Corporate cards

What is a corporate card and how do they work?

Apr 05, 2024

A key part of running any business is making payments. Whether that is vendor payments, subscription purchases, or employee expenses, you can’t run a business without managing your payments. One way to take care of your business payments is by using a corporate card. You may have heard of what is a corporate card, but maybe you’re not entirely familiar with corporate card benefits just yet. 


As your business grows, you’ll inevitably make more payments. The problem is that the more payments that you make, the more difficult it gets to manage them. If you have many employees making travel and entertainment expenses, for example, it becomes harder to track who is spending on what purchases for what reasons. 


This is where corporate cards come in. Instead of having to rely on employees making out-of-pocket expenses and filing reimbursement claims, you can equip them with cards as a secure payment tool. With built-in spend controls, customizable card limits, as well as expense reporting capabilities, you can be sure that managing your business expenses will be easier with corporate cards. 

What is a corporate card?


At first glance, it may seem like a corporate card has the same functions as a personal credit or debit card. Smaller businesses, for example, will think that they see no need in using corporate cards as the owner or director of the business can simply make expenses using their personal cards and get reimbursed. 


However, sooner or later you’ll discover that using personal cards for business expenses is a hassle. The answer to what is a corporate card is that it is a payment method that will streamline and centralize purchases made on behalf of your company.


By using corporate cards, businesses will have an easier time tracking their expenses. You’ll also have the ability to issue cards for multiple employees, meaning that you can hasten time-sensitive payments.

Different types of corporate card

Corporate virtual card

It’s common to think of physical cards when you think of corporate cards. After all, with a tangible form that is shaped like a card, it’s easy to make the association. However, corporate cards can come in a different form, too. A virtual corporate card functions the same way a physical card would, with its biggest difference being that it doesn’t have a tangible physical form. 


You can use a virtual corporate card to make online purchases, whether it be buying supplies from online marketplaces, booking hotels and tickets, paying your subscriptions, or topping up your digital ads wallet.


Corporate virtual cards are also easy to generate. Once you generate one, you and your employees can immediately use it for purchase.

Corporate physical card

Oftentimes, physical cards are what people have in mind when asked what is a corporate card. Where virtual corporate cards only exist within a dashboard system, physical corporate cards are ones that you can carry around with you.


Both online and in-store business purchases can be made with a physical corporate card. Depending on the needs of your business, many physical corporate card providers on the market can also offer both debit and credit cards.


Evaluate the amount of card spending your business makes per month, the size of your business, as well as your cash flow cycle before deciding on debit or credit physical corporate cards.

Corporate prepaid card

With corporate prepaid cards, businesses can load cards with exactly the amount of funds they want. These cards can hold company funds to be used whenever needed. Corporate prepaid cards are handy when businesses want stricter control over their spending.


Companies can budget a certain amount for different projects or expense categories and load the budgeted funds onto prepaid cards to ensure that no one is spending more than the category or project budget.


When the limit runs out, employees will no longer be able to transact on their cards until they are topped up with more funds.Businesses that don’t want to deal with credit repayments may also find that prepaid cards are a better alternative for corporate expenses.

Corporate travel card

Depending on the provider, a corporate travel card can be debit, credit, or prepaid. However, what sets corporate travel cards apart from other types of corporate cards is that they are to be used for business travel-related purposes.


Those who know what is a corporate card may already know that travel cards come with perks such as travel insurance, discounts, and point rewards. Companies with a lot of employees going on business trips will be able to take advantage of corporate travel cards.


These cards not only help organizations monitor and manage employee spending on business trips, but they also can make the travel experience smoother. Lounge access, for example, is another perk that business travelers will appreciate.

Corporate credit card

A corporate credit card functions similarly to a standard personal credit card. Cardholders are provided with credit, which they can use to make purchases through their card until they hit the credit limit.


The usage will be noted at the end of the billing period and cardholders are expected to repay it. The biggest difference between a regular credit card and a corporate credit card is that businesses can be liable for the credit as opposed to the individual cardholders.


As the name suggests, these cards are also designed specifically for company purposes. It is often viewed as one of the easier methods for a business to utilize credit for business purchases such as travel bookings and software subscriptions.

