Implementing a Corporate Credit Card Program: Benefits and Best Practices
Discover how corporate credit cards streamline business operations, enhance spending oversight... Alright, that sounds about as thrilling as a tax audit. But before you click away, this isn't another one of those jargon-filled promises. Think of it like this: finally get rid of the endless receipts, the late-night battles with spreadsheets, and gain a superpower – actually knowing where the money's going. That's what a smart corporate credit card program can do. Ditch the boxes of crumpled expenses and the hours wasted trying to decode your team's cryptic spending notes.
Discover how corporate credit cards streamline business spending and operations, enhance spending oversight, and offer valuable rewards. Before implementing a program, carefully assess your needs and the potential financial impact. Explore the options, including virtual cards, purchasing cards, travel/entertainment cards, and flexible all-in-one solutions.
Key Takeaways
Corporate credit cards, also known as commercial cards, streamline business operations, enhance spending oversight, and offer valuable rewards.
Careful assessment of your business needs and the potential financial impact is crucial before implementing a corporate card program.
Multiple corporate credit card options exist, including virtual cards, purchasing cards, travel/entertainment cards, and flexible all-in-one solutions.
Harness the Power of Corporate Credit Cards
Corporate credit cards are powerful tools for businesses of all sizes. They streamline expense management for finance teams, offer robust reporting and controls, and drive cost savings, all of which have a positive influence on cash flow management.
What is a corporate credit card?
A corporate credit card allows authorised employees to make business-related purchases. Unlike personal credit cards, the business assumes liability for repayment.
How do corporate credit card programs work?
Approved companies receive commercial cards for distribution to employees. These cards facilitate work-related employee purchases, with transaction data flowing into accounting/ERP systems for real-time expense visibility and easier reporting. Companies typically make consolidated payments at the end of the billing cycle.
Benefits of a corporate card program
Streamlined payment processing Integrating card data with your ERP system can reduce paperwork, manual tasks, and errors. Employees can avoid out-of-pocket expenses and the need for time-consuming administration of reimbursements.
Enhanced clear payment tracking and reporting Gain valuable insights into spending patterns, ensuring compliance with budgets, company policies, company guidlines and control expenses.
Cost savings and efficiency Consolidate expenses, reduce overspending with various merchants, which can include subscription optimisation, and boost cash flow.
Improved oversights Prevent misuse with spending limits and controls, transaction restrictions, and real-time visibility over corporate credit card spending. Fraud monitoring adds a crucial layer of protection.
Separation of finances Keep business and personal finances distinct from corporate liability.
Choosing a corporate credit card program - Key Factors
Business needs Identify the primary purpose of your card program (travel, procurement, etc.)
Fees Carefully review the corporate card agreement, paying attention to fees.
Tech infrastructure Ensure compatibility with your existing accounting/ERP systems.
Types of commercial card solutions
All-in-one cards: Cover diverse business expenses
Purchasing cards: Ideal for procurement and operational needs
Travel and entertainment cards: Designed for managing T&E expenses
Virtual cards: Automate accounts payable and enhance control
However, you only need one Numarqe Corporate Credit card.
Automation Streamline accounts payable and easily track/manage spending and payment processes.
Security Single-use digital card numbers protect against fraud.
Flexibility Customise spending criteria (timeframe, merchant, amount) for each transaction.
Multicurrency Simplify cross-border transactions using multi-currency credit cards.
Scalability With higher credit limits to support your growth (up to 10x higher than traditional card providers).
Numarqe credit cards can be configured to your needs without needing many types of cards. Each Credit Card can be multipurpose, being both virtual, stored in a digital wallet and physical.
Virtual Credit Cards
This means the credit card does not have a physical form; you can securely look up card details within our platform, and the credit card stays within our platform. You can use it to spend on anything where you just need to provide card details. Reducing the need for multiple cards in your wallet.
Virtual cards are used for:
Temporary Spend such as parties and events where you want to control a budget.
Subscriptions such as software or platform recurring spending in your technology stack.
Marketing Spend Google or LinkedIn Ads, having strict spending controls prevents overspending.
Benefits:
Enhanced Security as they can be decommissioned as quickly as they are created.
Spending Controls prevent runaway spending.
Virtual Credit Card Stored in Digital Wallets
You can enhance your virtual cards and add them to your digital wallets, which include Apple Pay and Google Pay.
Benefits:
Enhanced Security Digital wallets replace your actual card numbers with unique tokens (temporary codes), minimising the risk of your card information being exposed during transactions. Many digital wallets require fingerprint or facial recognition for payment authorisation, adding an extra layer of protection against unauthorised use. Digital wallets often include sophisticated fraud monitoring systems, alerting you of suspicious activity.
Convenience & Speed Pay quickly and easily by simply tapping your phone or smartwatch at stores with contactless payment terminals. Autofill your payment details with your digital wallet information for speedier online purchases. Leave your bulky wallet at home and lighten your pockets.
Organisation & Accessibility All your credit cards, loyalty cards, boarding passes, event tickets, and more are in one place. Your digital wallet is always on your phone, ready to use whenever needed.
Physical Credit Cards
Your virtual card can not only exist on your phone’s digital wallet, but you can still, where needed, get a physical representation of your card.
Benefits:
Physical Cards are still needed in various situations, such as:
Lack of NFC Technology: Not every merchant has contactless payment terminals (NFC). Physical cards remain essential in these situations.
Technology Issues: If your phone battery dies or there's an unexpected glitch with your digital wallet, having a physical card as a backup is crucial.
International Travel: Some countries or smaller merchants might not have widespread adoption of digital payment methods. A physical card can be a lifesaver in these scenarios.
Numarqe cards offer an unparalleled level of flexibility and control compared to traditional corporate card programs. Could they be the best corporate credit cards?
Instead of juggling multiple card types (virtual, all-in-one, T&E), Numarqe's adaptable credit cards can be configured to your specific needs. This allows you to create secure virtual cards for subscriptions and temporary spending, add those cards to digital wallets for contactless payments, and even have a physical card as a backup – all without the hassle of managing numerous cards and accounts. Numarqe simplifies expense management and offers superior security for your business.
2024 Numarqe Limited, All rights reserved. Numarqe Limited is registered under company registration number 12587141, 47 Red Lion Street, London, England, WC1R 4PF. Numarqe Capital Limited is registered under company registration number 13726764, 47 Red Lion Street, London, England, WC1R 4PF.
