Best business debit cards in India in 2024
Business debit cards have gained significant importance in India, serving as an efficient tool for making payments and managing expenses. These cards offer a range of benefits, making them an attractive choice for businesses of all sizes.
With their convenience, safety, cost-effectiveness, and ease of tracking, business debit cards have become an integral part of a company’s financial stack.
When an organization must choose such a lucrative tool for itself, it must be aware of the best card provider for their financial needs. There are many factors including a card’s features, its transaction limits, whether you can make online payments through it, ATM access, and any other unique perks or rewards that you must consider.
What are the benefits of using business debit cards for payments?
1. Convenient
Business debit cards provide the flexibility to make payments anytime and anywhere. They are compatible with mobile payment apps and digital wallets.
This allows seamless integration with various financial services and platforms so that you can make business payments as per your needs. Many providers also make it easy to manage expenses through virtual online platforms or mobile apps.
2. Easy to track and monitor
Many finance teams in businesses face the issue of a lack of visibility when it comes to company expenses.
Transactions made with business debit cards can be easily tracked and monitored through online banking platforms or mobile apps. This helps in tracking expenses, simplifying bookkeeping, and streamlining financial management.
3. Budget control
With a business debit card, you can set spending limits and allocate funds, enabling better control over expenses and ensuring you stay within your budget.
Once you set a spending limit, you can be sure that there will be no case of overspending whether it is intentional or not.
4. Safe method of payment
Business debit cards offer enhanced security features such as EMV chip technology and PIN protection, minimizing the risk of unauthorized transactions and fraud.
In case your card gets lost or stolen, you can also freeze or block the card through the provider’s online platform or mobile app.
5. Cost-effective
A business debit card often has lower processing fees compared to cheques and credit cards, resulting in cost savings for businesses, especially for frequent or high-volume transactions.
There are also almost no annual fees or charges that are generally present with tools like credit cards.
6. Easy to obtain
Obtaining a business debit card is relatively straightforward and does not require an extensive credit history. This accessibility makes it easier for businesses, including startups and small enterprises, to obtain the financial tools they need and start aligning their finances.
6 best business debit cards in India in 2024
1. Volopay prepaid cards
● Features & benefits
Real-time expense tracking of every card transaction so that you have complete visibility of expenses at all times, automated bookkeeping, custom spending limits on each card that you issue for your employees be it a physical or a virtual card, and integration with industry-leading accounting software to ensure that your company ledgers are always up to date.
● Transaction limits
Flexible spending limits based on business requirements.
● ATM access
Access to a vast network of ATMs across India.
● Online banking capabilities
You can easily use Volopay’s prepaid cards to make purchases and payments through online portals. Add funds, control spending limits, and issue virtual cards through our online portal. You can also issue unlimited virtual cards that are safer options to use and make payments online thanks to their additional security attributes.
● Unique perks or rewards
Access to a complete expense management system with loads of features to manage and control the company budget and expenses efficiently.
2. HDFC EasyShop business debit card
● Features & benefits
With the HDFC EasyShop business debit card, you can make secure online and offline transactions, set customizable spending limits, and get insurance coverage for accidental death.
● Transaction limits
Varies based on the type of account and business relationship you have with the issuing bank when you set up an account.
● ATM access
Wide acceptance network with access to HDFC Bank ATMs and other affiliated ATMs so that you can easily withdraw cash.
● Online banking capabilities
Robust online banking platform for managing transactions and monitoring account activity.
● Unique perks or rewards
Reward points for every transaction are redeemable for various benefits and discounts.
3. SBI business debit card
● Features & benefits
Enhanced security features, easy expense tracking, customizable card controls, and compatibility with international payments make the SBI business debit card a great option for frequent business travelers.
● Transaction limits
Set by the cardholder and can be modified as per business requirements.
● ATM access
Extensive network of SBI ATMs and Visa/Mastercard ATMs in India and abroad. Charges may apply depending on the location of withdrawal.
● Online banking capabilities
Using this card, you get comprehensive online banking services including account management and transaction history.
● Unique perks or rewards
Cashback offers on business-related expenses and discounts at partner merchants.
4. ICICI Bank business debit card
● Features & benefits
Multi-level security features, real-time alerts for transactions happening through the debit card, custom spending limit control, and seamless integration with accounting software to ensure the updation of the ledger for an accurate and synced view of company expenses.
● Transaction limits
You can set flexible limits based on your business's financial standing and requirements by talking to the bank.
