Corporate Cards
Corporate cards are designed to centralise company expenditure with staff members. Corporate cards, a.k.a. company cards are available in debit card and credit card options. Company benefits can be shared with staff members. These cards are excellent tools for building team unity, while also providing for greater autonomy. Cards confer membership of an exclusive club, with all the attendant benefits of a business card.
Show MoreCorporate cards offer virtual services such as easy-to-organise business finances, replete with subaccounts and budgetary allocations. Contactless payments options are readily available with Visa and MasterCard virtual cards, with smartphone-enabled Google Pay or Apple Pay options available. NFC technology makes it easy to access cash from ATMs. Businesses also benefit from improved cashback offers with corporate cards. Plus, corporate cards can be tailored to individuals, with spending limit allocations, and up-to-date controls over spending.
Top tier corporate cards integrate all the benefits of prepaid debit cards with a full suite of administrative tools to maintain tight controls over expense management. Easy-to-use corporate card features ensure seamless workflows, real-time updates, and improved credit for companies, thereby facilitating business growth. All company-related spend is visible in real-time, with each corporate card issued. This makes for easier tracking, and analysis of spend data.
Corporate cards in the Top Providers
Soldo is a ‘smart corporate card’ which makes it easy for companies to manage team member expenses. This fully integrated expense platform utilises smart apps and a prepaid MasterCard® debit card. All expenses with the Soldo Corporate Card can be controlled by company management, and cards can be disseminated to staff members.
With prepaid cards such as Soldo, employees at all levels of the organisation can be issued company cards. This facilitates greater team unity, accountability, and personal control over company-related expenses. Soldo is preferable to petty cash for company expenses, since it offers greater efficiency and real-time expense management. With Soldo, companies can stay up-to-date with cash flow, courtesy of complete visibility over transactions, and budget management.
Pros
- Low-cost, viable solution for issuing corporate cards
- Major time-saving benefits for enhanced profitability
- Full transparency of individual employee corporate expenditure
Cons
- Unable to add bank cards to accounts
N26 operates on the cutting-edge to deliver corporate cards for businesses. The N26 app allows for complete payment management, from anywhere, at any time. Corporate cardholders are privy to free business bank accounts, with no minimum balance requirement in place. Other benefits include no paperwork, no account fees, and no hassles. Clients can hold up to €50,000 balance, which will then be followed by deposit fee of 0.5% per annum (T&C apply).
The N26 business card allows for instant receipts and payments, in real time. Options such as SEPA Instant Credit Transfers and MoneyBeam are fully supported. Company employees can also enjoy push notification about all business-related payments, card transactions, and direct debits, in real time. With the N26 card, 24/7 banking is readily available to companies. This makes it easy to export expenses for tax-reporting purposes. The N26 Business Metal card offers 0.5% cashback, with free payments across all currency pairs, and full smartphone coverage.
Qonto focuses on granting greater autonomy to business team members, while maintaining control over their expense accounts. This innovative corporate card solution for businesses also comes with a 30-day free trial. With Qonto cards, every team member gets their own card to manage their own expenses, within the company’s set budget. Since team members are responsible for only their expenses, it’s much easier to manage all links of the company card chain. Once expenses and corresponding receipts have been certified, they are stored by Qonto.
Businesses can choose to modify card settings according to each collaborator’s usage requirements. An all-encompassing account Admin makes it easy to set parameters according to requirements. Business owners can easily grant access to team members with customized access. This enhanced autonomy, through delegation to individual team members, allows for improved workflow.
Pros
- Powerful probative value matches expenses with transaction values on receipts
- Autonomy for team members to manage their own expenses under the broad umbrella of management
- Long-term storage of employee cardholder expenses/receipts under the guidelines of European eIDAS regulation
Cons
- Available in France, Spain, Germany and Italy
- No business loans available through the corporate card
Summary
Corporate cards streamline business operations by facilitating improved workflows. There are no lengthy delays between issuing employee ‘credit’ and waiting for receipts to be tabulated and validated. Corporate cards are now an invaluable accouterment to business accounts, with tremendous cost and time-savings benefits.
Companies can enjoy powerful admin control over day-to-day operations. Touchless payments processing, ATM withdrawals, individualized employee expense management, and real-time payment updates are now a reality. Plus, apps allow for full integration with a global economy of stakeholders.
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