In a word: time.
Any time spent not delivering outcomes is costing you money and one of the biggest time killers for a small to medium business, is the process of obtaining corporate credit cards from the bank.
Your staff need to make purchases on behalf of the business and the old-school way of doing this through banks? Well, let's just say it's not all sunshine and rainbows. Which brings us to why we've written this article.
We'll look at the challenges small-to-medium-sized businesses (SMBs) encounter when navigating the complex world of financial institutions with example businesses, and we'll also discuss why prepaid corporate cards may be a better fit for SMBs.
Imagine a bustling small tech startup in Melbourne, with 20 employees, let’s call it “SwiftTech”. The company is growing rapidly, and they need to issue a corporate debit card for their new marketing manager, Sarah. The CEO, Mark, has heard that banks can take weeks to issue a new card.
Mark contacts his bank and begins the process of obtaining a new card for Sarah. He submits the required documents, fills out forms, and waits patiently. Two weeks pass, and there's still no sign of the new card. Mark contacts the bank, only to find out that there was an issue with his application, and it needs to be resubmitted. Frustration builds as another week goes by without a resolution.
Meanwhile, across the country in Sydney, a family-owned retail business called “Sydney Emporium” faces a different kind of challenge. The business has been around for decades and has always used traditional banks for corporate card issuance. However, their experience has been plagued by excessive paperwork and bureaucracy.
When the HR manager, Lisa, attempts to get a new card for their store manager, John, she is overwhelmed with paperwork. She has to gather documents from John, fill out multiple forms, and make multiple trips to the bank branch to verify information. Weeks turn into months, and Lisa's desk is piled high with documents and forms that seem never-ending.
The traditional method of issuing corporate credit/debit cards through banks has proven to be fraught with challenges and inefficiencies. As demonstrated by the examples of “SwiftTech” and “Sydney Emporium", these challenges can hinder business growth and productivity.
Prepaid corporate cards through providers like Budgetly are a relatively new option that is better for SMBs in a few key ways:
Want to find out if Budgetly is the right fit for your business? Book a 10 minute demo with us today!