Corporate Card, Customized Control

A corporate card is a payment card issued by companies to employees for business-related expenses. These employee cards help manage and control spending, streamline expense reporting, and improve financial oversight.

An organization can use company policies to set credit limits, vendor limits, and restrictions, with all transactions monitored and recorded. This not only simplifies the reconciliation process but also streamlines procurement. 

Additionally, corporate cards offer security features like fraud prevention and the ability to deactivate instantly if lost or stolen.

Credit card issuers offer these credit lines through a business bank account (like Chase or Bank of America) with annual fees and other offers differing based on the credit score.

Tipalti Card is a corporate payment card solution designed to optimize and streamline business expenses. 

Companies can quickly issue these business credit cards (virtual and physical cards) to cover expenses for both online transactions (like subscriptions) and in-store purchases (like an airport lounge).

Tipalti Card manages card spend, expenses, and more from a centralized location and earns cashback on every transaction. Everything is processed using the same solution that handles all your other payment methods.

Gain insights into every card issued in real-time and reduce risk with spend controls that limit usage by employee, vendor, or category.

Corporate cards are versatile financial management tools used by business owners to manage a wide range of expenses quickly and efficiently. 

Here are some of the more common use cases for corporate card programs:

Travel and entertainment: Also called T&E expenses, employees can use corporate cards for things like business travel, flights, hotels, car rentals, meals, client entertainment, ATMs, and more.

Office supplies and equipment: Cards can be used to purchase office supplies, furniture, and equipment needed for daily operations. Startups with business credit cards will often use them for accounting software subscriptions and other digital tools. 

Events and conferences: Employees can use a corporate card to pay for conference registrations, seminar fees, and other types of training sessions. They can also cover costs related to event logistics, like promotional materials and travel expenses.

Marketing and advertising: Corporate cards can be used for online advertising expenses like Google Ads and social media. They can also be used for traditional media like billboards, print, and sponsorships.

Other use cases:

• Corporate gifts for holidays and birthdays
• Utilities, rent, and other operational expenses
• Contingencies for unexpected events
• Supplier payments to smaller vendors
• Employee engagement and team-building activities

Several key factors must be considered when choosing a corporate card for your business expenses. Some important aspects to evaluate include:

• Spend controls and limits: Ensure the provider allows for individual spend limits and restrictions. Look for a card that allows spending by category.
• Security features: Make sure the card offers robust fraud detection, transaction monitoring, and the ability to freeze cards instantly.
• Expense management: The card should seamlessly integrate with your existing expense management software or ERP system. 
• Fees and rewards: Consider annual and transaction fees. Also, reward programs like cashback and travel points should be considered.
• Compliance and reporting: Ensure the card provider complies with relevant financial regulations and standards. There should be easy reporting for audits.
• Customization and scalability: Choose a card that can grow with your business, allowing you to add users and adjust limits as needed.

The card you select should also offer an easy-to-use interface with intuitive workflows and simple onboarding.

There are a variety of perks and advantages to using a corporate card. A few of these include:

Rewards programs: Some corporate cards offer rewards (like cash back) that can provide additional value to a business and its employees.

Improved cash flow: Corporate cards help manage cash flow by allowing employees to pay for essentials without using personal funds (or their personal credit score). 

Simplified expense management: Automated tracking and reporting features streamline the expense reporting process, reducing paperwork and expediting administrative tasks.

Policy enforcement and compliance: Corporate card programs help businesses enforce company spending policies with cardholders and ensure compliance with regulatory requirements.

Additional benefits:

• Enhanced control and oversight
• Increased efficiency and accuracy
• Empowers employees with autonomy
• Partnerships with top providers

Eligibility for a corporate card usually depends on several factors.

A business must:

• be a legally registered entity
• have a good credit history
• have been operating for a certain period of time
• have a certain amount of annual revenue determined by the card provider
• possess a Tax Identification Number (TIN)

An employee must:

• be actively employed by the company (usually full-time)
• be approved before the card is issued
• demonstrate responsible financial behavior
• have the need to make autonomous purchases

Tipalti Expenses is part of Tipalti’s connected portfolio of financial automation solutions and integrates seamlessly with Tipalti Card.

Tipalti Expenses also integrates with Visa, Mastercard, and American Express (Amex). This enables a business to manage all reimbursable expenses and card transactions in one place (regardless of the issuing entity). 

A business can automatically reconcile all purchasing card transactions regardless of issuing entities or card types, simplifying finance workflows.

This employee-friendly solution helps boost adoption with intuitive mobile or web interfaces. It allows staff to quickly snap and upload receipts, while card limits help them stay within budget. 

Key integration features include:

• Spend controls and built-in compliance
• Real-time expense tracking
• Expense report automation
• Enhanced security and fraud protection
• Seamless data synchronization