Regardless of your business age, size, or industry, one of the simplest and most attainable methods of financially supporting your company is utilizing a business credit card.
There are a lot of great ways to use credit cards to build your business or expand into new opportunities. Below we’ve listed some great ways to grow with business credit cards.
#1: Maintains Separation of Business and Personal Expenses – It’s extremely important that you use your business credit card for business purposes only. Separating your personal and business finances leaves less room for clerical error. That clarity is especially important come tax season.
#2: Establishes Business Credit History – Small businesses often get turned down for loans or get unfavorable loan terms because they lack adequate credit history. Having a business credit card will help you establish a separate credit history, specifically for your business.
#3: Your employees can use them – With business credit cards, you can make employees authorized users and easily oversee their spending. Such cards can have customizable user privileges attached, so you can determine how much credit individual employees have access to, and where they can make purchases.
#4: Rewards and More Rewards – Whether your business spends money on travel, entertaining or office supplies, you can likely find a card with a rewards program that lets you rack up points to go toward these purchases when you use it. Some card issuers have agreements with other companies giving cardholders discounts on certain business-related products and services.
#5: Large Credit or Spending Limit- Often, business credit cards will offer higher credit or spending limits than personal credit cards do.
#6: Easier and More Organized Record Keeping- Most business cards will offer some type of online portal or app that can help you with tracking and filing your expenses. This can come in handy when you are filing your taxes or applying for a business loan because having well-organized records can save you a great deal of time
To learn more about how you can manage expenses and growth with a business credit card, connect with an NCH business funding expert. Give us a call at 800-508-1729!