John Duffy | Senior Solutions Engineer at Speedchain
October 15, 2024
What is a Corporate Credit Card?
A corporate credit card is a financial tool issued by a company to its employees, designed to streamline expense management while providing significant benefits for both employees and employers. These cards facilitate business and company purchases, ensuring a clear separation between personal and professional expenses. This separation can create increased transparency for finance teams.
Corporate credit cards are becoming increasingly popular, especially in construction; 84% of construction companies are now adopting them for all B2B transactions. This surge in usage can be attributed to the advanced controls these cards provide, helping to curb unauthorized spending and protect profit margins.
Pain Points in the Construction Industry
In the fast-paced construction sector, meticulous planning, precise execution, and effective financial oversight are critical to project success. Corporate credit cards serve as strategic tools that can help tackle many challenges faced by construction companies.
Streamlining Expense Management
Managing expenses across multiple ongoing projects can be daunting. Corporate cards simplify this process by consolidating spending, enabling real-time monitoring, and categorizing expenses. This reduces the workload associated with monthly closeout efforts and enhances overall financial clarity.
Mitigating Profit Fade and Budget Overruns
Profit fade is a significant concern in the construction industry. Corporate cards provide
real-time visibility into expenditures, allowing for controlled project spending. Features such as real-time expense tracking, spend limits, and enhanced financial oversight help prevent budget overruns, which can strain resources and disrupt timelines. Additionally, these cards can come equipped with detailed spend controls that align with project budgets and company policies, making it easier to monitor transactions by employee and project, thus preventing unauthorized spending in the future.
Maximizing Rewards
Corporate credit cards not only help address challenges but also offer rewards programs, often providing cash back or points on regular business purchases. By leveraging these rewards, companies can further optimize their spending.
Discover the Speedchain Advantage
With the right tools, construction companies can drive growth through increased transparency, control, and efficiency in financial operations. You might be wondering, “Which corporate card is best for my company?” Look no further — Speedchain is here to help.
Tailored for the Construction Industry
Speedchain offers a purpose-built construction platform designed to optimize job profits. Our corporate card is engineered specifically for field use, featuring tools such as free receipt capture and real-time expense updates. Companies can easily categorize expenses and set detailed parameters on spending limits, regions, and merchant types,
ensuring compliance with organizational policies.
Seamless Integration and Communication
One of the standout features of Speedchain’s corporate card is its bank-agnostic approach —there’s no need to switch banks. The platform includes an encrypted chat feature for secure team communication, safeguarding confidential information. Onboarding new members is a breeze, and real-time visibility allows for better tracking of team spending activity. Plus, transaction data simplifies closeout documentation.
Experience the Speedchain Difference
With Speedchain, you gain not only visibility and control but also a dedicated partner committed to fulfilling the needs of your construction company. The Speedchain OneCard is designed to enhance your financial operations.
Embrace the future of business finance with Speedchain—your gateway to seamless efficiency and innovation. If you have any questions, our dedicated team is always ready to assist.
About John Duffy
John is the Senior Solutions Engineer at Speedchain, focused on providing value and solving business challenges for our customers. John is focused on the construction market, bringing his experience and expertise in construction and engineering to life in Speedchain's product.
Don’t hesitate to reach out!
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