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Akin: What to look for in modern corporate cards

July 4, 2024
Modern corporate cards offer a range of features that streamline financial processes, enhance security, and provide valuable insights into spending.

Modern corporate cards offer a wide range of features designed to help streamline expense management, enhance security, and provide valuable insights into company spending. These cards have evolved far beyond simple payment tools, incorporating technology to offer solutions that align with the needs of modern fleets and businesses. Here’s a breakdown of essential features to look for in modern corporate cards:

1. Digital access and management

Look for corporate cards that offer robust digital platforms and mobile apps with real-time expense tracking, categorization, and reporting. These tools should enable administrators to quickly review transactions, approve expenses, and manage cardholder accounts from anywhere, fostering transparency and efficiency in expense management.

2. Robust spending controls and transaction controls 

Modern corporate cards should provide the ability to set customizable spending limits and controls at both the card and account levels. This feature allows businesses to enforce budget constraints, manage cash flow more effectively, and prevent unauthorized spending. Admins should be able to adjust these settings in real-time based on evolving business needs.

3. Integration with accounting software

One of the most valuable features of modern corporate cards is the ability to integrate seamlessly with existing accounting and expense management systems. This integration simplifies the reconciliation process, reduces manual data entry, and ensures accuracy in financial reporting, saving time and reducing errors.

4. Advanced security features

Security features are crucial for finance teams. Modern corporate cards have advanced security features such as EMV chips, biometric verification, and real-time fraud monitoring alerts. Additionally, the ability to instantly freeze and unfreeze cards via an app provides an extra layer of security against unauthorized use.

5. Virtual cards

Virtual cards and single-use numbers offer a secure and flexible way to manage online transactions and subscriptions. These features protect against fraud by generating unique card numbers for each transaction or vendor, reducing the risk of data breaches and unauthorized charges.

See also: New card locking tool helps prevent fuel fraud

6. Rewards and incentives

While not the primary reason to choose a corporate card, rewards, and incentive programs can provide significant added value. Look for cards that offer cash back, points, or travel rewards based on spending.

7. Global acceptance and currency flexibility

For businesses with international operations or those that travel frequently, it's important to select a corporate card that offers wide global acceptance and competitive foreign transaction fees. Some cards also provide currency flexibility, enabling transactions in multiple currencies without hefty exchange rate fees.

8. Expense policy integration

Modern corporate cards often allow for directly integrating a company’s expense policy into the expense management platform. This ensures all transactions comply with company policies and simplifies the approval process, as out-of-policy expenses are flagged automatically.

9. Dedicated support services

High-quality customer support is essential, especially when dealing with financial products. Look for providers that offer dedicated support teams, financial advisory services, and training resources to help your business make the most of the card’s features.

10. Sustainability options

Increasingly, businesses are seeking sustainable solutions in every aspect of operations, including their choice of corporate cards. Some providers now offer cards made from recycled materials or linked to carbon offset programs, aligning with corporate sustainability goals.

In summary, modern corporate cards offer features designed to streamline financial processes, enhance security, and provide valuable insights into spending. By choosing a card that aligns with these features, businesses can manage expenses more effectively and leverage financial tools to support broader operational and strategic goals.

About the Author

Rush Akin

Rush is an experienced veteran in the fleet industry, with over 22+ years of experience in fleet management. Before joining RoadFlex, Rush served as the SVP of sales for Solera, where he was in charge of overseeing fleet sales and business development in North America. Prior to Solera, Rush worked with well-known brands in the industry, such as Rand McNally, Lytx, FourKytes, and Syntech Systems Fuel Master. Rush has a strong background in fleet and fuel management, as well as customer success. 

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