Benefits Of Using Corporate Credit Cards
Dec 01, 2020 - 05:27 PMAuthor - Kenneth
Corporate Credit Cards
Unlike a business credit card, corporate credit cards are specially designed for established companies to further issuance to their employees. It enables the employees of a firm to spend on authorized business expenses such as hotel stays, or plane tickets, etc without the necessity to use their own card or cash. These cards, also known as commercial credit cards enable employees to act as a business traveler in their firm’s name with their name on it. With the help of this card, the employees can pay for a range of business activities authorized by the company. It makes it easier for employees and employers to manage expenses and several perks.
Now, what are the benefits of Corporate Payment Cards Service For Corporate Clients and to the companies? Here they are as follows:
Benefits Of Using Corporate Credit Cards
1. Better Expense Management - As the corporate credit cards can be smoothly integrated with the employee’s travel and expense management system, the employees can simply import the card statements into an expense report and easily conduct spend analysis reports. The employees can perform this task by using the mobile expense management application. The automatic reconciliation makes it easier to match the card transaction with the corresponding expenses based on factors like the date and the exact amount.
2. Increased Visibility -The corporate credit cards make it easy for the employers to set up spend limits i.e. an amount that a traveler can spend overall or per transaction before handing over the cards. It enables the company owners to track the business expenses as well as validate them without paper receipts.
2. Increased Visibility -The corporate credit cards make it easy for the employers to set up spend limits i.e. an amount that a traveler can spend overall or per transaction before handing over the cards. It enables the company owners to track the business expenses as well as validate them without paper receipts.
3. Cash Rebates - The most favorable part of Corporate Payment Cards is to get an annual cash rebate on purchases. This rebate can differ from provider to provider and from 1 percent to 5 percent depending on the card issuer and the type of purchase made.
4. Reduced Expense Fraud - One of the main benefits that enabling corporate companies to prefer corporate credit cards is to eliminate the possibilities of receipt manipulation. It happens when the employees generate fake receipts for expenses or intervene with the actual amount spent. These corporate credit cards provide complete access to the employers to the details of all the transactions. So, if there are any refunds, it gets processed back to the same corporate card used.
5. Team Satisfaction - Another most important benefit of corporate credit cards is employee satisfaction. For example, if they are required to book any business conferences, it can cost much to them each month while with corporate credit cards, they can eliminate this need of paying out of their pocket.
Corporate credit cards play a vital role in large corporations consisting of a huge number of business travelers and looking for a way to control their expenses. The corporate credit card enables employers to set spending limits, track spending, and monitor compliance.
4. Reduced Expense Fraud - One of the main benefits that enabling corporate companies to prefer corporate credit cards is to eliminate the possibilities of receipt manipulation. It happens when the employees generate fake receipts for expenses or intervene with the actual amount spent. These corporate credit cards provide complete access to the employers to the details of all the transactions. So, if there are any refunds, it gets processed back to the same corporate card used.
5. Team Satisfaction - Another most important benefit of corporate credit cards is employee satisfaction. For example, if they are required to book any business conferences, it can cost much to them each month while with corporate credit cards, they can eliminate this need of paying out of their pocket.
Corporate credit cards play a vital role in large corporations consisting of a huge number of business travelers and looking for a way to control their expenses. The corporate credit card enables employers to set spending limits, track spending, and monitor compliance.
