When looking to grow and propel your startup business, you’ll likely want to implement only the best tools and processes for the job.
It’s for this reason that you should consider incorporating the best credit cards in your company, for more streamlined, efficient, and easily manageable payments.
But that then begs the question – what makes the best credit cards, and what should you look for?
To give you an immediate answer, it’s virtual credit cards that top the list for best business credit cards. With the right cards, you can improve your corporate spending with features like card spend controls, automated receipt collection, credit card insights, and much more.
In this article, we’ll explain what these are and what you should look for when choosing the right cards.
What is a virtual credit card?
A virtual credit card is a new and improved form of credit card that works almost identically to its physical predecessor, except this one operates digitally.
Whereas your traditional credit cards would be stored in a physical wallet, your virtual credit cards will also be stored in a wallet, only it’s a digital one. These come in the form of an application on your mobile device.
In these wallets, you’ll be able to see all your active credit cards and make any adjustments, such as reviewing any recent transactions made, topping up money on the cards, canceling or deactivating any cards, and viewing your card numbers.
Your virtual cards can still be used in a similar way to the physical ones, whether it’s making payments online, over the phone, or on a mobile device, for example.
What your virtual credit card needs to boost your business
Now that you know virtual credit cards are the way to go, you also need to ensure your chosen cards have what you need to boost your business. You should look for:
Spend management software
One of the most important things to look for when choosing the right virtual credit cards for your business is spending management software.
This expert business tool accompanies your virtual credit cards, and offers an extensive range of analytics and features for all your credit card payments, to give you a more optimal method of managing corporate spending.
Your software will give you the most accurate and complete view of all your card payments, showing every single transaction and all the data surrounding it, in real-time.
As well as this, you’ll gain a variety of spend control features to help you adjust different aspects of your credit cards. For instance, you can set spending limits on certain cards, to prevent any employees from overspending more than your business requires for each payment.
With spend management software, you can take your virtual credit cards to a whole new level of spending efficiency.
Payment and spending insights
When choosing your virtual credit card, you should also ensure that there are meaningful spending insights offered to your company.
These insights will help you see exactly how your revenue is being spent with each card, giving you a complete birdseye view of all transactions. As well as this, these insights will go one step further and offer suggestions on how you can further improve your spending.
For example, with each credit card payment, you can receive alerts on any cheaper alternatives to the payments you’re currently making – which could be business rent or company resources, etc.
This will ensure you’re constantly aware of how your company is spending money with credit cards, and more importantly, all the different ways you can adapt to become more cost-efficient.
Finding the right credit cards for your startup business just became much easier, now that you know virtual credit cards are key when it comes to corporate payments. Use these few tips in order to find the best cards for you.
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