Key takeaways
  • Choosing a corporate card that includes an integrated travel and expense management platform helps your team save time and reduce costs.
  • Rewards deliver more value when you earn a compelling cash back rate on all purchases, with flexible ways to redeem points.
  • Startups can gain added benefits with a financial partner that understands the unique needs of their business.

Why you need a company card built for growth

It’s easy to be lulled into thinking that all startup cards are the same. But in fact, your corporate card program can be one of the most effective tools you can have in reducing costs and improving the efficiency of your accounting team. If you’re wondering if your company has the right program in place, I want to share a few thoughts that can help guide your decision.

3 things you need in a corporate card

  1. Integrated expense management. As I often discuss with clients, as your business grows, spending and reporting get more complex. Having a card with a robust, integrated travel and expense management platform becomes a must-have. From traveling to events, to buying supplies, to paying for perks like lunches and rideshares, there’s a lot to track. But you don’t want your people wasting time compiling expense reports, or your accounting team getting bogged down with manual reconciliation

Look for a card that gives you a full range of controls for business spend management. And you should not have to pay extra for advanced features. For example, your team should be able to quickly issue and manage plastic and virtual cards. They should be able to track card activity in real time and automate workflows. Employees should be able to save time booking travel in the platform and submit expenses using a mobile app. Who has time to compile or approve expense reports?

  1. Rewards, including cash back. While there are many rewards offers out there, you have to pause and read the fine print. The highest rewards rates often apply only to certain business expense categories. Look for a corporate card that gives you compelling rewards on all purchases, and multiple ways to redeem points.

For instance, you might want to leverage cash back statement credit as a new revenue stream. Or use rewards for business travel, laptops, or gift cards to thank employees for their hard work.

  1. Trusted expertise for every stage of growth. Some providers offer you a card and then you’re on your own. Choosing a corporate card with a banking partner dedicated to the innovation economy also gives you access to advisors — people who work with you hands-on — to optimize your card program.

Their expertise could help you identify cost-saving strategies, evolve expense policies, gain actionable insights from spending analytics and more. And by having a holistic view into your business, they can make it easier to scale your credit limit and tap into a full financial ecosystem as your needs evolve.

Having our bank account, our credit card and our expense management all tied together into one system makes things easier to track and easier to manage.
Co-founder and CEO, New Harbor (SVB Client)

As the bank for the innovation economy, we provide the resources and expertise to accelerate your journey. Learn more about how SVB corporate cards can help you stay on track for growth.