Level-up your business credit card - here's what to look for

Why it’s time to scale up your card capabilities

As a venture-backed company, navigating growth often relies on how efficiently you manage your time and your cash. Like many fast-paced businesses, you may have outgrown your previous business card, especially if it has only limited controls. As you scale, you need a card solution that helps you grow by making it easier for teams to work efficiently. In this blog, I want to share some tips about how to achieve more cashflow agility.

The right card solution should give you scalable credit and a full range of controls over how you spend and track it all. You’ll also want your company expense cards to work overtime by earning rewards. 

3 business credit card questions that actually matter

1. Does it offer integrated expense management to maximize efficiency? 
   As your business grows, spending and reporting get more complex. I advise my clients, don’t compromise on these features! An integrated travel and expense management platform is a strategic advantage—and you shouldn’t have to pay extra to get the features you really need. From your sales execs traveling to events, to staff buying supplies, to paying for perks like late-night dinners and rideshares, you know how critical it is to accurately report on all your business expenses.

Look for a card program that gives you the full range of controls and capabilities, from day one. Employees should be able to save time booking travel right in the platform. If anyone needs to swipe their card on the go, expenses can be submitted via mobile app. You don’t want people wasting time compiling expense reports, or your finance team burning hours on manual reconciliation.

You should be able to quickly issue and manage plastic and virtual credit cards with custom limits. If employees need to go outside of policy, those exceptions can be automatically flagged and automatically routed for approval. With data seamlessly flowing into your ERP, you can automate workflows to reduce time and errors.

2. How much value do you get from rewards or revenue share?
   While there are many rewards offers out there, read the fine print. The highest rewards rates often apply only to limited business expense categories. Look for a commercial card that gives you a compelling rewards rate 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 as employee perks. And as your spend volumes go up, you may be able to negotiate a revenue share rate that benefits you more than rewards points.

3. How can the card provider support your growth? 
   As a venture-funded company, you may find that many card issuers don’t really understand your unique financial considerations. When you choose a business credit card with a bank dedicated to the innovation economy, you can optimize your card program at every stage. 

Not every bank can help you analyze card usage data to identify cost-saving strategies that are relevant to your business model and industry vertical. Or can they help evolve expense policies and suggest ways to streamline procurement and payables? Do they help you improve cashflow with a card billing cycle that provides some float?

With a bank relationship, you can also more easily scale your credit limit because more factors are usually considered in the decision. And a bank provider can help you tap into a full suite of financial products and services, including lending, as your needs evolve. 

A business credit card program that supports growth helps you optimize cashflow and get max value from every dollar you spend.

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