Does Your Company Need To Have A Secured Business Credit Card
How do you know if it's time to get a secured business credit card or to just carry on using your own personal cards? Well if you want you could just give a member of staff a credit card and send them off to carry out some shopping then it is probably time to start thinking of some alternative solutions.
You could naturally start to keep a larger amount of cash available and use that more and more for purchases. The issue with using petty cash as it is known instead of getting a secured business credit card is that it is a lot easier for mystery purchases to get made with cash, or for some of it to only get lost.
Once you have a secured business credit card you can see precisely what has been purchased on it each month, if you get one for each of your main staff you can see precisely who has bought what. You can reconcile your credit statement a lot easier and faster than a pile of cash.
They can also help you build your business credit score and there is no actual risk exposure to your company because you have to deposit money with the bank before they'll issue a card. When you deposit one thousand dollars they will just allow that much credit so whoever has the card can't go crazy and run up bills beyond the amount of money you've deposited.
Try and clear the bill off every month so you aren't asked to deposit much more with the bank and do not be persuaded to increase the amount of money by the card holder in your company.
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