Corporate expense management card

The primary purpose of a corporate expense management card is in its name. Designed to make, monitor, and manage company expenses, these cards come with a suite of features that will aid not only the cardholders but also the organization the cards are under. 


Providers that offer corporate expense management cards typically will have their own expense management system or dashboard, which the cards can be integrated with.


These cards enhance transparency and accountability within organizations as all expenses are tracked in real-time.

How do corporate cards work?

Application process


Sufficient research must first be conducted before a business applies for a corporate card. This ensures that the card program chosen has features that are in line with the company’s needs and requirements. There are some important elements that a business must pay close attention to when researching what is a corporate card. 


It’s recommended to look at a card provider’s website to see an information summary of its card programs. Some providers may have more than one program or plan for a corporate card, meaning that businesses must determine which is best suited for them.


Consider aspects such as the annual fee, the number of cards that can be issued, the card management system, the liability, and the benefits offered by the provider. Once a card program has been chosen, make sure to collect all the necessary documents for the application process. When possible, choose a provider that allows online applications.


Issuance of cards


In most cases, the company is responsible for issuing corporate cards to its employees. Many modern card providers offer a feature on their dashboard that allows businesses to easily issue and assign cards. 


With a card dashboard, businesses may even be able to order and issue cards in bulk. Once a card has been issued to the correct cardholder, it must be activated and assigned a PIN before using it.


Card usage


Using corporate cards is a fairly straightforward process, but only if employees know what is a corporate card. Those who are unfamiliar with its functions may struggle to incorporate the card into everyday business operations. 


Depending on the type of corporate card, there may be some conditions that must be met before a card can be used. For example, a prepaid card will require the company to first load it with funds.


Expense tracking and reporting


Payments made with corporate cards are automatically recorded. This makes it easy to view past business expenses, as all the finance team has to do is access the cards’ transaction history using a card management system.


Many card providers also offer additional expense tracking and reporting features to streamline the process. Employees will be redirected to a reporting format with custom fields, which they can fill out and attach a receipt photo for better tracking.


Reconciliation and payment


The primary purpose of knowing what is a corporate card is to discover how using one can make business payments easier. Once cards have been issued and activated, they can be tapped or swiped in-store and also used to make online purchases.


When possible, it’s good practice to integrate the business’ corporate card dashboard with the accounting software being used to automatically reconcile card transactions. This will allow businesses to save time on the account reconciliation process.


Rewards and incentive


Plenty of corporate card providers offer rewards, promotions, and other forms of incentives to boost and retain card usage. When applicable, businesses can earn points whenever a cardholder uses their card, or get discounts at select merchants. 


These rewards and incentives are gained naturally as employees make everyday business expenses. For points-based reward programs, businesses can accumulate more points the more they use their corporate cards. These points can later be used to make discounted or even free purchases. 

Modern corporate cards to streamline business expense management

Benefits of getting a corporate card

When you use personal cards to make business expenses, there’s a chance that you’ll get your expense categorization mixed up. Maybe you’ll miss one or two business expenses that you should’ve reported, or you could accidentally list a personal purchase as company spending.


With corporate cards, you won’t run into this risk. Every purchase that happens on any employee’s corporate card must be a business expense that is logged properly. When there are clear policies in place about it, you’ll decrease the likelihood of fraud and ensure that everything complies with company regulations.

The combination of getting better visibility, hastening payments, and reducing reimbursement processes for your business expenses will inevitably lead to more streamlined expense management. Modern corporate card providers also offer features that allow you to link your cards to an expense management dashboard, you can manage all your card expenses easily through a single platform.


Having all your card expenses monitored through one platform means that your finance team will have a much easier time. They can manage your business expenses effectively and monitor how your money is used.

You may know what is a corporate card, but when you feel like you can still make payments using personal cards or through reimbursements, there’s no real urgency in using a corporate card. But one thing that you should consider is that as your business grows, your old payment processes won’t be sustainable.


Reimbursements, for example, can be messy. For one, the process of settling a reimbursement can take a while. Your employees may be hesitant about making out-of-pocket company expenses. First, an employee will have to file an expense request, submit that request, and wait for the owner to make the purchase. It could take several days just to make one payment.

