Business Credit Cards
Making the choice to get a business credit card results in businesses
experiencing many great benefits. When given to employees, a business
credit card can radically simplify your companies’ administration
of petty cash and expenses. When customers are given the option
of paying by credit card, sales and the value of each sale, often
increase - and sales administration is simplified. Not only simplified
but reduced - a business credit card will help you keep track of
receipts, petty cash vouchers and expense forms, with both individual
statements for each cardholder who has incurred expenses, along
with an overall summary for your business sent to a nominated representative.
One Direct Debit paid in to the company’s account each month
takes care of everything, therefore reducing the need to issue numerous
cheques, settles balances on a monthly basis. Customer can select
settlement date within one of four weekly cycles.
A business credit card allows you better control over your business’
expenses. With the option of being able to set an individual credit
limit for a given employee, in addition to an overall agreed business
limit. You can know who spends what, and allow them not to take
advantage.
In the event of a cardholding employee misusing the business credit
card, there is often a Corporate Liability Waiver set in place to
account for such situations, this valuable insurance automatically
protects you against losses of up to around $1,000,000 per business
and $15,000 per individual cardholder, but you’ll find this
figure varies from card to card. The period of waiver is usually
around 75 days prior to the discovery date of the loss by your company
and normally 14 days after this date.
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