Singapore’s Corporate Cards: How To Streamline Businesses

In this bustling nation of SouthEast Asia where businesses are in the constant race of excellence in terms of seeking financial empowerment in the fast-paced corporate world, corporate card Singapore plays a crucial role among multitude of tools that fuel this race. It is of vital importance to have a thorough understanding of its multiple possibilities before we think of implementing it to gain unparalleled efficiency and success.

In this blog, we will clear the air surrounding the usage of these cards, factors that business organizations should consider when planning to assign corporate cards to their employees, and what are the features and attributes that bestow myriads of benefits upon businesses of all sizes while enhancing cashflow management and providing top-notch security.

Let us first understand why does your business need a corporate card integration?

1. Suppose you want to track transactions in real time. In that case, these cards offer real-time visibility, which means any financial transaction conducted by any designated organization employee will be visible on the web dashboard or reflected through the mobile app the moment it takes place.
2. You are searching for an interest-free credit line; some corporate credit cards offer interest-free credit availability, provided the outstanding balance is paid within the predetermined threshold. Interest rates may vary for different financial institutions, and some are willing to waive off the credit interest to maximum potential.
3. Being able to integrate your corporate cards with accounting software is a must. With the influx of financial transactions taking place through these cards daily, it is essential to integrate it with the accounting system for streamlining. In this way, it becomes easy to track expenses and identify the spending patterns for cost-cutting and budgeting.
4. Seeking a corporate card that supports multiple currencies is the prime requisition for businesses that want to excel globally. If an employee needs to travel overseas multiple times to handle business dealings, a corporate card that supports the relevant currency and offers minimum foreign exchange rates will be an ideal choice. 

Need further convincing on the beneficial aspects? 

Let us have a rundown of some major advantages these cards can provide for your business:

Ultimate expense management tool: 

• If you think your corporate card is merely a payment tool, make sure to realize the expense control feature it provides that will release the burden of your finance team, who usually need help to keep track of unchecked spending and tons of receipts.
•  It is simple to set a spending limit for the employees assigned with corporate cards, and it is also possible to put a spending cap for different categories of expenses while limiting the purchases using these cards.

Highly secure: 

• Unlike personal credit cards, corporate cards have an in-built additional layer of security that protects transactions from theft, fraud, and cyber criminal activities.
• They protect the financial data of employers and employees, apart from other additional perks like free insurance coverage and improved cash flow features.

Say goodbye to reimbursements: 

• Employees no longer have to go through the arduous reimbursement process, which is also a pain point for the finance team.
• Employees who often travel for business-related reasons don’t need to shell out money on travel expenses and can easily convert large amounts into foreign currencies while minimizing security risks.

Perks and rewards: 

• The list is long for the additional advantages these corporate cards offer, which depend on certain terms and conditions prescribed by the issuing authorities.
• Annual cash rebates or cash back offered by some of the leading card providers in Singapore may vary from 1%-5%, depending on the type of purchase made.
• Not only this but a bevy of perks like cash rebates on overseas spending, fuel discounts, shopping vouchers, complimentary air miles, access to airport lounges and concierge services, etc. 
• Some providers go the extra mile by waiving huge discounts on the annual account maintenance fees and waiving off monthly average fees completely.

Need help with choosing a corporate credit or debit card? Let’s get you sorted:

Although they look similar and have similar functionalities as well, the two follow slightly different approaches to utilizing the funds:

• With the debit card payment, funds are deducted from the available balance in the linked account, which means a card is functional for making payments as long as funds are available. 
• On the other hand, credit cards are not linked to any bank account, and using them means borrowing money from the issuing organization. This repayment should be made before the onset of the next billing cycle. If not full, the minimum refund can also be made to continue enjoying the benefits, but it will incur interest rates.

The prime purpose of using corporate cards is to streamline business operations for improved data reconciliation and enhanced expense management. Therefore, no matter what type of corporate cards you zero down upon, you should be very careful about the built-in expense management tools and ensure that your business is registered with ACRA before applying for a corporate card.