What Are Employee Credit Cards?
Employee credit cards are cards that allow employees to make purchases and cash advances on a corporate account. While any number of employee credit cards may be issued, the employer is responsible for paying off all monthly balances. This eliminated the need for reimbursement checks.
Employee credit cards act much like business credit cards, with the distinction being that they can offer multiple different card numbers for each unique employee. As there are many different cards, there’s also the opportunity to set separate restrictions – such as spending limits or merchant category options – on individual cards.
Finally, employee credit cards eliminate the need for worker-filled expense reports, as that information is all included in the monthly statements.
How Do Employee Credit Cards Work?
- Businesses apply for a credit card accounts.
- Administrators set guidelines on budget, purchase categories and time limits.
- Cards are distributed to employees for use on approved purchases and cash advances.
- Cards are distributed to employees for purchases based on determined guidelines.
- Transactions are automatically tracked and categorized in our expense management software.
- Those who wish can easily integrate with accounting software like Quickbooks and Xero, making transaction migration quick and easy.
Case Study
Allied Outdoor Solutions is a leading patio installation contractor serving cities in Texas and Arizona.
Challenge
When Allied Outdoor Solutions did not have direct invoice relationships with suppliers, project foremen often relied on gift cards for purchasing materials with company money.
Solution
Using Emburse, Allied Outdoor Solutions was able to distribute restricted expense cards to its contractors that were only active when needed and limited for use at hardware merchants only. Emburse allowed its Allied contractors to more efficiently purchase supplies of any dollar amount, while removing any worries of illegitimate spending.
Card Assignments
Assign cards using just a name and an email address. Require receipts after every purchase.
Virtual or Physical Cards
Order physical cards or create virtual cards which can immediately be used for online purchases.
Enforce Expense Policies
Enforce granular spending restrictions on each card for specific vendors, events, or employees.
Virtual Cards
Virtual card numbers are available immediately and can be used for online or
Shared Cards
Securely share a card with multiple people to enforce group budgets.
Require Receipts
Enforce expense policies by requiring receipts after every purchase or after purchases over $75.
Review Transactions in Real-time
Review transactions in real-time and filter purchases by date, category, or card.
Simplify Bookkeeping
Export expenses to QuickBooks or download bank statements in .CSV, .OFX, or .PDF format.