Advantages of Applying for a Business Credit Card

Father and teenager signing loan contractA business credit card is the best option for making transactions that benefit the company. In fact, transactions including taking the clients to lunch, purchasing office supplies and filling up the company car fuel tank are all beneficial ways of utilizing a business credit card.

It is important to note that a personal credit card should never be used for a business expense. It could jeopardize “corporate veil” protection because you could be co-mingling your funds. Besides, a credit card in your business name can serve a wide array of unique purposes while offering a huge assortment of benefits, perks and features.

Payment processing services accept business credit cards to increase their revenue and productivity. In fact, many merchant services in Miami accept customer business credit cards for making online payments to the company’s vendors.

Benefits of Applying

There are specific benefits when applying for a business credit card. These benefits, perks and features include:

• Easy Financing – The company can avoid the lengthy process of gaining approval for a line of credit, a lease or a loan. Alternatively, business credit card lenders offer a high limit and reasonable interest rates with low monthly payments.

• Quick Access to Cash – Employees out of the office can gain instant access to cash when required. This makes it extremely convenient, and can enhance employee productivity while working.

• Track Company Expenses – Every business credit card transaction the goes through payment processing services is easily tracked, making it simple to manage company expenses. Every transaction through merchant services in Miami is recorded, which makes it easy for bookkeeping at tax time. In addition, it provides the company with a year-end statement categorizing all expenses throughout the year.

• Manage and Control Employee Spending – Choose a business credit card that allows your company management to set limits and control spending on each employee.

• Company Perks – Over and above the company credit card being accepted worldwide through payment processing services, it also brings with it a variety of benefits. These include purchase protection, travel assistance, insurance protection and cash back rewards.

Different Options

Every company has the opportunity to apply for a variety of business credit cards including those that are universally accepted at merchant services in Miami. Others are specialty cards for traveling, hotels and gas purchases. In addition, the company can apply for customizable card, or a prepaid card, based on the business’ needs.

Before making a commitment and applying for any type of card, the company needs to consider the credit card annual fee, balance transfer limits, credit limits, online access, custom reports, rewards and interest rates. In fact, if the credit card offers a reward, the company needs to understand what percentage of the total purchases are calculated toward the reward points. In addition, it is essential to understand if reward points expire, and when.

A business credit card serves as a viable solution for controlling monthly and annual expenses. The customized reporting enables accountants, bookkeepers and management to track expenses and curtail any overzealous use.

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