Some providers offer corporate card benefits like enhanced spend control features. Unlike using personal cards or relying on reimbursements, your company can actually control what your employees spend with these features. 


You’ll be able to determine card limits for each card that your employees use. Even better, you can also have the ability to restrict certain types of purchases or vendors. If an employee is out on leave, you even can temporarily freeze their card to ensure that they don’t make any personal purchases out of the office.

One of the many corporate card benefits is that tracking your business expenses becomes easier. With cards created for the specific purpose of making purchases on behalf of your business, you won’t have to worry about losing sight of how much you’re spending. 


Your personal and business expenses will be fully separated, giving you a higher level of visibility when it comes to business expenses. Naturally, better tracking and monitoring will also lead to you having better control over your spending.

When you rely on reimbursements for business expenses, one possibility that you may run into is not realizing how much money has been spent that you need to reimburse. As a result, you could run into a cash flow problem when you process all your employee reimbursements.


You won’t run into this issue when you’re making your payments with corporate cards. Most prominently, using a corporate card can also give you access to a credit line for your business expenses. Gaps in the cash flow can be solved more easily, while still maintaining a limit on how much you’re spending.

Make sure that all vendors are paid in a timely manner by making the switch to corporate cards. Payments made with cards can be scheduled in advance, especially for those recurring payments that businesses have to regularly take care of.


Without the hassle of manually managing each payment, businesses can eliminate the risk of late payments. As a result, relationships with vendors are also bound to improve. Garnering the trust of vendors and suppliers is much easier when the business has a track record of being reliable and pleasant to work with.

The administrative work that comes with processing reimbursements is tedious. Between going through stacks of paperwork, performing manual data entry, and signing off approvals, the process takes up a lot of time and should be automated whenever possible. Even better, however, is to eliminate the need for reimbursements as much as possible.


By making the switch to corporate cards, employees will not have to make out-of-pocket expenses. Rather, they can access company funds and simply report the transactions. The finance team will have fewer reimbursement claims to review and process, eliminating wasted time.

It is much easier for employees to make business expenses when they know what is a corporate card. Rather than having to use personal funds for company-related transactions and wait to get reimbursed, employees get direct access to company funds. All they need to do to make company expenses is to swipe their cards or enter card information through an online payment portal.


With the added benefit of a corporate card management system, employees don’t need to manually fill out expense reports and keep a stack of receipts. Everything is automatically recorded and receipt photos are easily attachable.

What are the challenges with corporate card management?


A corporate card is undoubtedly useful for many businesses, but it also comes with its own set of challenges. When issuing cards to employees, make sure that they fully understand what is a corporate card and what the use cases are. This can help businesses navigate card management better, especially when tackling challenges such as:

1. Overspending and misuse


Without proper card policies and strict controls, it can be difficult to ensure that employees are not overspending on their corporate cards. Card misuse is also a major risk, but sometimes it does not have to be intentional for overspending or misuse to occur. 


Make sure to dissuade this by setting card limits and educating employees on what and how much they are allowed to spend on their cards.


2. Difficulty with policy compliance


Corporate cards are only as effective as their policy compliance rates. While they can empower employees and enable better expense management, there is a risk in maintaining policy compliance across the organization. 


Equipping employees with corporate cards requires business owners and executives to trust the cardholders. Foster a culture of compliance and introduce accountability within the organization to avoid non-compliance. Regularly monitoring expenses will help with policy compliance.


3. Risk of fraudulent use


Compromised cards may lead to large amounts of unauthorized spending due to fraudulent usage. Criminals can steal a card’s data through techniques like hacking, skimming, and phishing, or take a physical card and use it to make purchases without the cardholder’s knowledge.


Employees must take good care of cards issued to them, but it is also a good idea for businesses to implement safety measures such as instant card freezing or blocking to minimize the risks.


4. Employee training and compliance


When introducing corporate cards to the team, businesses have to make sure that employees get the appropriate training and know how to use their corporate cards responsibly. Most businesses will already know that hosting introductory training sessions is a must, but there is more to the process. 


