Choosing the right company card—be it a debit, credit, or prepaid card—is crucial for effective business spend management. Debit cards offer quick issuance and controlled spending, while credit cards provide a credit line for unplanned expenses. Need to make a decision? Check out the blog to learn more about the best fit according to your company's size, spending patterns, and specific financial needs.
It's surprising, but many organizations can't control their business spending. These companies fully understand how vital spend management is. But, because they don't have a good view of their spending, they simply can't monitor it. Often, large companies find themselves dealing with legacy tools and processes that don't give them complete visibility on spend. While smaller or growing companies pick up multiple tools to help them and end up with a disconnected view.
Getting clear spend visibility starts with the way your business spends. If your company uses cash, you can't automate expenses, and you can't keep track of the spend very easily. Plus, each month ends with chasing receipts, trying to match them up with spend, and drowning in paper. Corporate cards can change all of this. Whether physical, virtual or connected to your employees’ digital wallet. Company cards and supporting software can give your business access to real-time spend data and better control via built-in spend compliance.
Company cards make sense. But, there are different options out there, so which card will work best for your company? Here's a brief rundown of each type of card.
For a few good reasons, debit cards are often the number one choice for company cards. Here are just a handful of the pros and cons:
The corporate credit card allows employees to make business payments when they need to use a credit line. Credit cards enable your company to use money belonging to the bank and pay it back later with a bit of interest. Using a credit card means the following:
Prepaid cards work kind of like electronic wallets. Companies can send money to them, and employees can use them as they need.
One type of company card will fit your business better than another, depending on the size and stage of your organization. But success, just like in your PC theme park, is going to come down to understanding your spend. Learn how we helped German automotive chain ATU take control of their spending, including getting full transparency and a super positive employee buy-in.
Trish Toovey works across the UK and US markets to craft content at Payhawk. Covering anything from ad copy to video scripting, Trish leans on a super varied background in copy and content creation for the finance, fashion, and travel industries.