Nowadays businesses have a lot of options on how to get a business debit card. While business cards were previously offered only by banks, the market has become much more diversified. With the right service provider, you are able to pay online marketplaces and access ATMs all over the world at favourable rates: Everything you need to know about how to get and how to use a business debit card in the following article.
A business debit card is linked to payment-processors such as Mastercard and enables companies to conduct online transactions, pay for goods and services in stores, or withdraw cash from an ATM.
Business debit cards…
The cards are either offered by banks or financial service providers and can be assigned to departments or individual employees. Administrator controls allow you to set spending limits and restrictions, track expenses and receive detailed transaction records.
Depending on the issuing organisation, business debit cards might have their own USPs, such as reduced FX fees or the possibility to hold multiple currencies.
As a result, business debit cards have the potential to streamline the workflow of the accounting function and to save FX margins as well as international transaction costs.
A business debit card offers many advantages for a wide range of businesses. Logistics companies with a big fleet can give its entire staff a debit card to pay for gas stations, road tolls or other services. In a similar fashion, debit cards are ideal solutions for delivery services, taxi or rental car companies.
Business debit cards provide you with more flexibility: Your staff can easily withdraw money abroad on business trips, while the purchasing function can buy lucrative products at online marketplaces. Additionally, with virtual cards for subscriptions, the marketing and product teams can efficiently manage recurring subscriptions for online tools and services. Further, a business debit card helps businesses control all their expenses by putting individual limits on each and every card.
Business debit cards allow you to control and monitor all your expenses, which makes it easier to track unnecessary cost factors and streamline your finances.
Even though there might be overlaps between personal and business expenses, you should not use your business debit card for personal expenses.
Business debit cards can be used by HQ, departments and even individual employees. Each card can be budgeted according to the needs.
The following points show how to use a business debit card:
More and more employees want autonomy at work1, which can be a major factor for leaving. Next to a corporate and functional level, companies also offer business debit cards for employees. A business debit card for employees offers more flexibility and faster decision-making, as the individual employee can take immediate action according to his budget. This is especially important for purchasing professionals or managers on business trips.
| amnis | Revolut | PayPal | Wise | Payoneer | Skrill | |
|---|---|---|---|---|---|---|
| FX fees | 0% | 0,6%-1% (amounts over allowances) | About 4% | Starting from 0,43% | Up to 3,5% | 3.99% |
| Currencies | 25+ | 25+ | 25 | 40+ | 7 | Hold 1, send 40 |
| Other fees | Subscription plan | Transaction fees, FX fees, Withdrawal fees | Transaction fees, FX fees, Withdrawal fees | Registration fee | Transaction fees, FX fees, Withdrawal fees | Transaction fees, FX fees, Withdrawal fees |
| Expense management | Yes | N/A | Limited | N/A | N/A | Limited |
| Interest rate | Yes | Yes | No | N/A | N/A | N/A |
Each and every business can profit from the amnis multi-currency debit card by saving transaction costs and streamlining accounting and reporting procedures.
With amnis you can hold multiple currencies at no additional costs. Even if you don’t hold a specific currency, as long as your overall balance is sufficient, the card conducts automatic exchanges at the lowest possible prices.
Different packages are available for SMEs and large corporations, so that companies of all sizes can find the fitting offers. Virtual cards are activated instantly, while physical cards will be sent to you in a matter of days.
Even better: The smart “tags” function enables you to classify and assign transactions to specific departments or projects, which speeds up the accounting and reporting process.
If your business is ready to streamline its finances and save on transaction costs, follow these steps:
Businesses of all sizes can profit from the amnis multi-currency business debit card. We encourage you to sign up for a free demo account below to check all functions of our financial ecosystem and take the first steps to get closer to ordering and issuing business debit cards. Once the onboarding process is complete, you can immediately use the virtual debit card and receive the physical cards in a couple of days.
amnis offers an entire financial ecosystem that enables you to save money with every transaction. If you conduct frequent international payments via the SWIFT network, we highly recommend you to check out our local payment services. You can pay like a local through schemes such as SEPA and ACH and profit from lower transaction fees and faster turnaround times, no matter where your business is located.
1 – https://www.bbc.com/worklife/article/20220831-why-some-employers-wont-give-in-to-flexibility