Training costs resources and time, which must be used efficiently. It is also important that employees come out of training sessions knowing what the company policies look like.


5. Vendor management


Knowing what is a corporate card is only one piece of the puzzle. While it is a great tool for managing expenses, it can be used in tandem with other tools, such as a vendor management system. 


Without a proper vendor management process, it can be confusing to determine which payment is due when and how to pay each vendor. Corporate card solutions that offer unlimited virtual cards can aid with this by assigning a card to each vendor.


6. Expense reporting and reconciliation


The last thing the finance team wants is to have to chase employees for details on their card transactions. However, it’s no secret that manual expense reports require a lot of work. Expense reports as soon as the transaction has been made.


Businesses want to make the expense reporting process as painless as possible to encourage employees to complete them. It’s also a good idea to get tools to help with expense reconciliation.

Does your business need a corporate card program?


Whether or not a business needs to know what is a corporate card to decide to use one is entirely dependent on what the business needs. Factors such as the size of the business, the number of expense transactions it makes each month, the expense categories, and more should be considered.

Business size and structure


It makes sense that the bigger a business is, the stronger the need for a corporate card is as well. This is because bigger businesses will have more expenses to make and manage every month. Doing so manually and relying on expense reimbursements becomes quickly tedious.


As the name suggests, most corporate cards are also intended for larger corporations. Typically, those who are eligible and can take advantage of these cards are incorporated companies.


Expense categories and spending patterns


Companies that have a lot of expense transactions, regardless of how big or small their amounts are, will benefit more from corporate cards. With corporate cards, businesses will not have to worry about manually logging every transaction that occurs. 


Making transactions in multiple categories is also easier through corporate cards, as they are designed to centralize business expenses. Some categories, like travel and entertainment expenses, also will be much smoother when they don’t need to be reimbursed. 


Employee convenience and needs


Transactions such as business travel expenses are inconvenient to repeatedly reimburse. It’s not just a hassle for the company, but also for the employees having to make out-of-pocket expenses and wait for reimbursement claims to be settled.


In these cases, knowing what is a corporate card is crucial for the business. Equipping employees with corporate cards allows them to use company funds regardless of where they are, while the company can easily track and manage the card usage.

 

Potential cost savings and benefit


Most corporate card providers come with a cost, whether that is an initial setup cost or an annual fee. Companies that are considering getting corporate cards should research all the possible charges and weigh them against the benefits. 


Generally, companies that are spending a lot of time dealing with manual administrative work will be able to save a lot of time and money with corporate cards. These benefits will likely outweigh the costs.


Potential scalability of your business


While smaller companies may see fewer immediate advantages to using corporate cards, it’s important to consider the potential scalability of the business. Businesses that intend to scale can benefit from using a corporate card, meaning that these benefits will become more impactful as the business grows. 


Businesses that know they will conduct a lot of international transactions in the near future, for example, will appreciate corporate cards as tools to streamline the process.


Control and compliance requirements


Contrary to popular belief, issuing corporate cards will not lessen the control a company has over its funds. With the right policies and practices, these cards can actually improve compliance within the organization. 


If a company has a lot of employees, equipping each employee with a card can streamline expense management. All the finance team has to do is access the card management dashboard and view information about every single card, all in one place.

Smart corporate cards to manage your business expenses

Factors to consider when getting a corporate card for your business



1. Types of cards offered


Ideally, you want to look for a corporate card provider that offers both physical and virtual cards for all your business needs. While they function similarly, there may be times when you specifically need one type of card or the other. Having access to both through the same provider will come in handy in that case.


Regardless, you want to consider what the primary card needs for your business are. If you have many employees that make T&E spending on-ground, for example, physical corporate cards may fit the bill more.


Conversely, if you have a lot of online subscriptions that need to be managed, virtual cards can give you better visibility.



2. Ability to set spending limits


You may not want all your employees to have access to the same spending limit. Some positions or departments may need a bigger limit for their corporate card purchases, while others will only need it for small expenses. In that case, it’s helpful to be able to customize each individual card limit.


