1. What is a Corporate Card?
A corporate card is a type of debit or credit card that helps companies track employee spending and monitor other expenses on a regular and detailed basis. In other words, by issuing a corporate card a company aims to track every rupee that it intends to spend. It can be for business travel or for paying online subscriptions or even for paying the local t-shirt company to buy branded t-shirts for your employees. Corporate cards come with a spendable limit. If it’s a credit card, it will have a set credit limit. If it’s a debit card, its spendable limit will be tied to the amount in the account it is linked with. Corporate cards can be used wherever credit or debit cards can be used.2. How do Corporate Cards work?
Companies make use of corporate cards to create a distinction between authorized business and employee expenses. It could range from travel to online subscription payments and more. Corporate cards are assigned to a particular employee/team. So it’s easier to track all the payouts.3. What are the different types of Corporate Cards
Well, for starters, the most popular type of business card is a corporate credit card. Usually, these business cards are issued by a card issuance company like VISA or Mastercard in partnership with a bank or a third-party issuer. Corporate cards are the most sought after credit cards since they help in separating personal and business expenses. Small businesses or startups more often end up using a personal credit or debit card since it’s not easy to get a corporate credit card from the banks without hefty collateral. That’s why growing businesses are always looking out for a smart and secure business corporate card that can fulfil their immediate and growing needs of emergency credit. Now the business owners or founders can acquire a corporate business card with Open, famously referred to as a VISA business card. And manage cash flow for business easily. Then there are prepaid cards that can come in two forms. One is a virtual card that is generated digitally and the other is a physical card. The idea of using a corporate card is to take the hassle out of monitoring expenses and avoiding the long hours spent on reconciling every month. Since it is important for businesses to monitor their spendings, Open has built a complete expense management solution which it offers to its users via its corporate cards.4. Why do you need Open’s Corporate Cards?
The financial world has changed faster than ever before and made us aware of the primary banking limitations. Open’s corporate cards are powered by VISA and revolve around solving all the digital banking related troubles with their wholesome financial operating system. Here are a few key factors that make Open’s corporate cards game-changers for businesses.-
No hassle of lengthy documentation
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Provides a secure banking experience
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Helps reconcile spends easily