The Ideal Card Type For Your Day-To-Day Business Expenses

Elon Musk once quoted a friend and stated: “Being an entrepreneur is like eating glass and staring into the abyss of death.” Now, this, of course, may be a bit of an over-exaggeration, but the reality is there is a lot to consider as a start-up.

We all focus on the big ideas and core goals of our business strategy when setting up a company. However, it’s important to focus on some of the minor details which will make fundamental differences in the way you do business.

One of those details that may seem minor to begin with is what card type you should use for day-to-day business expenses. And in this post, you’ll find out that it may be not such a small consideration after all.

So, let’s now look at different types of business cards you can consider for your everyday business expenses.

Types of Business Cards

For the most part, there are generally two types of business cards you can choose from to deal with daily expenses. You can either opt for business debit cards or business credit cards.

We’re just going to jump the gun at this point and say we are pro debit cards for business expenses from the outset. One of the main reasons for this is that a debit card will keep your budget in order and force you to be efficient in your dealings from day one.

Furthermore, business debit cards are super-easy to get as a new business owner, and they’re convenient. So, even if you want to get a company credit card, we believe business debit cards are a key starting point.

How Do Business Debit Cards Work?

With a business debit card, you can only spend the cash that you have in your bank. So, you would have your debit card linked to your business checking account to deal with expenses.

Most debit cards use chip and PIN technology. Plus, there’ll also be contactless payments and online payments available for you.

Virtual Corporate Cards

There are also virtual debit cards available these days. For instance, Bento for Business offers two variations of virtual debit cards for business that you can check out here: https://bentoforbusiness.com/features/virtual-debit-cards/.

It’s also typical that you will be able to make use of purchase cards when you get virtual corporate cards. These purchase cards (p-cards) are great for you if you want to authorize certain employees to carry out daily transactions.

Plus, there are such things as ghost cards. These cards let you make on-off transactions to third parties, without you having to show any of your banking information.

Choose the Right Card Type for Your Business

While credit cards may be useful to gain access to credit for your business, we advise that you initially get the debit card type first as a fundamental business tool. And the virtual corporate cards we mentioned are very flexible.

So thanks for checking out this short post and we hope you learned something! We’d also like to invite you to check out our blog for further reading.