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Future of Fintech
Does your small business need a business credit card?
Entrepreneurs usually have a misconception about business or corporate cards. In general, they think that such cards are only necessary when a business goes sizeable.
 
In fact, small business owners need to closely monitor their finances and manage cash flow, especially in the first few years of operation. Meanwhile, with a limited number of employees, an intelligent expense management solution will help cut costs and improve operational efficiency, allowing owners to focus on growing their business. Therefore, one way to purchase the essential goods or services your business needs without delaying critical payments to other vendors and painful reconciliation is to obtain a business credit card.
 
Your company's need for a business credit card depends on several factors, including your size, industry, overhead, and growth potential. If you experience any of the following when running your business, you may need a business credit card:
 
- You run a store on Amazon or eBay: As e-commerce continues to grow, running an online store also means a lot of expenses, such as rent, advertising, shipping, etc. Particularly in the early years, costs can greatly exceed revenues, so a credit card is helpful for further expenses. After moving from growth or expansion to maturity, renovations and bulk orders may be costly enough to warrant credit card purchases as well.
 
- You own a Web3 project: For Web3 project owners, access to banking services can be a challenge, especially when both crypto and fiat currencies are involved. You may receive payments in cryptocurrency, but mostly make expenses, such as business trips or dinners, still in fiat. In such cases, on and off chain reimbursement is a pain in the neck. iPeakoin offers credit cards that can be linked to your multisig, then there's no need to convert your crypto to fiat anymore. You can cover all your business costs in either crypto or fiat, and automated transactions will match the statements.
 
- Your employees spend money on your company’s behalf: Some business credit card providers such as iPeakoin allows you to create unlimited employee cards tied to your account. This can be highly useful if your employees often spend money on your business’s behalf. When they do so through your business credit card, the charges immediately go to your account. This is much more organized and expedient than employees making business purchases on their personal cards and then filing expense reports for reimbursement.
 
- Cash back rewards would significantly impact your bottom line: With many business credit cards, you earn money as you spend. These cash back rewards may prove helpful for bolstering your cash flow or paying for certain purchases. They can quickly add up if you spend tens of thousands of dollars on your credit card.
 
While your business might be in its early days and you may not think you need a separate credit card for it, business credit cards can provide important benefits to your company. They can be great ― if they’re right for you.
 
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For more details about iPeakoin cards, please visit https://www.ipeakoin.com/quantum-virtual-card.