Today’s world, where everyone is going cashless and choosing smart payment methods, is full of companies offering cards to different business organizations. Along with the increasing demand for consumer facing debit cards & credit cards the demand and offerings of corporate cards are also increasing. Unlike your regular cards, corporate cards are assigned to businesses to be used for professional or corporate purposes.
Although both have a few common features, as it pays for your travel expenses, offers cashback, and rewards points, is issued on no-cost EMI, etc. In this article, we will explore why and how corporate cards work for businesses to grow and how it help employees.
Let’s start with learning about corporate cards. So, corporate cards are issued to an organization’s employees. It helps the business to manage its expenses and keeps a record of the expenses of other employees. It helps the employees to pay the bills for travel, food, or other business-related expenses.
These corporate cards are mostly accessible to those businesses that fulfill the criteria of revenue, profits, and other things that can satisfy the providers. The clients issue these cards to the organizations based on their financial state.
Now the question is, What is the need for Corporate Cards?
Nowadays, businesses and organizations are focusing on the work satisfaction of employees. Believing that if their employees are working in a good mental state and are satisfied with the output they are getting, they work even more effectively. So, when an organization issues a corporate card to its employees, they (employees) don’t have to pay anything from their pocket. Also, business owners can manage and track all their company’s expenses, so corporate cards are good for both.
Additionally, the company can also get information about how and where it has been used so that they can manage the finances and eliminate unreasonable expenses next time.
So from the business and employee’s point of view, it is a financial relief for them, as it eliminates the need to pay upfront for business-related expenses and then wait for reimbursements.
One more significant benefit of corporate cards is that it offers an electronic expense reporting service, with the help of which it can automatically populate the company’s annual or monthly expense reports with purchase information. This feature makes submitting the reports on time much easier and more accurate.
Now, if you are working somewhere in Singapore or have a company/business there, how can you apply for a corporate card there?
Well, for that, your organization should be registered with ACRA. Also, you should have a valid UEN number. If you have the above, you are eligible for a corporate card Singapore.
The corporate card helps a growing business and its employees in many ways, especially in managing expenses, and is also good for employee satisfaction. So whether you have a small or big business, you can issue corporate cards to your employees; you need to fulfill the eligibility criteria given by the providers.