How to protect your company with a business credit card
July 23, 2021
Credit has far more protection than any other type of money that most businesses will come into contact with. So, it stands to reason that using a business credit card is a simple way to safeguard your business’ money.
There are two major threats to your business accounts, internal and external. The external one is fraudsters and those who illicitly obtain your business credit card, these people will have access to potentially thousands of dollars so making sure that your cards have a limit and the facility to be frozen is an easy way to secure your money. Internally, the threat is more nuanced, no-one likes to think of employees as stealing from the business but it can happen. Here it is vital to stay on top of how teams and employees are using the credit they have access to and making sure that the purchases are for the business and in line with internal policy.
Debit is dangerous
Debit might be the worst way to spend your money. There’s almost no consumer protection when making a purchase with a debit card, short of issuing a chargeback - which takes 45 days to be effective, the money has gone. And even that has limitations, you need to hope that the money hasn’t been moved on to another account in that time. If you or one of your employees has been a victim of fraud then that money has certainly been moved by the fraudsters, likely within minutes.
Simple safety steps
There are some basic steps you can take to prevent fraudsters from accessing your money, not writing down PINs, using only trusted vendors, and limiting the value of individual transactions are all common safeguards. However, having the ability to freeze cards immediately in-app with the press of a button is a great way to prevent any further theft of money from compromised cards. Using your business credit card to make your business purchases is also a strong way to safeguard your business. By using the card on a regular basis you will create a pattern of transaction behaviour that’s easy to understand and allows providers to quickly detect any unusual spending on the account and alert you to the activity.
See all spend
Another major benefit of using a business credit card is that you can monitor all spending at a glance. Cape provides an overview dashboard for your business spending so you know who in your business is buying what. It allows you to give autonomy to your teams while being able to keep track of what expenditure is being made. This means you never need to worry about frivolous purchases being made on company cards. Of course this needs to be backed up with internal company procedures on what is or is not acceptable for staff to spend money on. But that expenses policy can be refined through the information you gain using Cape’s insights into how your staff spend and what they need.
We have a solution to meet your needs today and as you scale and grow.
*Standard Credit Terms
Your credit limit is subject to credit approval. FX fees are free on foreign currency transactions up to $50,000, but this limit varies depending on your plan. Plans start at $8.99 per month and vary depending on the size of the facility you have and the features you use. By expressing interest, there is no guarantee that you will be approved for a corporate credit card.
Acknowledgement of country
Cape acknowledges the deep connections of Aboriginal and Torres Strait Islander communities to Country. We pay our respects to the Traditional Owners of the lands of our team and customers across Australia. We recognise the continuing contributions of indigenous communities in Australia and around the world. We pay respect to all Aboriginal and Torres Strait Islander Elders, both past and present and are committed to continually learning from these powerful traditions as individuals and as a wider team.
Cape is a trading name of Cape Pty Ltd. We are registered in Australia (Australian Business Number 83 654 770 199). Our registered office address is ACS Harbour City Labs, Level 27, Tower 1/100 Barangaroo Ave, Barangaroo, NSW 2000