How Can Corporate Cards Provide Tailored Experiences?

Automation has been taking over businesses worldwide since the onset of digitization. What were once supposed to be the only reliable and viable payment solutions for businesses, traditional corporate cards, have now come under the scanner. With the influx of employee expenses and expense reports that businesses have to generate, they are counting on a robust solution for their spend management ordeal. Enter the modern corporate credit cards and debit cards that have expense management software integrated within them that provide seamless expense management with real-time visibility of expenses

This is the type of ideal corporate card that every entrepreneur wants to own because it also prevents them from drying up their revenue streams with effective budgeting and getting rid of obscure charges such as additional forex markups. Expense management, which basically includes approvals, paperwork, invoicing, and reporting, consumes a lot of valuable time and resources of the employees, which would otherwise be used to drive sales and add more value to the organization. The problem of documentation is also resolved to a large extent, where employees need not carry physical receipts and invoices for the processing of reimbursements.

Customization is an integral part of the benefits these corporate cards offer. No matter if they operate in a physical or virtual environment, they provide an array of features and benefits upon which both employees and employers can relish. Employees need not juggle the maintenance of receipts and invoices while keeping a check on what they can and cannot buy from the assigned line of credit. Similarly, entrepreneurs need not assign managers to keep a check on every expense report and resolve manual errors, which are inevitable sometimes.

Let’s check out some of the underrated advantages of using these plastic cards that are nothing less than a genie out of the magical lamp. Below are some examples of how personalization manifests in this dynamic realm of financial management:

●      Virtual credit cards:

1. They serve much more than being your passport for instant vendor payments. Despite not being in their physical form, they are very efficient in minimizing the risks and enhancing expense control. They can be instantly issued and powered by the technology of virtual card numbers issued for one-time use.

2. They are highly secure and reliable tools as they completely conceal the account numbers from the suppliers or vendors, eliminating the threat of any fraud or malicious activity with the cardholders’ accounts.

3. They thoroughly streamline expense management, delivering 100% reconciliation every time.

4. Provide greater insights into the spending patterns of business transactions by combining enhanced data for sophisticated reporting.

●      Corporate travel cards:

1. Businesses that want their employees to go places with the purpose of business expansion can assign them cards that specifically cater to their travel needs. Employees have access to a line of credit to purchase travel-related services from a designated travel service provider.

2. Centralized billing and reporting even if there are multiple travel service providers involved.

3. Reward programs associated with these cards are designed to meet the needs of business travelers, such as vouchers to minimize costs at hotel stays, priority boarding facilities, access to VIP lounges in airports, etc.

4. There is an in-built global acceptance factor associated with such corporate cards as they are internationally recognized in offering competitive foreign transaction fees.

5. Emergency assistance is provided to business travelers who face some unprecedented situations abroad, such as card replacement or cash disbursement.

●      Procurement corporate cards:

1. Also known as purchase cards or P-cards, these cards are designated to make business purchases of goods and services by employees. They prove to be of great help in streamlining the purchasing process while reducing administrative costs and providing real-time visibility.

2. By offering faster payment solutions to suppliers, employees can leverage this opportunity to gain the trust of their vendors and suppliers. There is an added advantage of gaining rebates and discounts after reaching certain thresholds in spending via P-cards as offered by some card providers.

3. Using P-cards provides a clear audit trail for all transactions while maintaining policy compliance, and this proves to be very effective in carrying out internal audits.

Corporate cards for employees are nothing less than an empowering tool that provides them the autonomy to make financial decisions within the premises of their workspace and even outside that boundary. Apart from providing seamless financial management, setting spending limits, and providing enhanced security, an employee credit or debit card plays a vital role in building the trust and credibility of enterprises and employers among their employees.