When it’s time to make regular business purchases, are you thinking about how the way you pay works for your business? It might not be your first thought, but it’s important to consider. The fact is, your company credit card is more than just a payment option. It can be a powerful tool for your day-to-day business operations.
When you use your California Bank & Trust business credit card[cite::44::cite] to your advantage, you can streamline business expenses, monitor spending and enjoy a number of other perks. Find out how to maximize all of the benefits of your business credit card and make sure you have the right card for your business.
Tracking business expenses
Using a business credit card is one of the easiest ways to allow individuals in your organization to make business purchases that are easy to track. It takes away the need for employees to submit expense reports and wait for reimbursement. As a result, the burden of paperwork is reduced, and greater transparency is achieved. You and your employees also save time with less check-writing and fewer purchase orders and invoices.
With the tracking tools available on your card, expense information is right at your fingertips and is categorized for you. You can easily see how spending stacks up across different business units and plan your budgets accordingly. Reviewing these spending categories also can help identify tax-deductible expenses so you’re prepared for tax season. With CBT Business Mobile Banking you can even track spending while you’re on the go.
Customize your program
Every business has different needs, and you can choose a credit card program that matches the demands of your organization. Set employee-specific spending controls on purchase amount, number of transactions, types of suppliers and other criteria for any spending category, in any combination. And when you want to change purchasing authorization and spending criteria, you can do it quickly across the entire platform. In addition, you choose the billing cycle, billing structure and payment terms that work best.
Credit cards may offer rewards and incentives such as cash back, points toward rewards or miles or points for travel. These rewards can help you get more from using your card. If you travel often, be sure to take advantage of features such as auto rental insurance coverage, concierge services, emergency cash and card replacement, additional warranty protection, and travel and emergency assistance. If you’re primarily looking for a great interest rate, skip the rewards and select our low rate business credit card. There’s even a commercial card that gives you special tools to control costs, adapt to changing purchase patterns and eliminate time-consuming reconciliation.
Monitor for fraud
Certain credit cards offer enhanced protection in the event of unauthorized purchases, thanks to Visa’s zero liability policy for lost and stolen cards. In addition, fraud monitoring reviews how and where your card is used. This valuable feature can block potential fraud if abnormal spending patterns are detected. If you haven’t already, make sure to sign up for our Mobile Card Fraud Alerts.
To learn more about California Bank & Trust’s credit card options, contact a business banker at 800-355-0507 or visit www.calbanktrust.com.[cite::171::cite] [cite::172::cite]