This could be the most vital financial tool your business will ever need.
The following reasons will convince any small business owner beyond doubt about this fact.
Build a positive credit history for your business Business credit card issuers report to major credit bureaus, and if you are good in repayments and manage credit card funds properly- your business establishes a good credit history.
This translates into larger loans, overdrafts, and better financial terms in the future.
Saves money on your business expenses Business credit cards have exclusive tie-ups with hotels, airlines, cargo and courier agencies, office equipment suppliers, legal service providers etc.
This ensures a lot of savings on your business spending since almost all business depend on these vital services.
Cuts risk, improves financial reporting and financial discipline within your business Lost luggage insurance, travel insurance, identity theft protection, auto theft protection are some of the facilities that come with a business credit card.
This cuts a lot of travel and business risk.
In addition to this every business credit card can be assigned a spending limit and it can be monitored.
This ensures proper budgeting and promotes financial discipline.
Online account management and reporting of transactions done with business credit cards and their integration with popular money management software makes financial reporting a breeze.
Expert advice and knowledge base for your business Business credit cards have extensive resources to help small business with expert advice.
There are forums, communities and chat facilities which promote interaction between small business owners.
Thus a large pool of talent is available 24/7 to help your business with vital information.
Lends a credibility to your business Last but not the least, owning a business credit card will definitely add credibility to your business.
The impression that comes with making payments with your business credit card speaks volumes about your business.
If your business still doesn't have a business credit card, what are you waiting for? The advantage of owning one are numerous and will definitely help your small business succeed.