More importantly, the ability to set spending limits for your corporate cards means that you can rest easy and not have to worry about overspending. Each card’s limit will be accounted for, meaning that you won’t go over your total budget for card spending.



3. Custom approval workflow


Unlike payments made through bank transfers where every payment made must first be authorized, the way cards work is that your payment will go through as soon as you swipe your card or submit your card details. Understandably, many business owners and executives will have concerns with card payments.


However, with the right corporate card provider, you can ensure that you have certain approval workflows in place to minimize this.


Card expense reports, for example, must be monitored, reviewed, and approved by the designated approvers. If there are any out-of-policy expenses, you can easily pinpoint and deal with them before they become a big issue.



4. Accounting software integration


Oftentimes the thing that becomes an issue with corporate cards is that expenses made through them can be difficult to log and reconcile. If your accounting team is having a difficult time with card expense bookkeeping, then that defeats the purpose of getting corporate cards for easier payment processes.


You want to look for card providers that enable accounting software integration to make closing your books painless. A good provider will allow you to link your corporate cards to a platform system that you can use to not only log your expenses but also easily integrate and sync data with your accounting software.



5. Expense reporting capabilities


Logging your corporate card expenses and being able to view them through a dashboard isn’t just handy for accounting purposes. More than that, it enables easier tracking, meaning you’ll have better visibility of how much you’re spending on business expenses. You can monitor the when, where, and why your expenses are happening.


When your card provider has expense reporting capabilities, you won’t have to worry about untracked out-of-policy expenses. One thing you want to look for in a provider is the ability to report card expenses on the go, such as through a mobile app that allows you to attach receipt pictures.


The healthcare sector is one where there are numerous purchases to be made, whether it be for hospital maintenance, healthcare equipment or medical supplies. Keeping account of all expenses can become difficult. Corporate cards are an effective way to control how much money can be spent or allocated in these circumstances. Check out article on why healthcare practitioners need corporate cards to know more about the benefits.


6. Ease of applying for a card


While many people may not be fully aware yet of what is a corporate card, those who do sometimes still look away from it. The reason for this is that oftentimes there are complex requirements that prompt businesses to jump through hoops to get a corporate card. 


Luckily, the corporate card space is seeing more and more modern providers that boast easy processes. Nowadays, you’ll be able to find card providers that will allow you to get started with using your corporate cards in just a week or two. The application process doesn’t have to be lengthy or complicated.



7. Security offered


When asking what is a corporate card, a lot of the answers you get will mention that it is a form of secure payment. However, different corporate card providers will have different security measures and standards. You’ll want to be sure that the provider you’re getting your cards from is offering top security.


It’s a good idea to check if a provider has industry-standard certifications. Having them is a positive sign, ensuring that your data is safe and secure with them. Beyond that, extra features that provide an added layer of security such as the ability to restrict certain transactions, freeze, and even block cards are things that you will want to have.


8. Restrictions on vendor categories


There are a lot of factors that a business wants to consider when it comes to selecting its corporate card program. Things such as annual fees, card management features, accounting integration, and more should be looked at. However, one feature that almost all businesses will be able to take advantage of and should look for is vendor categories. 


For organizations that intend to use their cards for multiple expense categories within the business, it’s important to ensure they know what is a corporate card and all its use cases. However, some businesses may actually want the option to customize vendor category restrictions or limitations to control their spending better.

What are the common use cases of corporate cards?


One of the biggest reasons why businesses should know what is a corporate card is because of its flexibility. These cards are usable and beneficial for a range of many types of business payments.


Some common use cases for corporate cards include both in-store and online purchases, lunch meetings, travel bookings, employee incentive programs, and more.

In-store purchases & online transactions


Corporate cards are flexible and can be used across multiple platforms for transactions, making it easy to make both in-store and online purchases just with a single card. 


Businesses may need to make in-store purchases for lunch or dinner meetings, office supplies, customer gifts, and more. Corporate cards can also be used to pay for online bookings or make e-commerce purchases through websites and other payment gateways. They are a flexible option for most business transactions.


Contactless payments


As business operations and payments grow increasingly digital, contactless and cashless payments are becoming more popular. For online and remote purchases, this is much more convenient. Businesses no longer need to send cheques or do cash deliveries. 


