How to choose the right corporate card program?
Eliminating employee reimbursements has been one of the most revolutionary steps in expense management. It has mostly been possible because of the advent of the corporate card - a no-nonsense alternative to complicated employee payments and management. Having the ideal corporate card provider can optimize your business expenses into a transparent and automated process, all while reaping the benefits of being a cardholder.
If you’re in a position where your employees find themselves frequently utilizing employee budgets, then perhaps it is time for you to set your eyes on a good provider. But choosing the right corporate card provider isn’t as easy as simply going for the cheapest option. A corporate card is only as beneficial as its returns and the long-term benefits of the investment. Take a moment to consider why you need a corporate card, and what needs of yours need to be met.
How are corporate cards different from company business card?
One of the major differences between corporate cards and a company business card is the eligibility and the liability. Only companies with a certain minimum revenue can apply for a corporate card program, mainly to ensure that their credit score remains free from negative points.
As far as liabilities are concerned, corporate credit cards offer a variety of options. The most common one is a corporate liability, where the company is responsible for paying any credit card bills. Second (and most uncommon) is employee liability. This is a method that is often discouraged since it requires reimbursements and also leaves room for security risks. Effective corporate card management can help mitigate these risks.
Joint liability is also an option with corporate cards. In this case, employees are expected to pay the credit card bill within a certain timeframe to avoid their personal credit score from being affected. The company will step in and pay the bill if it is overdue to avoid a negative strike on the company’s credit score.
If your company is making a significant profit margin, then the investment in a corporate card program is promising. It can stop your company from wasting time, effort, and money in complex, outdated forms of employee expense management.
Choosing corporate card provider
The fine print is what will decide which corporate card provider you should go for. A lot of times companies choose what they deem fit, but later on, there are certain services and liabilities that are not covered. When assessing your options, you should be going over not just your needs but the right list of features and services that the corporate card provider is offering.
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Features to consider while choosing corporate card provider
Implementation process
The point of investing in corporate credit cards is to reduce time wasted; so, the implementation process is a major deciding factor. Discuss with your provider how long it takes to set up an account, issue cards, process payments, and receive benefits.
Type of card offered
When evaluating the right corporate card provider, consider what kind of cards you need. There is a range of physical cards and corporate virtual cards available. A lot of companies can frequently require single-use cards for specific vendors, retreats, or occasional travel. If your provider has the option of single-use virtual credit cards then it is always a bonus.
Credit limits and spend control
Having the option to customize your virtual credit card spend limits and the credit line is a winning point - it is what sets corporate cards apart from company business cards. An ideal corporate card provider will have flexible credit limits, as well as admin-controlled card limits. Additionally, being able to set spending controls on every budget and card make it easier to control employee expenses.
Expense reporting tools
Does your card provider offer reporting tools? Do they have spend metrics, budget analysis, and predictive analytics? All of these can make your entire spending process much smoother, and company policy enforcement easier.
Rewards offered
Many credit card companies offer rewards for enrolling in their programs - but a reward is only as beneficial as its use. Find out what kind of rewards program your corporate card provider offers. Some have rewards and gift cards; some have tie-ups with hospitality and travel. Some offer straight cashbacks.
Reliable support
A good support system is part of a good purchase. Given the time being invested in a venture like this, having a good support provider is necessary. Find out if the company offers online and offline customer support, and what the orientation process is.
Integrations with finance software
Employee expenses are a significant chunk of the financial report. Consequently, being able to integrate your corporate credit card reports with your accounting software is a bonus that can automate the bookkeeping process further.
Security features offered
Security is non-negotiable. Your provider should explain how secure transactions are, what their fraud prevention measures are, and how they handle lost/stolen cards. There should also be security features to protect virtual credit card data.
Get corporate cards from Volopay
Volopay is a corporate card provider to equip you with the financial solutions your company is looking for. Our cards follow a low exchange rate and support over 130 currencies for seamless transactions. All foreign transactions also come with a no-nonsense cashback reward.
The moment you sign up with our program, you can start issuing cards instantly for your employees. These cards come with built-in spend limits, budgets, and applicable company policies. You choose who approves transactions and limits. Create single-use cards, burner cards, issue physical cards for your traveling employees, and unlimited corporate virtual cards for your remote needs.
FAQs
Yes. Volopay’s virtual corporate credit cards can be linked to your company policies and specific department budgets. Any request for payment that goes against these will be automatically declined.
Yes, we do! You can create unlimited corporate virtual cards with the click of a button, and they will be available for immediate use. These virtual credit cards can be customized depending on their use.
With Volopay, you can create single-use corporate cards and burner cards. When creating a card, you can choose the amount to be loaded and the preferred expiry date. Cards can also be frozen or blocked by administrators.
We have a dedicated customer success team that is available to help you. We schedule demos to help you set up and integrate accounts, and live support is available to all clients.
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