acquire a corporate credit card.
Factors to consider when choosing a corporate card in India
1. Meets specific business needs
Before choosing a business credit card, business owners must know the exact purpose of acquiring a corporate credit card. Credit cards can severely affect the credit score of a business.
Business owners should opt for a corporate credit card that best suits their business requirements. Corporate credit cards assist in keeping track of business spending conveniently.
2. Perks and privileges
Corporate credit cards in India accompany perks and privileges that urge clients to utilize them frequently. Some business credit cards offer air miles that can be reclaimed for each air ticket purchase.
A few corporate cards in India permit air terminal parlor access, while others offer points for purchasing fuel. Thus, a business ought to look at the corporate credit card offers and comprehend what turns out best for explicit requirements.
3. Annual fees and other charges
Some corporate credit cards in India charge high annual fees. So, business owners should check the card fees and other related charges before selecting a corporate credit card for their employees.
Businesses must know that some corporate credit cards in India also offer a credit-free period to their users. It is of around 48 days which can be proved helpful for daily transactions done by a business.
4. Credit limit
The credit limit of a corporate credit card in India depends upon the user’s business transaction history. To get a corporate credit card for employees with a reasonable credit limit, businesses should have a sound civil score.
5. Ease of application process
Business owners are always occupied with some or other work. They have less time to devote to lengthy paperwork for acquiring a corporate credit card for employees. In such cases, some credit card issuers offer ease of application process. Businesses can file a request for a corporate credit card in India digitally.
Corporate credit card benefits are numerous. Whether you are purchasing a new asset or you need to make payment for business travels, a business credit card assists you with everything.
However, you must do detailed research before selecting an appropriate corporate credit card for employees. Corporate credit cards in India make your reimbursement processes hassle-free.
Choose a business credit card that best suits your business purposes.
Volopay corporate cards for your business in India
A corporate card is like a magic wand for all businesses. It is the most accessible tool to make spending and properly track those expenses. Excellent addition to your business stack would be — Volopay!
It is a holistic technological solution to all your business finance problems. From direct accounting integrations to real-time transaction visibility, we provide you with all facilities. Plus, Volopay corporate cards have the edge over all other cards.
These cards are connected to all features, give your employees easy access to the company funds along with providing managers transparency to check and approve all expense requests.
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You are not eligible for a corporate credit card in India if you don’t generate revenue. To acquire a business credit card, you must assure the card issuers that you can cover your credit bills.
Yes, it is safe to use a corporate credit card for employees. By doing so, businesses have visibility over the employees’ business spending. Corporate credit cards reduce the risk of fraud in terms of reimbursements.
Anyone who applies for a corporate credit card in India can have one if their credit score is good and they meet all the criteria for acquiring it.
If a corporate firm acquires an international corporate credit card, it need not convert the business fund into foreign currency to do business transactions abroad.
Corporate credit cards allow finance teams to track employee spending and set limits according to their convenience. It eliminates their task of reconciling business transactions manually.
With the help of Volopay’s corporate credit cards, users can efficiently manage their invoices, subscriptions, and expenses. Business travel bookings are made simpler with Volopay cards. It offers complete transaction security to its users.