Even in-store purchases are much more streamlined with contactless payment methods. Employees can rest assured that every payment is the exact amount it should be without worrying about having to carry change.


Can be used as an FX and T&E card


Businesses that have employees who engage in a lot of international business travel will find it much easier to make those related expenses with a corporate card, meaning that there is less need for manual cash payments and travel expense reimbursements


That aside, many corporate cards are also accepted by merchants in a lot of countries. This reduces the need to exchange money for different currencies. Instead, businesses can use a single card for all T&E expenses.


Vendor and supplier payments


Corporate cards are not just useful for smaller employee expenses on the go. Many modern vendors and suppliers offer multiple payment options, with corporate card payments being one of the common methods. 


Use corporate cards to centralize vendor and supplier payments process. With a payment gateway or portal, vendors can accept card payments online from anywhere. This also ensures that money sent to vendors is logged automatically, minimizing the risks of missed or duplicate payments. 


Incentives and employee benefits


Equipping employees with corporate cards promotes a culture of responsibility and accountability within the organization. Employees will be satisfied with having more control and freedom with access to company funds. 


Making employees feel trusted will boost motivation. Not only that, but corporate cards can also be used to provide employees with benefits such as lounge access during trips. Businesses can also easily incentivize employees by allowing them to use their cards to buy themselves gifts.


Cross-border transactions


It’s a well-known fact that international bank transfers can be slow and quite costly. While this use case may not be at the forefront of most business owners’ minds, businesses can use corporate cards to streamline cross-border transactions.


May modern vendors offer a plethora of payment options, including corporate cards. Take advantage of this and settle payments for foreign vendors using corporate cards to make it easier for everyone involved.


Periodic subscription payments


Given the recurrent nature of subscription payments, it is no surprise that businesses want a way to make these payments easy, especially because they must be made on a regular basis. 


Rather than creating a payment each time a subscription bill is due, businesses can set up an auto-billing date to significantly streamline the process. Some virtual corporate cards also allow users to set a custom expiry date so subscriptions can be stopped on time.

What are the security measures in corporate cards?

1

Transaction alerts

Get automated alert notifications whenever a transaction is successful. This allows finance teams to monitor when, where, and how the company’s corporate cards are used, regardless of where the employee using the card is located. Having this feature also helps companies easily and automatically flag suspicious transactions and be alerted of them.

2

EMV chip technology

Without EMV chip technology, cards have a higher risk of becoming compromised. Fortunately, most corporate cards available on the market utilize EMV chips as opposed to older technology such as magnetic stripe cards. Those older cards can be easily skimmed at ATMs and card machines, so it’s important to know which corporate card to choose.

3

Two-factor authentication

Access to the card management platform should be controlled and only given sparingly to prevent unauthorized users from being able to view sensitive information. While a login username and password help, it is best to enable two-factor authentication. Usernames and passwords can be compromised, but unauthorized users will not be able to access the system without authentication.

4

Data encryption

While there are plenty of different card programs on the market, it’s important for businesses to choose a program that offers data protection features like encryption. Data encryption helps to protect sensitive information and makes it less readily accessible to unauthorized parties. It’s a good sign if the provider has certifications that state it encrypts its data.

5

Freeze and block cards

Most corporate card providers offer features that allow businesses to freeze and block cards with just a click of a button from anywhere. Should a card become compromised, access to that card can be taken away immediately to ensure that it is not misused by unauthorized parties.

6

Spend control & monitoring

The last thing a business wants is to severely overspend due to card misuse or undetected fraud. This is why it is key to know not only what is a corporate card but also what tools are needed to manage these cards. Automatic expense logging and customizable spend control features are must-haves.

Take charge of your business expenses with Volopay cards!

What are the best practices in using corporate cards?


Corporate cards are great tools, but they are even better when businesses make the most of them and take advantage of the features that they come with. Businesses that can answer what is a corporate card likely already know how to manage corporate cards efficiently, but here are some of the best practices when using them.

1. Set spending limits


One of the best ways to control card spending is by implementing spending limits. Fortunately, most corporate cards have built-in spending limits. Knowing what is a corporate card can help companies enforce these limits automatically with ease.


