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Businesses have to make bulk payments day in and out, like employee wages, partner commissions, and vendor payouts. Moreover, they also need working capital to meet business requirements such as running marketing ads, promotions, etc. Therefore, a steady flow of cash is significant.
This is why business merchants often seek increased access to capital on credit. For example, loans, business credit cards, and corporate credit cards.
When it comes to vendor payments, merchants are opting for corporate credit cards in order to streamline their expense management. It gives them more control and visibility over business expenses, especially by the employees.
It also helps in reducing fraud and improving compliance with advanced security where employers can allow controlled spending.
However, merchants often face limitations of bank downtimes when they do bulk payments to their vendors. Also, they want to use various sources of funds to reduce their reliance on only one.
Hence, they also use many corporate credit cards from different banks as fund sources.
Now, it is a struggle to keep switching between different banking platforms for payments via different cards.
So, what’s the solution?
Your one-stop solution is Cashfree Payments.
Now, connect your corporate credit card to our platform, and make direct bank transfers.
Let’s get into the details!
What are Corporate Credit Cards?
Corporate credit cards are the credit cards that a business or a company gives to its employees to make authorised business expenses.
The employees can spend without using their own money and then get the bills reimbursed from the employer. Likewise, the employees also need not pay the company’s advance.
Moreover, corporate credit cards make account maintenance of business expenditures easier, for both parties – the employee and the employer.
As an employer, you can control and track the payments that an employee does via these cards. Unlike the company advances or bill reimbursements of employees, you can set limitations on the usage of corporate credit cards.
You can limit the credit line for an employee as well as the amount per transaction for business-related payments. Similarly, you can regulate the spending category or set limits on the merchants to whom the employees can pay. You can even restrict the locations for payments and business expenses.
All this can ensure you that your employees DO NOT carry out any unapproved transaction.
On the other hand, from your employees’ POV, it offers financial freedom to them. They need not pay upfront, collect bills or make notes of each payment and then submit the same awaiting reimbursement.
It not only gives financial relief to employees but also saves their efforts of making timely accurate reports. This is because many corporate credit cards offer electronic expense which automatically computes the expense report with purchase information.
It also saves you the time of checking and approving the repayments of business transactions.
It is also popularly called a commercial credit card. The card issuer issues them as per the company’s or employer’s financial health and not the individual employee’s financial situation.
Unlock Flexible Capital using Corporate Credit Cards with Cashfree Payments
Most businesses want to use business and corporate credit cards so that they have easy access to capital for B2B payments.
As mentioned earlier, when businesses do direct bank transfers using business/corporate credit cards, they may have to face bank downtimes.
Moreover, using one platform at a time for various fund sources becomes a hassle for businesses that often make payments in bulk.
So here’s Cashfree Payments making things easier for your business payments.
Make direct vendor payouts by connecting your corporate credit cards with us.
Although in this blog we are specifically talking about corporate credit cards, you can link your other/multiple fund sources of business with Cashfree Payments. You can link your, current accounts, escrow accounts, Paytm wallet etc.
For every payout, a business merchant can specify the choice of fund source before making it.
Coming back to corporate credit cards!
Once you connect your card with Cashfree Payments to do direct transfers for vendor payouts, you have easy access to flexible capital.
Here’s how-
One-Click Access to Capital
You have unlimited payment options with vendors to make hassle-free and instant bank transfers to them.
You can add and manage multiple cards to your single payout account at Cashfree Payments. Use any bank card to manage the finances and bid farewell to limited cash flow.
Similarly, get the flexibility to make direct bank transfers without having a separate bank account. Say goodbye to recharging your virtual account as well!
So, integrate with us and with easy one-click access to capital, you can do away with credit woes. Avail your business of interest-free credit for 30-45 days!
Easy Onboarding on Cashfree Payments
Cashfree Payments does easy onboarding with a self-serve platform!
You can connect your cards through a user-friendly merchant dashboard in a few clicks. Once done, you can make vendor payouts via our Payouts dashboard or API. Hence, it is NOT a time-consuming set-up process.
We offer 100% secure transactions!
As a leading Payment Aggregator, we are PCI-DSS compliant. So with Cashfree Payments, you can keep your transactions safe, secure and worry-free. So, Sign Up!
Ensure a High Success Rate
We offer the flexibility of re-routing the transaction to reduce dependency on a single fund source for payouts. Via re-routing transfers automatically define the transaction % split among multiple fund sources. So, you can stay steer clear of bank downtimes & low funds.
Moreover, you can choose from a range of destination modes like the beneficiary’s bank account and more. You can make UPI payments as well as NEFT, RTGS and IMPS.
Better Control with Corporate Credit Cards
Business merchants can ensure better control of their payout approval with the Maker-checker flow. Therefore, you can increase accuracy, boost transparency, and reduce risk as well as manual errors.
To add to the above, you can reap the benefits of early payment discounts from vendors and credit card rewards with each transaction, effectively doubling your savings.
We have already powering your peers like – Hummel, FabAlley, Mama Couture and many more.
So, are you looking forward to unlocking these benefits?
Add your Corporate Credit Card as a fund source and make payouts to the bank accounts of your customers and vendors. bank accounts through different payment modes.
Although the blog highlights the use of credit cards for making direct vendor payouts, it is not limited to this. As mentioned earlier, these cards help in accessing capital to use for other business purposes like running ads and other such requirements. Likewise, merchants can use it to pay the rent for occupied office spaces, employees’ travel bookings, etc.
Reach out to our experts for more details!
FAQs
What are a corporate credit card and a commercial credit card? Are they the same?
Corporate credit cards are given by employers to their employees to make the business expense. It is also known as a commercial credit card.
Yes, a corporate credit card and a commercial credit card are the same.
What are corporate credit card types?
Depending upon the company policy, it can be of two types – individual liability and employer liability. When the employee pays the credit bill and gets reimbursement from the employer, it is an individual liability card type. When the employer pays off the card bill (once the employee generates the expense report), it is the employer liability card.
Who pays the corporate credit card bill?
As mentioned above, these bills are either paid by the employees and reimbursed by their employers or paid by the employers themselves.
What is the difference between a credit card and a corporate credit card?
Credit card is for individuals whereas corporate credit cards are meant for corporates or business companies that hand them over to their employees for a business expense.
What is the difference between a corporate credit card and a business credit card?
Business credit cards are for business expense that is used by the company itself. On the other hand, a corporate credit card is for the business expense of the employees.
