Do you know that nowadays credit cards are not offered only for individual customers, but also for companies? In terms of features, this card actually has pretty much the same features as consumer credit cards in general. However, a corporate card is intended specifically for corporate expenditures and assigned to its employees, which makes it known as a corporate credit card.
If you are a business owner or manage a company’s operational expenses, a corporate card can be a smart choice since this product can give many benefits for your company. By using a corporate card, employees can make corporate purchases directly and independently. Records of the company's financial expenditures will also be recorded clearly.
What is a Corporate Card?
A corporate card is a credit card given to employees holding certain positions or authorized employees in a company. This card can be used as a means of payment for transactions that are directly related to company expenditures. That’s why many companies currently look for corporate cards to support their current operational needs.
Why use a Corporate Card?
The advantages of having corporate cards include:
- Easier expenses monitoring for business owners.
- Helps provide better cash flow management.
- Gives employees autonomy to complete corporate purchases faster.
- The limit for the company accounts can be adjusted according to each employee’s current needs.
Nowadays, there are many banks that issue corporate cards for employees so companies can also choose which bank to provide their corporate card from according to their needs. Below are 8 fintechs and banks that provide corporate cards for employees in Indonesia.
1. Aspire Corporate Card
Aspire's corporate card is the most rewarding card in Indonesia for businesses of all sizes. Aspire corporate cards are accepted by international merchants for SaaS, business, travel spends and more. Apply online and get access to Aspire corporate cards in minutes. No monthly card fees required. What's more, earn 1% unlimited cashback on your online marketing, SaaS and travel spends with one of the most rewarding corporate cards in the market. Enjoy cash back on some of the most popular merchants across Indonesia and the world. You also get realtime visibility on all your spends.
2. Mandiri Corporate Card
Mandiri corporate card is a credit card issued to meet all the needs of the company's transactions and business trips by enabling companies to control every transaction made by their employees. There are two types of Mandiri corporate cards, namely Mandiri Corporate Card Gold with a limit of IDR 10 – IDR 40 million and Mandiri Corporate Card Platinum with a limit of IDR 40 million – IDR 1 billion.
3. BNI Corporate Card
BNI Corporate Card is a BNI corporate credit card that can be used by employees with certain positions or authority in a company. This card can be used as a medium of payment for transactions related to various activities of the company. There are two types of BNI Corporate Cards, namely BNI Corporate Card Gold and BNI Corporate Card Platinum.
4. Bank Mega Corporate Card
Bank Mega Corporate Card is a credit card made for every employee selected by a company. The card can help the company in managing operational costs, such as entertainment, meals, and business trips. Some of the benefits provided by this card include:
- The limit can be adjusted according to the needs of each company.
- The number of cards and the limit of each card can be based on the company's policy.
- Account Management feature which serves various requests and needs of each company.
- Bills are Dual Control as a means of supervision and control for the company.
5. Maybank Corporate Card
Maybank Corporate Credit Card is one of the payment solutions for your company's business. The advantages of using this credit card include:
- Competitive Exchange Rate: business trips abroad are made more enjoyable with competitive exchange rates.
- Airport Service Privilege: get privileged access to airport lounges in the country for the convenience of its users.
- Operational Vehicle Solution: optimizing online transportation apps for the efficiency of the company's operational vehicles.
- Corporate Brand Identity: personalize the card by placing the company logo on the body of the credit card.
- Flexible Limit Assignment: travel insurance coverage of up to IDR 1 billion on overseas flights.
- Facility & Services: Maybank corporate credit card facilities and services.
6. BRI Corporate Card
The BRI Corporate Card credit card is a BRI MasterCard credit card issued by the bank that can be used by employees who have been appointed by the company and meet all requirements in accordance with applicable bank regulations. This card can be used to finance expenses incurred when an employee is carrying out tasks or activities assigned by the company.
7. BCA Visa Corporate
The BCA Visa Corporate credit card is a solution for an active and dynamic medium-sized entrepreneur credit card in the form of a corporate credit card to provide convenience and flexibility in business transactions. Therefore, the company's transactions can be carried out in a more flexible way.
8. Sinarmas Corporate Card
Sinarmas Corporate Visa Platinum is a card that provides free annual fees for its users. By using this card, employees can freely use the card to finance expenses according to the company's needs. Meanwhile, companies will have bailout funds to be able to finance the needs of employees on business travel so they are mutually beneficial.
Conclusion
Corporate cards is one of the technologies that is used to facilitate company purchases and expenses reporting. As a company grows, its expenses also become more diverse and reporting is becoming more complex. Oftentimes, companies will have multiple accounts in different banks and institutions to profit promotion and benefits offered by these different institutions.
