A new development in the field of business loans is the appearance of credit cards within a company. Not the cards that you use in everyday life, but special business credit cards. With these cards you can easily incur costs for the company. You pay with your business credit card so that your employer can keep an eye on the costs you actually incur. This is useful for the company, because it is no longer necessary to work with claim forms.
Use of credit cards
The use of credit cards saves a lot of time and paper. In addition, a spending limit can be set on every credit card that is used within a company. This can prevent the costs for a company from rising too high. This way the costs can easily be kept under control.
Credit cards in a company have two major advantages. The first advantage is that the costs only have to be paid afterwards. As a result, the company builds up a nice interest amount throughout the month, while this would be impossible with normal PIN transactions. The second big advantage is saving time and work. It is no longer necessary to hire an administrative assistant to check all claim forms. What is paid with a credit card is immediately verifiable so that a company can never get into trouble. This with a view to the tax authorities. Every month, a company that works with credit cards receives a clear overview of the costs incurred. Subsequently it is easy to pass this on to the tax authorities.
Many companies are rapidly switching to credit cards. It is a safer method of payment and it is becoming increasingly popular in the business world. Especially because of the ease of use and the aforementioned benefits.
How do you choose a suitable credit card partner?
There are a huge number of credit card providers worldwide. For your company, it is a good idea to work with a reputable company. Of course you need to do some research for this. The credit card partner must be reliable. Also pay attention to things like theft and loss. Are you entitled to new cards and can the old cards be blocked quickly and easily?
It is also wise to find a credit card partner where you get a discount in the event of a large purchase. If you switch to credit cards within your company you are probably a large buyer. Make sure you don’t pay the top prize.
The main issues that you should pay attention to are reliability, service, payment terms and group discount.