Business
• Using a business credit card could help simplify your vendor payments so you can focus on other important tasks.
• You can earn cash back rewards and points on your regular business expenses, which you can use toward future operating costs.
• You can easily manage employee spending as you expand your business so you always know how much is being spent and where.
• You can protect your business finances as you expand with fraud protection to help limit your company’s exposure to loss.
At a certain point in running your business, you may need to decide whether to stay where you are or continue to grow. Some business owners are satisfied with where their business stands and intentionally choose not to take it to the next level. However, you might have decided that growth is the next right step for your business. That could mean expanding to another location, adding more members to your team, offering a new service, or rolling out new products.
No matter what growth looks like to you, you’ll likely need financial backing to support it. A sometimes overlooked but powerful growth tool for small business owners is the right business credit card—and there are several ways to leverage it to help your business thrive.
Writing checks and juggling different payment methods can be time-consuming and difficult to track. A business credit card can help simplify your vendor payments with a single process.
Another advantage is that a credit card can streamline business expense reports. Authorized employees can make purchases for the business with a company credit card to simplify expense reporting. You can also look for an online banking platform that allows you to create customizable reports to help track and organize expenses and sync with your accounting software to simplify reporting.
As a business owner, you can enjoy rewards when you pay for expenses with a business card that other forms of payment, like checks and money transfers, do not offer. These rewards can contribute to your bottom line and lower the cost of running your business.
Look for a card with rewards that align with your business needs. The U.S. Bank Business AltitudeÒ Power Visa SignatureÒ Card allows you to earn points on all purchases with no limits to the amount of rewards you can earn. So, you can get rewarded just for booking a flight or hotel stay or simply paying for office supplies.
When you’re ready to redeem your cash back rewards or points, they can be a statement credit or a deposit to your checking account. The savings can be big, especially if your business makes the majority of its purchases on the card each month.
Depending on your vendors and how you set up business payments, you might make payments with checks, debit cards, wire transfers, or ACH transactions. Using a business credit card to make payments can free up more cash for your business and create extra purchasing power. When you pay a vendor by check or money order, the funds immediately leave your company’s accounts. A business credit card provides flexibility and allows your company to increase cash flow.
Your purchasing power can be used to invest in your business, whether that means buying more inventory to get additional products in the market or rolling out a new marketing campaign to help boost sales.
A business credit card should be able to help you manage expenses with customized alerts to flag payments that are due, schedule transactions, and other controls. For example, with the U.S. Bank Shield Visa Credit Card, you can add card controls on your employees' cards like the amount they can spend and when and where they can spend it.
Keeping a tight handle on employee spending could help you redirect excess funds for employee development or other incentives that encourage employee productivity.
You may not be able to access the money you need to grow your business through your credit card alone. However, managing your card responsibly could help you build your business credit score over time. In turn, you may be able to qualify for loans or lines of credit that can provide the money you need for further growth
Most credit cards offer fraud protection that can give you peace of mind to pursue new opportunities as you grow. If you have a U.S. Bank business credit card and your card is lost, stolen, or used in a fraudulent way, you can dispute the charges and get reimbursed, which limits your company’s exposure to loss.
A business credit card is a simple tool that can have a meaningful impact on helping you grow your business. When you use your card strategically, it can help cover everyday expenses, earn rewards, build business credit, and keep your finances organized—so you can focus on what really matters: running and expanding your business.
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