What is a corporate card, really?
Getting a debit or credit card in Africa is not the simplest thing to do as an individual and it can get even trickier for a company. As a company you might need multiple credit or debit cards for your upper and middle management staff to cover for their expenditures.
Obtaining one card is not simple, obtaining multiple cards is almost impossible. Therefore, solutions need to be found by the finance or accounting teams.
For lower or regular staff, they are asked or required to pay upfront using their own cards or any other payment methods they possess and ask, or fill for a reimbursement from the finance or accounting team.
Many employees do not like the expense report system for the reimbursement of their professional expenses, mainly because of the extensive paperwork required. Many companies do not like the extra cost that comes with every additional cards issued by their banks, and the extra time wasted by the finance team handling reconciliation, and processing reimbursement.
Today, with the revolution in FinTech, companies have an alternative to traditional banks to offer to each of their employees, a corporate card, no more:
“Hey Chino, can you pass me the company credit card?”
In addition to reducing or eliminating the reimbursement of employees, a corporate card optimises the management of professional expenses for company financial decision makers. As part of their job, some employees may incur expenses on behalf of their employer (meal expenses, travel expenses, accommodation, online services, etc…).
Better budgeting, better expense reports, centralised management, those are some of the benefits of a corporate card, you can learn more about those benefits here.
Trust us, your finance team is going to love it.
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