Whether you’re head of a big corporation or just have a small business or startup, likely you’re always looking for ways to make online payments and purchase go easier and more smoothly. Nobody wants to walk around with tons of bulky cards, keeping track of various accounts and rewards points programs and trying to figure out which card to use for what purchase. It can be a total hassle, and you have a business to run.
Luckily, there are plenty of new cards on offer these days from various credit and banking institutions that offer ease, convenience, and accessibility in addition to all those perks and rewards you’ve come to expect. Thanks to mobile banking, online apps and more, these days you can often use your card anywhere (not just online) from the gas pump to Starbucks, without ever taking it out of your wallet.
So what type of business card is best for you? Here’s a few of our current favorites.
Paypal offers business debit and credit cards.
The Paypal debit card allows you to draw from and deposit into your Paypal balance without ever having to sign into your account. For those of us who primarily conduct business via our Paypal account, this takes away the time-consuming step of having to draw down your balance into your bank account every time you want to make a purchase, and you can even gain interest!
Paypal’s credit card option is applied for in much the same way as a regular credit card, and can be paid off via your Paypal balance every month.
Virtual Payment Cards
Many banks and credit institutions are offering “virtual pay” for their debit and credit cards, including the Visa card for business. These cards are easy to apply for and set up; once you’ve been approved you can immediately set up the card and start using it, even without a physical card in your hand. For larger businesses, you can assign borderless cards to staff members so they can use them for various business expenses, inventory orders, and more. These are great for companies because you can set up parameters and controls, track spending, look over purchases and issue as many cards as you need to, without worrying about them getting lost or going over spending limits. Control the cards right from your own desktop or device. These make bookkeeping a breeze and you can even use them for payroll!
Secured Credit Cards
Secured credit cards are nothing new, but there has been an influx of different ones come onto the market in recent years. For the business owner who doesn’t have the best credit and needs to improve that credit score fast, a secured credit card is a godsend. It’s as simple as filling out an online application, and when approved, you’ll pay a small deposit fee (usually between $100 and $300 dollars or so); when the deposit goes through, you’ll have a credit card with a small limit (usually the same amount as the deposit). As you make those on time monthly credit card payments, your credit score will go up. Keep paying on time, and in as little as a few months you’ll be pleased to see that you’ve really improved your credit. These cards are great for anybody who needs a credit card for business expenditures but doesn’t have the best credit.
It used to be that rewards cards were just little pieces of plastic you’d scan at various stores to get a few points or a few dollars off a purchase. Nowadays, rewards cards are a whole different ballgame. Often, they are tied into credit cards, allowing you to make purchases with deep discounts and accumulating rewards on a whole host of products. Companies such as Visa, as well as retailers like Target, Starbucks and more, offer branded credit cards that save you money on purchases while also giving you points for using them. If there’s a business you frequent, applying for a branded or rewards credit card can save you a lot of time and money on those regular purchases you make, and they’re good for businesses, too. Many of these cards also offer virtual pay, as well.
These are just a few of the more popular credit and debit card options that business owners and their staff are using these days. Thanks to apps like Apple Wallet and others, you can pay using your debit or credit card without ever reaching for your wallet, and virtual credit cards are just the next evolution in that technology. For those who prefer that traditional piece of plastic, there’s no shortage of options for you as well. Whether you’re interested in a card that boosts your credit, a card that offers lots of rewards and perks, or a card that makes business operations easier, you’ve got a lot of options open to you.