Getting a small business credit card is a good idea for many small business owners, especially if their business is new. With so many responsibilities, it can be relieving to have some flexibility and wiggle room in paying vendors and making purchases.
While there are plenty of credit cards for new businesses out there — even small business credit cards for bad credit — some small business owners may be wary and unsure of whether or not they can really help. Here are four reasons why getting a small business credit card can help you succeed in the day-to-day difficulties of running a small business.
Convenience
Convenience is one of the best reasons to consider a small business credit card. Most small businesses make purchases in person and online, and having one easy medium of payment saves time and makes keeping track of expenditures easier. Because small business credit cards can be used at ATMs, they also keep you from being dependent on bank hours for access to cash when you need it.
Buy What You Need
“You have to spend money to make money” goes the old adage, but when you don’t have the money you need to spend in hand, what can you do? Small business credit cards give small business owners easy and fast access to credit. Whether you need to purchase new equipment or product, a credit card can be a godsend when cash flow is less than ideal.
Simplify Employee Expenses
Reimbursing employees for regular expenses they make with their own money is a burden on your time that no small business owner needs. With a small business credit card, this hassle disappears. You and your employees can all use the company credit card, and each month, you’ll have just one bill to contend with. Be sure to check every receipt against the credit card bill each month, though. You don’t want any unauthorized purchases to go unnoticed.
Easy Account Management
In addition to your monthly bill, most business credit cards give you quarterly and yearly statements. These additional perks make it easier for businesses to see trends in spending that might otherwise slip under the radar. Statements can also usually be downloaded into formats for easy use with accounting software like Quickbooks or Excel.
At TDECU, we offer a wide range of business services, including one of the best business credit cards for startups and other new ventures. Let us help you reach your business goals. Apply for a small business credit card today.
Sources:
https://www.thebalancesmb.com/small-business-credit-cards-393428
https://www.cnbc.com/select/benefits-of-small-business-credit-cards/