Corporate cards

Corporate cards, sometimes referred to as expense cards, purchase cards, or business cards, are payment cards issued by a company to its employees for business-related expenses.

They are designed to streamline the process of handling business expenditures, such as travel, office supplies, and client dinners. These cards come with various features that help manage and monitor spending, including customisable spending limits, detailed transaction tracking, and real-time data and notifications.

Corporate cards, as provided by Equals Money, are multi-currency Mastercards and support spending in 20 global currencies. Additionally, Equals Money cards are available as prepaid business cards and business debit cards, enabling acceptance on systems that typically don't accept prepaid cards, such as digital ad platforms.

The benefits of a corporate card are numerous, enhancing financial management and operational efficiency for businesses. Corporate cards reduce the need for employees to use personal funds for work-related expenses, simplifying the reimbursement process. They also provide businesses with better financial control and oversight, as all expenditures are centralised and easily accessible for review.

Additionally, corporate cards come with spending controls, allowing companies to set limits and monitor transactions in real-time, reducing the risk of fraud and overspending. They offer convenience and flexibility, enabling employees to make necessary purchases without administrative delays. Furthermore, the detailed transaction data available from corporate cards helps businesses negotiate better terms with suppliers and gain insights into spending patterns, ultimately contributing to more strategic financial decision-making.

Overall, corporate cards are a valuable tool for improving financial efficiency, transparency, and overall convenience within an organisation.

Typically, the primary difference between a corporate card and a purchasing card lies in their intended use and the scope of expenses they cover. A corporate card is typically issued to employees for a broad range of business-related expenses, such as travel, client entertainment, and office supplies. In contrast, a purchasing card, or P-card, is specifically designed for procurement purposes, focusing on the acquisition of goods and services needed for the company’s operations.

However, as both cards help streamline expense management and reduce the need for petty cash, Equals Money cards can function as both. Equals Money cards are multi-currency Mastercards, available as either prepaid or debit, designed to simplify and aid in expense management for businesses of all shapes and sizes.