Make sure to set each card’s limit before employees start using them. When the card reaches its limit, no more expenses can be made.


2. Assign responsibility and accountability


Make sure that employees know that they are responsible for the corporate cards they hold. Assign cards to the appropriate cardholders to introduce better accountability. Cardholders know that expenses will be under their names, promoting a culture of responsibility within the organization.


Paired with automated expense tracking and streamlined reporting, employees will know that they can be held accountable for every transaction.


3. Set clear expense policies and procedures


Employees will be more likely to adhere to company policies if they fully understand what the policies are. This is why it’s important for organizations to create clear guidelines on how their corporate cards are meant to be used before employees start swiping or making online purchases.


Make sure to hold knowledge training sessions regarding company expense policies and address any concerns or queries.


4. Regularly monitor employee spending


Take advantage of features such as automated expense tracking. The finance and management teams should regularly monitor the card expense history, which should be accessible through a card dashboard with most providers.


While many systems have the ability to flag suspicious expenses and send alerts, it’s still a good idea to spare some time to review employee expenses.


5. Integration with expense management system


Streamlining finance processes is key to improving efficiency. Rather than manually syncing data between multiple processes and systems, it’s good practice to integrate any corporate card the company uses with a good expense management system.


This allows the finance department to automatically assess and consider card expenses as part of the company’s larger expense management processes. Data can be directly synced to improve accuracy.


6. Regularly review and audit processes


Implementing corporate cards is rarely a one-and-done process. While it’s true that corporate cards are meant to automate and streamline business finances, they still require a bit of maintenance to ensure that the business implementing them is getting the best results possible.


Businesses should schedule regular reviews and audits to spot pain points and bottlenecks, which helps them improve card-related procedures.

What are the future trends with corporate cards?

Green and sustainable initiatives


One of the benefits of using corporate cards is that companies can reduce the amount of paper they use. Online transactions and paperless expense reporting helps not only the company but also the environment. 


Plenty of corporate card providers have also started to put an emphasis on sustainability and make a commitment to introducing more environmentally friendly features, such as digital reports and integrations to minimize paperwork.


Expansion of virtual card solutions


While many people know the corporate card meaning, it is still common to think of physical cards when it comes to corporate cards. However, virtual cards are also gaining rapid popularity due to their ease of use.


Those who know what is a corporate card will know that virtual cards are useful when it comes to managing subscriptions and online purchases. Providers are taking notice, with many looking to expand their virtual card solutions.


Enhanced integration with digital wallets


It can be a hassle to have to carry a lot of cards around, especially during business trips. Not to mention the risk of losing or compromising cards. This is why plenty of modern-day providers have started offering integration capabilities with digital wallets. 


This trend will likely not only persevere but also grow in the near future, as contactless payments and online purchases become more popular. It will also make virtual cards useable for in-store payments.

How to get a corporate card for your business in India?


In this day and age, corporate card providers are no longer rare. Many major banks, for example, can issue corporate cards for your business needs. To add to that, big traditional banks aren’t the only entities that could offer cards. With the rapid growth of the fintech market, many players in the space have also started offering corporate cards in recent years.


In fact, compared to banks, fintech service providers often have a more extensive list of features attached to their corporate card offerings. Not only are plenty of fintech service providers modern businesses with more contemporary perspectives, but fintech companies that offer corporate cards often also focus on that space, meaning that they’re more attuned to their customers’ needs.


Now that you know what is a corporate card, it’s time to pick the best one for your business. With Volopay corporate cards in India, businesses can streamline their payment processes while maintaining full visibility and security. 


Equip your employees with physical cards to empower them and provide them with an easy way to make business expenses. With spend controls, submission policies, and multi-level approvals, you can guarantee that easy business expenses won’t mean overspending or card misuse. 


At the same time, manage your digital purchases and subscriptions with unlimited virtual cards. Give each subscription its individual virtual card for better visibility. Track all your card expenses through a single dashboard and monitor your budgets at all times. 


Get Volopay corporate cards for your business in India now and enable easier payments and better expense management at the same time.

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