Credit cards have come to the forefront of commerce as we know it. Credit score aside, these pieces of plastic empower spenders with instant access to funds as needed. In fact the average credit card user has 4 separate credit cards, included in the 450,000,000+ cards in circulation. The case for credit cards grows as they offer unparalleled efficiency and convenience in an increasingly digitized transaction environment. Leveraging this degree of efficiency has become key for businesses worldwide, who continue to search for the best corporate cards available.
Company credit cards are a rational choice as they enable employees to take quick decisions without the roadblocks of bureaucracy. Additionally, a centrally issued credit card comes with the expectation of accountability – spending can be tracked and controlled with company-wide guidelines. Although managers can better allocate budgets and have a full view of spending, there remains some room for error.
Often, companies don’t have the ability to customize budget limits for cards. Without a hard cap, there is a higher probability of marginal expenditure above the desired limit. Further, most credit cards don’t provide full transparency into how money is being spent. The same card may be used across multiple purposes, for both professional and discretionary spending without clarity; as tracking is dependent upon bank statements and employee expense reports – causing a delay in data capture. So how can businesses leverage the efficiency of credit cards without any pitfalls?
NachoNacho helps businesses manage expenses by issuing virtual credit cards instantly, on-demand. Cards are issued for payments to specific vendors for clear, segmented tracking of all expenses. Users can set custom budget limits and date restrictions per card, which can be suspended or cancelled at any time. A company-wide dashboard consolidates all expenses in one place, providing a full picture of card usage and vendors being paid. NachoCards are the way businesses can regain control of their expenses.