required to be paid in full each month. “One of the biggest
differences between business and commercial credit cards is that commercial cards aren’t used as a financing tool,” says Nicholson. “Instead, they’re intended as a utility for streamlined payment processing.” What does this mean for the business? Commercial credit cards are equipped with a card management system that facilitates changing credit limits in real time, and the ability to quickly
order additional cards. Card users are able to capture receipt images and code transactions right from their mobile device. The cards include sophisticated reporting tools, too. In
addition to listing transactions for the month, commercial credit cards can also identify specific transaction characteristics for auditing purposes. “Commercial cards are designed to be really scalable for the largest enterprises,” Nicholson says. “And they offer systems focusing on automating payables and integrating cards into the payables process, as well as adding on more sophisticated auditing capabilities to detect employee misuse or abuse and even fraud.” CB&T also offers consortium commercial credit cards geared toward clients in the public sector— health care, nonprofit, municipalities and schools, for example. “These clients may not have a lot of annual spending (that can be paid with a credit card), but they may need sophisticated audit and reconciliation capabilities,” he says. “Consortium customers also pool their spend with all other customers in consortium. “As a result, they can get a higher cash back rate than what they may be able to earn on their own.”
“Business credit cards increase spending power to allow a growing business to invest in that growth and give the business owner the opportunity to establish a strong credit profile, which gives you even more flexibility to borrow and invest in the business,” says Stewart. Business credit cards also offer protections against fraud, unauthorized spending by employees, and against unexpected cash flow challenges.
Commercial credit cards help large businesses
“For larger businesses where at least 20 separate purchasers in the business each need a company credit card, CB&T offers a more robust option, the commercial credit card,” says Jared Nicholson, senior vice president and division manager of Commercial Card Products and Services for Zions Bancorporation. These cards are directed toward long-established businesses that no longer need revolving credit and perhaps spend more than $500,000 annually. Balances on these cards are
Curious about which credit card product is ideal for your business? Contact your CB&T banker.
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