What is a Corporate Card, and How A Corporate Card Can Save You Time And Money
Running a business requires a great deal of financial management. Employees are often responsible for making purchases, and theft and embezzlement are unfortunately real. An expense management program including a corporate card can keep your business on track.
A corporate debit card can help ensure that business funds are accessible by the right people, at the right time, for the right reasons. Additionally, choosing a good corporate debit card can eliminate tedious administrative processes.
How Corporate Cards Work
Unlike credit cards, debit cards are not tied to the credit rating of organizations or business owners as each card taps the balance of an FDIC-insured business bank account. This is especially useful for small businesses that lack the credit standing to qualify for a corporate credit account.
Corporate debit cards save employees from having to spend their personal money on travel and entertainment business expenses, which are reimbursed at a later time. This also avoids the need of approval signatures for each purchase, which can be tedious and inconvenient. Corporate cards can be issued to employees according to their respective needs and roles. The cards can be managed through an online system with options for controlling daily limits, purchase types, and authorized period of use.
For example, a company may issue corporate cards that exclusively cover car rental and air flight transactions during a business trip. It can exclude entertainment expenditures – as well as a new shirt at the local mall. Unauthorized payments are declined at the point of transaction and instantly reported to business owners via message alerts.
The safe and streamlined account management enables improved housekeeping and financial reports. This substantially reduces the time and admin manpower required in tracking account use.
Ultimately, business owners still retain robust control over their corporate cards. For Bento for Business debit cards, this is easily achieved through the MyBento account management app.
If a card is lost or an employee leaves the organization, a corporate card can be cancelled. If the card is found or is assigned to someone else, the account manager can reactivate it from the same dashboard. Our online management application is a one-stop hub for expense tracking, account management, and alert notifications. Everything syncs with QuickBooks and other popular accounting platforms.
By signing up for a corporate debit card, business owners can help create a business environment that encourages independence among workers while reducing a bulk of financial authorization procedures without compromising security issues.
Bento For Business Solution
Bento for Business provides organizations with effective payment solutions that are secure and reliable. Our corporate debit card is a VISA that is widely accepted by VISA merchants around the world. This makes it ideal for settling overseas-incurred business expenses.
Funds are insured by the FDIC to $250,000 through Bancorp Bank. For added assurance, each card comes installed with EMV chips that generate one-time codes for multi-level security. This coupled with VISA’s corporate fraud protection, prevents the theft and misuse of cards.