A business credit card is a type of business card that helps an entrepreneur simplify business processes with borrowed funds from the bank. The credit card has an interest-free period after a purchase is made with the card. During this period, you can use the bank’s money without interest. This is a good solution for small businesses and entrepreneurs when working capital is insufficient and money is needed for unforeseen expenses or there is a risk of a cash gap. So today you’ll learn tips for using this card in your small business in this article. Let’s go!

Advantages of A Credit Card for Small Businesses

It allows you to purchase goods in time, makes life easier for your accountant and simplifies business processes. And of course, it will help out any entrepreneur in an emergency. Business credit card combines the functionality of an ordinary business card with a credit limit and a grace period for interest payments. You can get even more days without interest when making purchases at the bank’s partners.

What Does It Mean for Business:

• Money on time for any purpose
• No fees for purchases
• Extended grace period for purchases at partners
• A tool for you and your employees
• Online expense control
• Fewer accounting fees
• Secure payments
• Revolving line of credit

Money When You Need It

With a business credit card, you won’t miss an opportunity to make money when your own funds are tight. And you’ll quickly find a solution in times of force majeure. Sales season has started, the company has won a tender, it’s time to buy equipment – use a business credit card to take action. For example, before the holidays pay with the card for a shipment of marketable goods, earn more than you spend, and repay the debt during the grace period. The bank won’t charge interest and the business will make a profit.

Contactless Payment

Most business cards on the market have contactless payment technology built into them via cell phone and Apple Pay, Google Pay and Samsung Pay services, so you won’t find yourself in an uncomfortable situation even if you forget to take your card with you to a business dinner with clients.

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Beneficial Cooperation with Partners

The bank does not charge a fee for paying with a business credit card. And making purchases at the bank’s partners, you can get more days without interest.

A Business Tool for You and Your Team

Having arranged a business credit cards for yourself, your manager can issue cards for your employees with fixed limit – it will be easier to pay for current expenses. The limit for each card is set within the overall credit limit. The employees will also be able to make purchases, pay for business trip expenses, make payments to suppliers and withdraw cash.

Easy Expense Control And 24/7 Payments

You can keep track of your business credit card spending through online banking and SMS notifications. The online bank displays all business card transactions. Increase or decrease card limits for employees in the personal office and keep track of due dates. You can make payments with your business credit card irrespective of the business day of the bank branches, at any time and for any amount within the limit.

Reducing the Load On the Accounting

The payments made with the business credit card do not require the preparation of advance reports, thus reducing the number of necessary documents. The primary documents are sufficient: receipts, statements and invoices upon payment. And companies applying a simplified form of taxation do not need them either.

Safe Usage

To protect online payments with a business credit card, the most advanced technology is used. And if it is lost or stolen, it can easily be blocked through the call center. The business credit card will allow you not to carry large amounts of cash. Internet payments are protected using 3D-Secure technology: payments cannot be made without entering an additional secure SMS code.

Contactless Payment

The card is compatible with payment technologies Apple Pay, Google Pay, and Samsung Pay and will be on hand at all times. Forgot your wallet before a business dinner? Business credit card owners won’t be afraid of unpleasant accidents: you can pay for purchases with your smartphone – at gas stations, in airports, in Internet stores, and any place where there is a payment terminal.

Revolving Credit Line

After repayment, the credit limit will be available again in full the next day. It doesn’t matter with what periodicity to deposit money on the card to eliminate debts gradually – the main thing is to repay the entire amount before the end of the grace period and not to forget about mandatory payments of 5% of the total amount of debt. 5 days before the date of payment the bank sends a reminder SMS.

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Bottom Line

In fact, there are many advantages: high speed of approving the limit and issuing the card, ease of monitoring the debt and schedule of payments in a private office, the possibility of early repayment, setting up auto payment, long grace period, and even cashback for the use of credit funds. In addition, with a credit card, you can build a strategy to improve your credit history. According to experts, credit cards have long ceased to be something unusual and are now part of modern life, a tool that, when used properly, helps to solve the tasks of planning personal or family budgets.