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There are various myths in circulation about the use of corporate credit cards. We explain how using these cards correctly makes expense reports easier and keeps costs under control.
Many corporate credit cards surpass their reputation. If companies know what’s important to them when choosing the type of credit card, they can benefit from multiple advantages.
It is true that corporate credit cards are not usually issued free of charge. The conditions depend on the services provided. There may also be fees for using cards abroad, and interest may be charged for making partial payments. However, it is also true that processing manual expense reports ties up an enormous amount of capital and resources in companies and is prone to error.
Corporate credit cards can even save costs, as they ensure greater transparency in relation to expenses, especially in conjunction with an expense management tool. What is more, cash transactions are associated with greater risk, especially when traveling. “If an employee loses their card, there are no losses for the company, as UBS will replace the card free of charge (excluding prepaid cards),” explains Alexander Blattner, Head of Sales at UBS Card Center.
A UBS Corporate Credit Card also offers other additional services, such as:
Automated data reconciliation: integration into expense management and accounting tools allows automatic reconciliation of payments and receipts, which simplifies accounting.
Mobile wallets and virtual cards: cards can be saved in mobile wallets (e.g. Apple Pay and Google Pay) or provided as virtual cards for e-commerce and one-off payments.
Flexible payment terms: depending on the type of card, companies can make optimum use of the payment terms to improve liquidity (standard credit limits, monthly billing).
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Before a company can provide its employees with a credit card, a credit check is usually carried out and a credit limit set. This can be an obstacle for start-ups and SMEs.
However, there is a solution for this too: the Business Prepaid Card. This type of card can simply be topped up via E-Banking. UBS offers the option of automatically topping up the prepaid card as soon as a minimum amount has been reached, for example. This means that companies don’t have to worry too much about topping up cards.
Companies that operate throughout Switzerland and do not require additional services can also opt for the Business Mastercard, and larger companies can choose either the Classic or Gold version of the Corporate Card.
Business Prepaid Card: no credit checks, easy to top up digitally with individual credit for each employee – ideal for start-ups and small companies
Business Mastercard: simple and transparent expense management, with insurance cover for business trips on request – ideal for SMEs
Visa Corporate Card Classic/Gold: simple and transparent expense management, with insurance cover included – ideal for medium-sized and large companies
Security concerns are one of the most common misunderstandings in relation to corporate credit cards. USB meets the highest security standards – and they are constantly being enhanced. As long as SMEs comply with the duties of care, they will not be liable for any damage in the event of card misuse. To apply for a corporate credit card, the company should simply call their client advisor. The only requirement is a UBS business account. The attraktive banking offer is perfect for SMEs and only takes a few minutes to open.
With a Business Prepaid Card, a predetermined amount is transferred to the card in advance. This means the card can be issued rapidly and without a credit check. Like a credit card, the Business Prepaid Card can be used worldwide, including for online purchases and cash withdrawals. The card can be topped up free of charge in UBS Digital Banking in no time at all – and there is now even an automatic top-up function. Each card has an individual credit balance.
The Classic Credit Card has a monthly credit limit set by the card issuer. The company can freely dispose of this amount in advance. The bill doesn’t have to be paid until the end of the month. Whether for ordering office supplies online or paying for a hotel room abroad, corporate credit cards give employees flexibility.
In addition, a clear distinction is made between private and business expenses. At the same time, the use of cards simplifies billing processes, increases cost transparency and improves expense management.
Despite paying by credit card, many employees still have to collect receipts manually or record their expenses electronically via an expense management tool. A note on the receipt indicating the reason for the payment simplifies subsequent processing. “We now have a large number of customers who use an expense management tool. This also eliminates this manual process,” says Alexander Blattner, Head of Sales at UBS Card Center.
UBS offers an interface compatible with many of these electronic programs that feeds the transaction data directly into the system. Employees must always observe their company’s guidelines when using a corporate credit card. They must be familiar with and observe their duties of care for the use of the card.These duties of care include:
Companies that wish to introduce corporate credit cards should draw up clear guidelines. Once the responsibilities have been determined, spending limits set and the necessary security precautions taken, there is no reason why credit and prepaid cards can’t be used successfully within the company.
The most important steps include:
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Although there are various myths in circulation about the use of corporate credit cards, anyone who looks into the subject will quickly realize that there are more advantages than disadvantages.
If companies make detailed plans for the use of corporate credit cards – and request specialist advice if necessary – these cards offer numerous benefits and a great deal of freedom.
Arrange an appointment for a non-binding consultation or if you have any questions, just give us a call.
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