It is used for a variety of purposes: to pay for expenditures on the economic or main work of the organization, in particular, it applies to overhead, transportation, entertainment, travel expenses, as well as the receipt of money.
In practice, the corporate card means the analog of money issued under strict accountability.
It can be credit or debit, virtual or physical also.
How a business payment card works
For this card, an account is created, where funds will be transferred from the current organization account.
You can put a certain limit on cash withdrawals set spent limits, set credit limits, and more. For one account, it is allowed to issue several cards at a time. They can be personal or nameless, so they can be used exclusively by the holder.
Modern cards for companies
Banks offer many options for corporate cards, but not all of them meet modern business requirements and needs. Some bank solutions for managing corporate expenses are outdated, some do not exist at all.
At the same time, some offer really new products to address all the needs of modern businesses. In this situation, Wallester Business: Corporate Card Solution is worth using. With its help you can:
- manage the salaries and expenses of the company’s employees;
- all expenses will be in one place;
- the ability to manage the money of the company at your discretion;
- integration with any system in your business;
- the ability to issue an unlimited number of physical cards and virtual ones.
The main features of Wallester Business: Corporate Card Solution include:
- corporate card management;
- revenue tracking;
- card metrics;
- expense statistics;
- a clear and simple system of transaction sorting;
- description of each payment and its status;
- card status (till what time it is valid and other information);
- possibility to download statements in PDF, XLS, or CSV format;
- special management tools for accountants.
You can find detailed information on all conditions of using a corporate card on the company’s website.
How does the corporate card work?
Wallester Business: Corporate Card Solution gives access to:
- transaction history;
- details of each financial transaction;
- the ability to order a new card;
- Viewing and copying card information;
- display and edit limits;
- expense management.
Generally, a business payment card works like an ordinary person’s card: it can be used to pay for goods or services and withdraw money from ATMs. The main difference between this card is that it is created to pay for the company’s needs.
It is prohibited to pay with it for personal purposes.
Corporate cards are intended to cover the expenses associated with the direct activities of the organization.
There is the purchase of products, payments to contractors, and making payments for services related to the organization’s work. Also, it pays for representation and travel expenses: tickets, accommodation, meals, car rental, staff payments, carrier payments, and more.