Startup founders and new entrepreneurs typically use their credit cards for business spends. While convenient, this habit can lead to issues related to taxation and compliance later on. Instead, companies must get a corporate credit card that is designed to help businesses manage their expenses. Additionally, the best corporate card like the Zaggle credit card gives users access to the credit limit, real-time analytics, and several other benefits. However, most organizations hesitate to acquire a corporate card as they struggle with selection.
We have listed some of the top factors you must consider to choose the best corporate card for your business.
Understand your business needs
Getting a corporate credit card will feel exciting, however, you must avoid going overboard. To begin with, be aware of your expense requirements and how a corporate card fits into it. You can go through the business spending data to come up with an estimated expense volume.
Analyze application process
Oftentimes, getting the best corporate card requires multiple levels of scrutiny and evaluation to understand your creditworthiness. Although it is a standard process, acquiring a corporate card must not feel like a hassle. Therefore, remember to learn about the card issuer’s application process to avoid any later frustrations.
Determine credit limits
The amount of credit limit varies from card to card, and customers will have little say. It is determined based on the issuer’s policies and the credit score of the business entity. Regardless of how best a corporate card is, you must ensure that the credit limit it offers suits your spending requirements. Having a corporate credit card is all about reducing your dependency on cash reserves.
Prioritize spend analytics capabilities
Yet another critical part of having a corporate credit card is having access to reporting and analytics. Even the best corporate cards offer basic transaction reports. However, to gain greater control over your expenses, you must pick a card that comes with advanced analytics features. Zaggle Corporate Credit Card comes integrated with ZatiX, a spend analytics solution.
Evaluate rewards programs
Rewards, exclusive discounts, and loyalty programs are not just attractive perks. They add significant value in lowering business spending. Therefore, you must evaluate their rewards program and other benefits. This will help you derive the total value that the corporate credit card will add. Zaggle Credit Card offers a generous rewards program giving users 6 redeemable points for every Rs 200 spent using the cards.
Consider integration capabilities
You can maximize the benefits of the best corporate cards by integrating them across tools for comprehensive utilization. A standalone corporate credit card will have limitations like lack of visibility, and inability to implement corporate policies. Zaggle’s corporate card can be integrated seamlessly with any enterprise solution to facilitate data harmonization.
Assess security features
The security requirements for a corporate credit card go without saying. When selecting your best corporate card, ensure you extract all the security-related information from the card issuer so that you can use the card with confidence. You must also understand its fraud prevention practices along with the process of retrieving a stolen or lost card.
Evaluate customer support
As the new adage goes ‘It’s technology to err’, you must consider the possibility that something may go wrong with your card or the analytics tool. To rectify them instantly, you must have hassle-free access to customer support. Pick a card issuer that offers customer service via multiple channels in addition to the best corporate card.
Understand card liabilities
Companies generally hand over corporate credit cards to their employees during business trips or other occasions. If they end up making an illegal purchase, the liability usually falls on the organization. It will put your company at risk. To avoid any unpleasant experiences, you must get a good lay of the land in terms of card liabilities and the possibility of keeping it secure.
Why do we recommend Zaggle Corporate Credit Card?
Companies want the best corporate card for their business. It is quite understandable because these cards form a potent financial tool in their spending management tactics. After evaluating and understanding the industry pain points, Zaggle in collaboration with YES Bank designed the best corporate card, which comes integrated with spend analytics solution ZatiX. Together, this corporate credit card offers a range of benefits including
- Comprehensive credit card offering with an attractive credit limit.
- Access to exclusive benefits including surcharge waivers, lounge access, etc.,
- Insurance, medical coverage, and credit shield along with the card.
- Insights into business-wide spending to identify trends and behavior.
- Ease of implementing corporate expense policy to avoid invalid transactions.