How to Create a Corporate Credit Card Correctly

How to Create a Corporate Credit Card Correctly

Creating a corporate credit card can be an alternative payment method and help manage finances not only for individuals but also for companies. There are two types of corporate credit cards, which are corporate and business, with differences in their usage for transaction activities.

As an entrepreneur, having a Visa credit card can benefit businesses, especially in managing the company’s financial expenses.

How to Create a Corporate Credit Card

How to Create a Corporate Credit Card Correctly

The process of applying for a corporate credit card is different from applying for a personal credit card and requires extra effort because the requirements are strict.

Here are the steps to create a corporate credit card:

1. Find the Right Bank

Every bank that already has a name typically has a corporate credit card product, but there are differences in their features.

The first mission to create a card is to find a bank that can meet the needs by checking and comparing the features of each bank. It is best to choose a bank where the entrepreneur is already a customer because there is already trust in the bank.

2. Check the Company’s Credit Score

In assessing credit card applications, banks will check the applicant’s credit score, including when applying for a corporate credit card.

The credit card is issued in the name of the company, and the bank can check the company’s credit score. It is essential for every entrepreneur to improve their credit score before applying for a credit card to run a business. It will be easier for the bank to approve applications for companies with better credit scores.

3. Make Sure to Meet the Requirements

Each bank has its own set of requirements for creating a corporate credit card, but there are usually similarities. The primary requirement is the company’s revenue and legal status.

Entrepreneurs must also provide several documents as requirements, such as certification from the Ministry of Law, establishment deed, business permit, trading permit, business certificate, company registration, company tax ID, domicile certificate, financial report, and other documents required by the bank.

4. Submit the Application

Once all the requirements are met, entrepreneurs can submit their applications to the bank. Most banks provide online credit card application facilities through their website or application, making it easy to access with a mobile phone.

Ensure all the required documents are included, as missing documents can cause delays or even rejection.

Banks also have officers who can be sent directly to the company to help with the corporate credit card application.

Entrepreneurs can contact the bank for information on this service and can ask for an explanation of the card’s features directly from the officer during the application process.

5. Create a Usage Guide for Employees

Creating a usage guide for employees is crucial to help manage and monitor expenses. It is recommended to distribute the guide to all employees who will use the corporate credit card. The guide should contain information on how to use the card, transaction limits, restrictions, and reporting procedures for lost or stolen cards.

See Tutorial Account Verification Jack

Corporate Credit Card Appeal

Types and Benefits of Corporate Credit Cards

The main appeal of using a corporate credit card is the convenience it provides in tracking a company’s expenditures in detail.

Nowadays, many corporate credit cards offer detailed analysis systems related to a company’s expenses, as well as how the funds within the company are spent by employees who are carrying out the company’s interests.

On the company’s side, they will not be burdened with the process of verifying and reimbursing employee expenses, and the office can provide limit guidelines and minimize the risk of fraud or direct fraudulent activity related to the company’s expenses.

See also video tutorials from financial and business from Jack.

Use Jack for your business needs

Given the important role of using a credit card for a company, the card’s issuing bank has generally provided highly competent and professional customer service personnel in their field, with customer service available 24 hours a day to assist cardholders whenever and wherever needed.

List of Renewable Energy Startups in Indonesia

Previous article

What is the Startup Ecosystem and its Development Factors?

Next article

You may also like