Today, corporate credit cards have become an indispensable part of a startup ecosystem. They aim to solve one of the biggest challenges businesses face, which is cash flow management.
“Despite the fact that cash is the lifeblood of a business – the fuel that keeps the engine running – most business owners don’t truly have a handle on their cash flow,” says Philip Campbell, a former CFO, CPA and author of Never Run Out of Cash. “Poor cash-flow management is causing more business failures today than ever before.”
But a RazorpayX Corporate Credit Card is the perfect solution to cash flow management.
If you don’t have a Razorpay X Corporate Credit Card for your startup yet, we’re going to tell you why it’s a good idea to get one. Read on.
What is a RazorpayX Corporate Credit Card?
RazorpayX Corporate Credit Card is a type of business credit card for startups and entrepreneurs. It is powered by a scheduled bank, SBM India, one of the biggest banks in APAC.
RazorpayX Corporate Cards are issued on the basis of business performance and potential instead of fixed deposits or security collateral. The corporate card also integrates with the Razorpay Payment Gateway and RazorpayX Banking Hub to make your repayments and usage easier with better visibility all around.
Benefits of a RazorpayX Corporate Credit Card program
1. Dynamic credit limits
Many entrepreneurs use personal credit cards for making business purchases. Personal cards have limited credit limits. What often follows is the usage of multiple personal cards and reimbursement nightmares to just keep things running. This is why we designed the credit limits on RazorpayX Corporate Cards to be dynamic.
Dynamic credit limits scale with businesses and provide a buffer by keeping limits up to two times the regular usage.
2. No personal liability
Every business owner understands that business transactions can get tricky, mainly due to the high transaction value involved. Later, when such a situation arises – using your personal credit card risks your personal credit limit. However, a corporate credit card has no liabilities on the individual.
3. Payments for all business needs
Some businesses that continue using net banking and debit cards for running ads, paying for online subscriptions, AWS, etc., often face the reality of failed transactions. They have to manually ensure payments for such services integral to their businesses.
RazorpayX Corporate Cards are universally accepted Visa cards, so businesses don’t have to think twice about setting up recurring payments to subscribe to a service or make an international payment.
4. Greater visibility into your billed & unbilled transactions with a smart dashboard
If a startup wants to stop all payments from their credit card to balance the budget, it is as easy as a simple toggle from the RazorpayX dashboard. The RazorpayX Corporate Card dashboard takes care of visibility with nuanced reporting and the ability to set limits on cards, users and types of expenses.
5. Ability to set limits for teams and toggle cards on or off with a click of a button
As a business, you have complete control and visibility over all business expenses. You can set an upper limit on funds that can be used by your employee. This helps you manage your expenses really well. And, you don’t have to worry about making reimbursements to your employee later on.
6. Option of automatic repayment from your customer payments
With RazorpayX Corporate Cards, you get greater visibility of expenses made by your employee when they use one. Not just this, you can also offer an option to enable automatic repayment from your customers.
7. Stunning design with a personal approach
RazorpayX is levelling the field for all businesses and that includes the attention to detail that every business receives.
We have designed every RazorpayX Corporate Card to be not just smarter than an average card but also to carry the logo of businesses in all their glory. The application process is also very simple.
8. Add-on cards for team members
Startup founders can get custom Add-on Cards tailored to different roles of their team members, right from the Razorpay dashboard. Add-on Cards are pre-loaded with a specific amount or credit line. This makes these cards such valuable assets for businesses and are less risky to hand out to your employees.
These cards essentially contain the same features as the RazorpayX Corporate Card and can be only availed by the primary cardholder for other team members.
9. Rewards and cashback
This is another benefit of using a RazorpayX Corporate Credit Card. You can earn cashback and business rewards for any expenditure made using the card. So, you can save money on your corporate expenses while using the corporate card facility.
10. Easy application process
Upon applying online, founders can get their virtual cards instantly and physical cards in 3-5 working days. No complicated paperwork and instant approval, because startups should not be kept waiting!