How will corporate cards contribute to business growth
Even in the recent digital landscape, many popular businesses still manage their business expenses while counting on prepaid corporate cards. Though corporations have lately advanced in all other aspects for managing their business, managing payments has still not experienced any advancement and are being managed with traditional methods that are eventually becoming obsolete. With the advancement in tech trends in recent times, there's no point in struggling with the manual practices when far better alternatives suit all sorts of businesses perfectly.
Businesses are upgrading to smart purchase cards in the form of prepaid cards that take away your finance and accounting department's headache in the long run. In this post, we'll unders and what exactly prepaid cards are and their direct impact on promoting business growth.
Unders anding why businesses rely on prepaid cards
Prepaid cards are similar to other payment cards that are small rectangular cards having a protruding number on its front and Card Verification Code (CVC) on the back side. The cards are pre-loaded with a particular amount that businesses usually decide and varies from person to person. And for getting prepaid cards for your business, you can find endless reliable vendors in the market like TERA that offers purchase cards for businesses that are integrated with an intuitive dashboard over which your finance managers can track every payment in real-time, set spending limits, and streamline the entire expense management process so as to keep the business on the safer side.
Businesses usually follow an imperfect strategy that brings the business in danger, eventually in terms of finances. In the majority of the corporations, only the higher authority, like the founders, CFO, or managers, have cards on behalf of the organization. The procurement team has to manage all the transactions of the business thoroughly. This, as a result, takes out the payments away from your frontline employees while adding an extra red tape to every transaction. Since no one can spend without approval, it results in comparatively expensive claims under which the employees have to pay up the front and the company reimburses it.
This is where prepaid cards come in!
Prepaid card accompanies a smart expense management platform that allows the employees full authority for spending wherever they wish to while tracking the overall budget of the business in real-time.
How does it work?
All the prepaid cards work in a similar manner as all other cards by swiping, signing, or using chip/pin while making an online transaction. You can even use virtual cards or making online payments. Both physical and virtual versions work seamlessly with Visa in the US, which indicates broad flexibility just like the traditional cards.
So that the employees of an organization can carry out business purchases with the card, their manager will have to give access to funds in the first place. During this, managers set the monthly/quarterly budget, which can be accessed via the card and set a maximum limit for individual purchases. So, the decision-makers can easily set budget and transaction limits, which vary from department to department or employee to employee.
Business benefits of prepaid purchase cards
Since prepaid purchase cards are specifically designed for businesses, they are perfect for addressing the most common challenge faced by finance teams, i.e., the monthly close process. In the case of the usual credit card, users need to keep their receipts while submitting them to finance from time to time and further, the finance teams need to match all those receipts to the card payments for ensuring every payment was genuine. It becomes a daunting task for the finance team to verify all of them all together with ample cards to process.
With prepaid cards backed by mobile apps and online platforms, users can easily upload their receipts while carrying out a purchase that is further automatically matched and verified. Thus, saving a lot of time and effort of your finance manner while making it a hassle-free process. It directly indicates that the finance teams have the entire list of already-prepared payments that require a quick stamp of approval and streamline the overall expenses.
While investing in smart TERA corporate cards, businesses can set flexible limits, and finance teams gain thorough spend control of the business irrespective of the location of their business members, experience automated approval workflows and get hassle-free integrations with the existing business model.
Get started today!
TERA offers a comprehensive range of purchasing card programs that are specifically designed to tackle the requirements and current procurement issues faced by the businesses on the global level. Considering the spending needs of a business in today's time and analyzing its spending pattern and expenses, TERA corporate cards are ideal for businesses to bring their business finances on track while getting a more efficient transaction management system get real-time insights into their business finances in the long run.