The One Card Every Business Needs
June 27, 2022
Card payments are not all the same. When you reach into your wallet or submit an online payment for your business, what card do you grab first? Organizing how you make payments will result in infinitely easier reconciliation later.
The One Card provides your business with an integrated payment solution that minimizes cost, maximizes efficiency, and offers greater spending control. The card combines business travel, purchasing, and fleet card programs into one payment solution, integrating transactions and back-end reconciliation with one card issuer and one invoice. It also offers an annual cash rebate. Examine some of the other advantages One Card offers:
- Customized: Issue cards to staff members who need to make one-time or recurring transactions with customized spending limits and acceptable merchant categories. For more control, set each card with unique transaction privileges for worry-free spending.
- Tracked Spending: Use a simple online expense reporting tool to enable cardholders to submit receipts and categorize expenses for business expense tracking. To help with timely reporting, set established reminders to keep employees on track with managing outstanding expenses.
- Automated: Identify your routine expenses, large and small, and ask your vendors and suppliers whether they accept card payments. Taking this step provides an opportunity to simplify your payment processing and expense account reconciliation program. When you increase your annual business spend, you maximize the total charges that count toward your annual rebate goal.
- Controlled: Establish a card usage program for your business and require employees use your One Card exclusively for travel, entertainment, and authorized business expenses.
Calculate those benefits and you have a trifecta: Easy payment execution for one-time or recurring charges, online expense reporting for rapid reconciliation, and annual cash rebates when you meet spending targets. Your One Card program can simplify travel expenses for airfare, hotel, meals, and transportation in one report. Expand your program beyond travel to maximize rewards and improve efficiency. Consider using the card for additional vendor payment options, especially recurring payments such as cleaning services, building maintenance, catering, or cell phone expenses.
Make your expense reporting program easier to manage. You and your designated employees need to fluidly spend money to grow your business. When you establish a One Card program, you gain flexibility and the controls to enable fluid spending and business growth – a win, win.
Contact your First Western Trust Treasury Management Advisor to get started on your One Card program.