Running a small or mid-sized business often depends upon having enough credit to fund your business when cash is tight. When they start out, many businesses owners use personal credit to cover these gaps in cash flow, but, as your business grows, you’ll find using a business credit card has many more benefits.
Once your business is in the position of having a business credit card, there are some obvious, initial benefits you can tap into:
The business world is full of ups and downs. Even the most successful businesses experience temporary downturns and unexpected interruptions that can leave you short of available cash. A business credit card can help you bridge these income gaps and remain fluid even in times of emergency. These cards allow you up to 59 days of interest-free credit up until your credit card bill is due – this can help you meet your payables obligations, freeing up your cash on hand for other purposes.
Running a business means you need partners, especially when it comes to financing as you try to grow your business in a fast but stable manner. If you choose a business credit card that also provides a range of financial and other services, you can instantly have a network of partners providing all sorts of benefits and perks.
The world is not a perfect place. Every business owner should be concerned with protecting their business from an increasingly sophisticated criminal element. Funnelling business transactions through a business credit card allows you to take advantage of cutting-edge security measures to keep your money and other assets safe.
Managing a business requires the orchestration of multiple business processes from bookkeeping to purchasing. Many business credit cards and bank accounts offer you tools and apps to help you run things smoothly and efficiently, such as UOB BizSmart.
There are a variety of business credit cards that allow you to earn cash rewards and other benefits on purchases. Depending upon your level of spending, these programs can result in a significant financial gain for your business.
From cash rewards to peace of mind, business credit cards offer benefits that make running your business easier, more efficient, and more profitable. They can help keep your business running during disruptions and down times by bridging income gaps, help you keep your assets safe and secure, and even boost your income through various rewards programs. With all the benefits they offer, a business credit card can quickly become the most versatile partner you can carry in your pocket.