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HomeFinance and AccountingBusiness PaymentsWhat are business payment cards, and why do modern businesses need them?

What are business payment cards, and why do modern businesses need them?

business payment cards
Image by jcomp on Freepik

Business corporate cards are not only a convenient means of payment but also an excellent tool for managing company finances. With their help, users can pay bills, pay for goods and services in retail outlets and online, withdraw cash from ATMs and make transfers. At the same time, it becomes much more convenient for the company that issued them to manage the budget and make mutual settlements with employees, customers and suppliers.

What are business cards, and who issues them?

Business expense cards are payment cards that provide access to the money in a company’s account. They can be debit or credit cards. A company can issue them for payroll projects, for issuing them to employees travelling on business trips, suppliers with whom it works regularly, and for media buying. Cards can be physical or virtual, reusable or single-use.

You must apply to a banking institution to start your card project. This process is lengthy and requires collecting a large package of documents. In addition, in the future, on all questions regarding business cards, you will need to contact the issuing bank. Issuing cards through a special platform, Wallester Business is much more convenient.

Advantages of business cards for employers

By using a special platform for issuing business cards, a company gets a comprehensive solution for controlling its expenses and managing finances. With the help of the platform, you can perform the following actions

●        generate detailed reports on all company expenses;

●        monitor any transactions in real-time;

●        confirm purchase requests from staff;

●        integrate the service with any software used by the company for financial accounting;

●        upload invoices to the mobile application for financial accounting;

●        issue any number of cards for any purpose

●        make any number of payments instantly

●        set card limits, independently issue, re-issue, block, and unblock cards.

Business cards help to quickly optimize the company’s financial processes without spending a lot of effort and resources.

Advantages of business cards for employees

Employee expense cards can be used at the discretion of their holder. They can be used to pay for purchases in stores and online, withdraw cash and make transfers. If the card is intended to pay corporate expenses, it is much easier to use on business trips. Then, there is no need to keep strict reporting because the accounting system records all transactions.

Business cards allow you to be always aware of all payments, because they can receive instant notifications. If the holder is abroad, he can easily pay with his business card. Conversion takes place automatically at the most favorable exchange rate.

All the features mentioned above of business cards allow to optimize the company’s work, increase productivity and quickly digitalise key financial processes. Additionally, it is possible to improve the brand image and make it more recognizable if business cards are issued under the White Label system. Payment means individual designs in corporate colours will attract attention and increase the status of the business in the market. Not only all corporate cards but also the mobile application and financial management platform will have an exclusive design.

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