● ATM access
Access to ICICI Bank and Visa/Mastercard ATMs across India.
● Online banking capabilities
Extensive online banking services for managing transactions, statements, and card settings.
● Unique perks or rewards
Discounts on travel, dining, and lifestyle-related expenses.
5. HSBC business debit card
● Features & benefits
Global acceptance, enhanced security features, customizable spending limits, and dedicated relationship managers to make sure you are accustomed to your business debit cards.
● Transaction limits
Varies based on the business's relationship with HSBC and account type, but in short, you can customize your transaction limit based on your deal with the issuing bank.
● ATM access
Access to a vast network of HSBC and Visa/Mastercard ATMs in India and abroad.
● Online banking capabilities
Advanced online banking platform with comprehensive features for managing finances.
● Unique perks or rewards
Exclusive lifestyle and travel-related offers, complimentary insurance coverage, and access to the HSBC rewards program.
6. Axis Bank business debit card
● Features & benefits
Contactless payment technology, real-time transaction alerts, expense tracking, and multiple account access for employees.
● Transaction limits
Customizable transaction limits based on the business's requirements.
● ATM access
Wide network of Axis Bank ATMs and Visa/Mastercard ATMs in India and internationally.
● Online banking capabilities
User-friendly online banking platform for managing card transactions and account details.
● Unique perks or rewards
Discounts and cashback offers on business-related expenses and partnerships with various brands.
Simplify business expenses with a debit card
What are the criteria for selecting a business debit card provider?
If you’re wondering about how to get a business debit card that is best for your business, then here are some of the key factors to consider when selecting a business debit card provider.
Reputation and reliability
Evaluate the card issuer's reputation and reliability in the market to ensure a trustworthy and dependable service for your business debit cards. This factor is really important as you will know whether the card provider you choose is a brand that you can trust or not.
Pricing and charges
Examine the card's pricing structure, including annual fees, transaction fees, and ATM withdrawal fees, to determine the overall cost-effectiveness. Weigh the pros and cons of a cheaper and more economical card provider versus that of a premium card provider.
The economic option may not always fulfill all your debit card requirements and at the same time, the premium card provider may not always be the better choice for your needs. Do thorough research before choosing the right card provider.
Card acceptance and accessibility
Check the acceptance network of the card to ensure widespread acceptance, both domestically and internationally, for convenient usage. You don’t want to encounter a situation where you are not able to use your card and make payments.
Spend controls and customization
Assess the available spend controls and customization options to align the card's features with the specific needs of the business.
Security features
Consider the security features of the card, such as EMV chip technology, PIN protection, and fraud detection, as well as the protection services such as the ability to freeze or block the card in case of unauthorized transactions when the card is stolen or it is lost.
Integration possibilities
Explore the integration possibilities of the card with other software or tools used for financial management to enhance efficiency and streamline processes. Having at least integration capabilities with accounting software is a must.
Support services
Evaluate the support services provided by the card issuer, including customer assistance and issue resolution, to ensure prompt and reliable support when needed. A strong debit card product must always be assisted by a strong customer support and service system.
Rewards and benefits
Look for any rewards programs or additional benefits offered by the card, such as cashback rewards, discounts, or exclusive partnerships, which can provide added value to the business. This is how you get the most out of your business debit card.
Cardholder reviews
Consider feedback and reviews from existing cardholders to gain insights into the overall user experience, customer service quality, and any potential drawbacks of the card. The review you get from actual users will be the most genuine and true reviews you will get about a product.
Volopay business prepaid cards to better manage business expenses
Volopay’s business prepaid cards are the perfect business debit cards for a company of any size to manage its day-to-day expenses and also make expense management more efficient overall.
Here are just some of the few benefits that make businesses choose our cards over competitors:
1. Cards for each employee
You can issue a single physical card for each employee so that they can make fast payments at their convenience without having to deal with the delay of sharing a single card.
2. Unlimited virtual cards
Manage all online expenses such as marketing/advertising expenses and SaaS subscriptions easily using the ability to create unlimited virtual cards at no extra cost.
3. Custom spending limits
Say goodbye to overspending thanks to the custom spending limit you can set on each card whether it is a physical or virtual card.
4. ISO and PCI DSS certified
We maintain the highest standards of data and information security to ensure that your sensitive financial data and transactions are always protected.
5. Expense management ecosystem
Your cards can be easily tracked, managed, and controlled through our expense management platform which can be accessed through our web app or mobile app. You can also sync all expenses easily to your accounting software through our platform.