What are the benefits of corporate business cards for start-ups or SMEs?

 

Introduction

Corporate business cards or corporate cards are truly a convenient financial accessory that helps to keep businesses of all sizes organized and growing. These cards remain linked with your business or company account. Most companies issue corporate cards in order to keep track of business-related expenses without the hassle of manual data entry from the reimbursements.

What is a corporate business card?

Corporate cards, in simple terms, are payment cards- both debit as well as credit. Companies generally issue these cards to their employees who can use them on business expenses such as travel, meals, or supplies. Employees can also make purchases on the behalf of the company without the need of using their personal cash or card and reimburse them later on.

Now, there are two different types of corporate business cards- corporate credit cards and corporate debit cards. These cards function in the same way as general credit and debit cards with the exception that the account(s) they get linked to is business and not personal.



Benefits of corporate business card for start-ups or SMEs

Corporate cards come with loads of benefits to the business organizations that use them. In today’s world of digital banking, if you have a corporate bank online account, then a corporate card could be of most benefit. Undoubtedly, corporate cards are safer for both the employer as well as employees in undertaking business expenses.

For start-ups, business credit cards or debits cards can be the ultimate tool to manage the cash, access the credit needed to grow the business, reaping benefits like cash-back, rewards, and much more.

Now, let’s delve deep into how these cards can be a part of SME banking and prove beneficial for start-ups.

1.  Track spending in real-time:

For start-ups or SMEs, it gets essential to manage the expenses and prevent extra spending. Hence, with corporate business cards, small businesses and start-ups can get real-time notifications on their expenses, on fingertips.

2.  Manage corporate expenses:

We have already mentioned this in the above sections. With these cards, businesses can easily separate their personal and business expenses. Moreover, these cards are linked with business or corporate accounts, you can easily keep your business expenses organized.

3.  Earn cashback:

Corporate cards often give rewards in the form of cashback. You can earn up to 1% cashback on your digital spending.  What more? SMEs can save more in their international payments as well with corporate cards.  

4.  Enhanced security:

Corporation bank online accounts, in most cases, offer enhanced security against frauds. With these cards, you can automatically sync all your transactions with your accounting software.

Conclusion

In the concluding part, we would say that corporate cards can be a great tool for SME banking. That being said, if you are looking for an all-in-one corporate card for your start-up, surely visit Aspire. They offer a business card with integrated facilities and services made specifically for new and small-scale businesses.
Location: Singapore

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