Company credit card - How to get one for your business?
India has experienced significant growth in business travel in recent years as a result of its expanding economy and growing globalization.
Employee travel for meetings, conferences, and client engagements has become more necessary as more businesses expand their operations both domestically and internationally.
This rise in business travel has highlighted the necessity of giving employees dedicated credit cards for travel expenses. A customized business credit card offers both people and businesses a number of advantages.
It facilitates tracking expenses and being paid. With a dedicated card, employees can easily separate their personal and business expenses, saving the administrative burden of looking through several invoices.
This streamlines the reimbursement procedure and increases the organization's awareness of travel-related expenses.
How to apply and introduce company credit cards into your organization
To guarantee a seamless and efficient deployment, introducing business credit cards into an organization entails a series of processes. Here is a thorough description of the procedure:
Assess the need for a company credit card
● Evaluate your organization's spending patterns, particularly related to business travel and expenses.
● Identify if a dedicated company credit card would streamline expense management, improve control, and simplify reimbursement processes.
Research and find the right provider
● Explore different financial institutions and credit card providers.
● Compare features, benefits, fees, and terms offered by various providers.
● Consider factors like credit limits, rewards programs, reporting capabilities, customer support, and compatibility with your organization's needs.
Check the eligibility criteria
● Review the eligibility criteria specified by potential credit card providers.
● Ensure that your organization meets the requirements, such as minimum revenue, number of years in operation, and creditworthiness.
Application process
● Contact the selected credit card provider to initiate the application process.
● Request application forms and gather the necessary supporting documents, including financial statements, incorporation documents, and identification proofs.
Complete the application process
● Fill out the application forms accurately and provide all required information.
● Include relevant financial details and specify the number of cards required for your organization.
● Ensure the application is signed by an authorized representative of your organization.
Credit assessment and approval
● After submitting the application, the credit card provider will assess your organization's creditworthiness.
● They may request additional information or conduct credit checks to evaluate the risk involved.
● The provider will review the application and make a decision regarding approval.
Setting credit limits and card usage policies
● Once approved, work with the credit card provider to establish appropriate credit limits for individual cards based on employee roles and responsibilities.
● Define clear card usage policies, specifying eligible expenses, spending restrictions, and guidelines for cardholders.
● Ensure the policies align with your organization's financial goals and compliance requirements.
Card activation and distribution to employees
● Coordinate with the credit card provider to activate the approved cards.
● Develop a system for securely distributing the cards to authorized employees.
● Conduct training sessions to educate employees about the purpose of the cards, usage guidelines, and their responsibilities.
Monitoring the expenses and usage of company credit cards
● Implement an expense monitoring system to track transactions made through the company credit cards.
● Utilize expense management software or tools to capture transaction details, categorize expenses, and generate reports.
● Regularly review the expenses to identify any discrepancies, policy violations, or potential areas for cost optimization.
Periodic reviews and adjustments
● Conduct periodic reviews of the company credit card program to assess its effectiveness and address any issues.
● Evaluate the credit limits, usage policies, and overall benefits of the program.
● Make adjustments as necessary to align with changing business needs and optimize expense management processes.
● By following these steps, your organization can successfully apply for and introduce company credit cards, leading to streamlined expense management, improved financial control, and enhanced convenience for your employees.
Enjoy seamless financial control
Which card is best for your business?
The ideal card for a business is determined by its particular needs. Spending habits, incentive programs, credit restrictions, reporting capabilities, and interoperability with company processes must all be addressed.
By evaluating these characteristics, the company may select which card best meets the demands of its organization.
Banks that issue business credit cards in India
SBI provides a variety of credit cards to meet a variety of requirements, including lifestyle, travel, retail, and incentives. SBI SimplyCLICK Card for online shopping, SBI Elite Card for premium perks, and SBI Card PRIME for travel and dining rewards are among their cards.
HDFC Bank offers a wide range of credit cards to meet the needs of a wide range of customers. The HDFC Regalia Card provides travel and luxury advantages, the HDFC Diners Club Black Card provides premium privileges, and the HDFC MoneyBack Card provides cashback returns on daily transactions.
Axis Bank provides a variety of credit cards with rewards in travel, retail, eating, and other areas. They provide credit cards such as the Axis Bank Buzz Credit Card for online shopping, the Axis Bank Privilege Credit Card for lifestyle benefits, and the Axis Bank Miles & More World Credit Card for accumulating airline miles.
Yes Bank offers a selection of credit cards to suit various lifestyles and interests. Yes First Preferred Credit Card for premium privileges, Yes Prosperity Edge Credit Card for cashback and incentives, and Yes Prosperity Incentives Plus Credit Card for accelerated rewards on daily shopping are among their card alternatives.
Citibank provides a variety of credit cards to meet a variety of purposes and tastes. The Citi PremierMiles Card offers travel incentives, the Citibank incentives Card offers retail perks, and the Citi Cash Back Card offers payback on dining and grocery.
ICICI Bank offers a variety of credit cards that include features such as rewards, travel incentives, and unique deals. The ICICI Bank Coral Credit Card provides lifestyle perks, the ICICI Bank Platinum Chip Credit Card provides safe transactions, and the ICICI Bank Sapphiro Credit Card provides premium privileges and travel incentives.
Is Volopay corporate card a better alternative?
Traditional business credit cards have been overtaken by smarter and better corporate cards, and without a doubt, the best in the game are Volopay cards.
Volopay corporate card is built with high-tech and various practical features that help businesses not only spend easily but also manage and track their expenses.
The Volopay corporate cards suit is specially designed to cater to all business management needs and functions. Here is a list of features to just give you a glimpse of the wonderful creation.
● Direct accounting integration
● Real-time expense tracking and recording
● Spend control limits
● Approval workflow with multi-level approvers
● International transaction support in over 180 countries, and so much more.