Manage business credit cards for your team safely

Do you manage your company's expenses? Then you probably want to do it in an easy and safe way. You want to stay in control of the finances without standing in your team's way. But how do you avoid unauthorised use? How do you stay up to date on company costs? And how do you make sure that managing multiple credit cards does not take up too much time? With the right approach, your team can confidently use multiple business credit cards.

Safely manage multiple business credit cards in 5 steps

It is important to handle your company's business credit cards in a smart way. A lack of clear rules and good management may result in misuse and increased expenses. Follow these 5 steps to create a safe and easy process:

• Create clear rules for company expenses
• Choose the right business credit cards
• Decide on limits per employee
• Automate expense management
• Check expenses regularly

1. Create clear rules for company expenses

A clear policy on how to use business credit cards helps avoid misunderstandings and unnecessary costs. Make clear decisions on what will be paid with the business credit card, such as travel and accommodation costs or online purchases. Put those rules down in writing, so they will be clear to everyone in the team.

Most credit card companies offer protection from misuse by employees. Even so, it is important to inform your employees about how they can use their credit cards. Most ICS Cards offer your organisation protection in such cases, thanks to the Unauthorised Use Insurance. Check the Terms and Conditions for more information.

2. Choose the right business credit cards

There are many benefits to using business credit cards for your company. They offer effortless payments across the world and allow for a better understanding into company costs. But not every business credit card is right for every organisation. You choose the Card that fits your needs best. When making your choice, keep these things in mind:

• Acceptance around the world
• Extra insurances
• Option to link to an expense management system

ICS offers business credit cards for companies of different sizes. For example, we offer the Mastercard Corporate, which is suitable for both SMEs and large businesses.

3. Decide on limits per employee

Decide on a spending limit for each employee to control costs. You can either do this per Card or per type of cost. Aside from that, you can also block transactions, such as cash withdrawals or payments on gambling websites. Give employees a budget that fits their work responsibilities best. With a clear limit, you will avoid having employees spending too much without noticing and you will stay in control of your budget. Does your employee need a higher Card limit for a bit, for example, during a big work trip? You can easily increase it up to the maximum company limit.

4. Automate expense management

Employee declarations often only become visible at the end of the month, making finance managers' work unpredictable. By using business credit cards, you can always check your company's expenses.

If you connect the credit cards to an expense management tool, you will make the declaration process even easier and safer. Employees will simply put in their costs by taking a photo of the receipt with the declaration app. The transaction will immediately be linked to the correct expense account. This saves time and gives you more control of your company's transactions.

5. Check expenses regularly

Regular checks are important, even with clear expectations and automated management. Schedule checks often to see if the business costs match the rules you have created. This helps spot anything unusual and make changes, if necessary. This way, you will stay financially fit and avoid unfortunate surprises at the end of the month.

At ICS, you can count on 24/7 fraud prevention. We continuously watch over payments made with business credit cards. If we see suspicious payments, we will immediately get in touch with the Cardholder to check them.

Arrange multiple ICS business credit cards for your team today

With ICS' business credit cards, you can arrange multiple Cards for your team easily and safely. The standard insurances offer extra security. You can also apply for more or fewer Cards, depending on what your company needs.

Do you want to know more about the seamless use of multiple business credit cards for your team? Get in touch with Sylvia van Eijk, our account manager. She will be happy to help you further.