{"id":6927,"date":"2021-11-20T01:42:14","date_gmt":"2021-11-19T20:12:14","guid":{"rendered":"https:\/\/razorpay.com\/blog\/?p=6927"},"modified":"2025-03-07T08:23:21","modified_gmt":"2025-03-07T02:53:21","slug":"management-practice-for-razorpayx-corporate-credit-card","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/business-banking\/management-practice-for-razorpayx-corporate-credit-card\/","title":{"rendered":"5 Best Management Practices for RazorpayX Corporate Credit Cards"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Corporate credit cards are becoming an indispensable part of businesses today. According to <a href=\"https:\/\/techwireasia.com\/2021\/09\/corporate-digital-payments-see-gains-in-popularity-in-india\/\" rel=\"nofollow noopener\" target=\"_blank\">Tech Wire studies on corporate digital payment<\/a> <\/span><span style=\"font-weight: 400;\">, \u201cThough traditionally restricted to travel-related expenditures, businesses spending via <a href=\"https:\/\/razorpay.com\/x\/corporate-cards\/\">corporate credit cards<\/a> now presents a budding opportunity worth US$500 billion in India.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A significant number of companies are adopting RazorpayX Corporate Cards for their business. And the reasons are multifold. To mention a few here;<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It has no liabilities on the individual<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">As a business, you have complete control and visibility over your spends<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It has a much higher limit on the funds you can access when compared to personal cards or business credit cards<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Without much effort, you will be able to claim accurate business expenses and reduce your tax <a href=\"https:\/\/razorpay.com\/learn\/what-is-liability-in-accounting\/\">liability<\/a><\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any expense will happen through main or add-on cards with pre-decided limits and permissions, which means there\u2019s little room for misuse<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It helps build your company\u2019s <\/span><a href=\"https:\/\/razorpay.com\/learn\/how-to-maintain-good-credit-score\/\"><span style=\"font-weight: 400;\">credit score<\/span><\/a><\/li>\n<\/ul>\n<div style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528ff0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/x\/corporate-cards\/?r=blog_cta_business_banking_management_practices_corp_card&amp;utm_source=blog&amp;utm_medium=cta\" target=\"_blank\" rel=\"noopener noreferrer\">Get RazorpayX Corporate Card<\/a><\/div>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">However, if not managed efficiently, corporate credit cards can cause some serious damage to your business.\u00a0<\/span><\/p>\n<h2>Best Corporate card management practices<\/h2>\n<p><span style=\"font-weight: 400;\">Here are some tips to help you successfully manage your RazorpayX Corporate Card and employee spending.<\/span><\/p>\n<h3><strong>1. Set clear cardholder responsibilities<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">When getting a RazorpayX Corporate Card for yourself and your employees, it is imperative that you lay out strict rules for the use of corporate credit cards within your company. Your employees should know that corporate credit cards cannot be used for personal expenses heavily. Another essential element is that only the person whose name is on the corporate credit card is eligible to use it. Additionally, you can get an <\/span><a href=\"https:\/\/razorpay.com\/blog\/introducing-add-on-cards\/?utm_source=Social+Media+&amp;utm_campaign=Add-on+Cards\"><span style=\"font-weight: 400;\">Add-on Card<\/span><\/a><span style=\"font-weight: 400;\"> for team members and reduce your OTP hassles.<\/span><\/p>\n<h3><strong>2. Use the dashboard\u00a0<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">The dashboard that accompanies a RazorpayX Corporate Card can help you track when, where and why employees are spending company money. You can typically sort through your corporate credit card spend by vendor, department and employee. Sorting ensures that even if many employees use a corporate credit card account, you can still monitor and track exact spending practices. This helps you manage your expenses really well. And, you don\u2019t have to worry about making reimbursements to your employee later on.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-6949\" src=\"https:\/\/razorpay.com\/blog-content\/uploads\/2021\/11\/Corporate-Card-dashboard_video-1.gif\" alt=\"razorpayx corporate card dashboard\" width=\"605\" height=\"377\" \/><\/p>\n<h3><strong>3. Establish limits on spending<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Set a specific amount or credit line on your RazorpayX Corporate Cards while handing them to your employees. It is important to deploy multiple types of spending limits to ensure that employees are spending company money within reason. You can also specify the permissions such as offline use and types of spends on your corporate credit card.<\/span><\/p>\n<h3><strong>4. Require approval when necessary<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">It can be helpful if your employees take approval for larger costs, such as expensive client dinners or long-distance flights. Not only does this ensure that you are aware of when and why your employees are taking on certain larger expenses, but it also establishes an expectation with employees that large expenses must be valid and justified whenever necessary.<\/span><\/p>\n<h3>5. Conduct annual reviews<\/h3>\n<p>Conduct annual corporate credit card user entitlements for every employee. This will ensure that department heads are aligned with corporate credit card spend limits according to the responsibilities of employees. If an employee no longer works in a function that requires a corporate credit card, then they can be removed from the corporate credit card program.<\/p>\n<h2><strong>Summing up\u2026<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">With a RazorpayX Corporate Card, you can easily track and manage the money that is being spent on business operations. Following the best practices mentioned above will lead you to a well-run corporate credit card account and smooth sailing in how you spend company funds.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Do you have a Razorpay Corporate Card yet? If not, join the waitlist today!<\/span><\/p>\n<p><strong><em>The RazorpayX Corporate Cards are developed in association with SBM India, one of the biggest banks in the APAC region.<\/em><\/strong><\/p>\n<div style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528ff0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/x\/corporate-cards\/?r=blog_cta_business_banking_management_practices_corp_card&amp;utm_source=blog&amp;utm_medium=cta\" target=\"_blank\" rel=\"noopener noreferrer\">Get RazorpayX Corporate Card<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>If your company uses corporate credit cards, here are a few best practices surrounding card use, expense reporting, and approvals.<\/p>\n","protected":false},"author":66,"featured_media":6973,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[27],"tags":[340],"class_list":{"0":"post-6927","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business-banking","8":"tag-corporate-card"},"_links":{"self":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/6927","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/comments?post=6927"}],"version-history":[{"count":2,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/6927\/revisions"}],"predecessor-version":[{"id":21318,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/6927\/revisions\/21318"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media\/6973"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media?parent=6927"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/categories?post=6927"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/tags?post=6927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}