To connect them all, a financial technology company, Aspire is creating a finance solution to manage multiple different accounts in one platform. Aspire itself is an all-in-one finance platform that facilitates companies in handling their business operations. All of the company’s multiple bank accounts can be managed altogether in one Aspire account and are connected directly to the company’s budget in real time. Some of the Aspire corporate card features are :
- Claim approval flow and real time purchase reporting that is connected to Aspire Expense Management feature.
- Employees can upload purchase receipts directly on Aspire apps platform in real time for transparent and actual reporting.
- Budget allocation for each employee or division that can be adjusted anytime.
- Cashback on purchases from Aspire partners.
- Send and Receive money through various virtual accounts
- Economize on exchange rate for purchases in foreign currency with Aspire multi-currency account.
Those are some of the banks that offer corporate cards for employees. As a company grows, company expenses and purchasing also grow. But you can facilitate these purchasing processes by delegating corporate cards for authorized employees. That’s why you can choose a corporate card provider that offers features that best suit your company needs.
Frequently Asked Questions
How can Aspire support the unique financial needs and challenges of mid-sized businesses?
Aspire offers a comprehensive suite of expense management solutions tailored for mid-market companies. This includes sophisticated corporate cards, advanced budget controls, and streamlined claims and approval policies, all designed to enhance financial efficiency.
How quickly can a mid-market company integrate Aspire's solutions into existing systems and workflows?
Integration with Aspire's expense management solutions is swift and seamless. Mid-market companies can swiftly implement corporate cards with tailored features, set up nuanced budgets, and establish streamlined claims and approval processes, ensuring minimal disruption to existing workflows.
How does Aspire compare to competitors for international money transfers?
Aspire excels in international expense management with FX fees up to 2x cheaper than traditional banks.
Global payments are offered by various providers through business accounts. Read our article to know more about types of business accounts and how to choose the best one for your business. There are many banks and fintech companies offering business accounts to businesses in Singapore. We have covered them all in our blog, you can click the links to view accounts offered by various banks such as DBS, OCBC, Maybank etc.
However, if you are a start-up or a growing business, chances are you may not meet the eligibility criteria for most of these banks or find their charges to be expensive for your liking. You can consider opting for Aspire multi-currency account for global payments which offers you all the benefits, with eligibility criteria which are less stringent. Read our article on bank charges in Singapore for a quick and easy comparison.
What level of customization does Aspire offer to meet the specific financial requirements of mid-market clients?
Aspire understands the diverse financial needs of mid-market clients and provides a high level of customization to tailor solutions accordingly. This includes the ability to customize corporate cards with specific spending limits, rewards, and benefits that align with the unique requirements of each client.
Additionally, Aspire's budgeting features are adaptable to accommodate the distinct financial structures of mid-market enterprises. The platform also allows for fine-tuning approval policies, ensuring they align with the specific workflows and compliance standards of individual mid-market businesses. This commitment to customization empowers mid-market clients to optimize their expense management in a way that best suits their financial goals and operational preferences.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD, EUR, GBP and IDR Accounts activated.
Can Aspire's corporate cards be customized to cater to the specific needs of consulting teams on the go?
Yes, Aspire's corporate cards are highly customizable. Consulting teams can benefit from tailored spending limits, travel-centric perks, and real-time transaction tracking, ensuring that the cards meet the unique requirements of professionals on the move.
How does Aspire support budget management for consulting projects and travel expenses?
Aspire's platform offers sophisticated budget controls that consulting companies can adapt to project-specific needs. This includes setting project budgets, tracking expenditures, and receiving real-time insights to ensure that expenses align with project goals.
What are Aspire Corporate Card FX rates?
At Aspire, we want you to pay the lowest rates in the market.
- Zero card activation fees
- Zero card transaction fees
- Best FX rates, up to 2x cheaper than banks
How does Aspire help consulting companies enforce expense policies and approvals for travel expenses?
Aspire streamlines the claims and approval process, allowing consulting companies to establish and enforce expense policies seamlessly. Customizable approval workflows ensure compliance with company policies and industry regulations.
Is Aspire's platform scalable for consulting companies of varying sizes?
Yes, Aspire's platform is scalable and caters to consulting companies of all sizes. Whether you're a boutique consultancy or a larger firm, the platform's features can be adapted to meet your specific travel and expense management needs.
How can I open a business account in Singapore?
For a business account in Singapore, Aspire is an excellent choice. With a focus on startup and SME needs, Aspire offers a seamless and transparent banking experience.
Benefit from their user-friendly online platform, no minimum balance or account opening fees, and dedicated support for businesses of all sizes.
Aspire is designed to streamline your financial management, making it an ideal partner for entrepreneurs in Singapore.
How long does it take to open an Aspire business account?
Registration with Aspire takes less than 10 minutes which you can do via our website or mobile app.
Once registered, we will get back to you within 5 business days on whether your account has been activated or if we need further documents from you.
Our account verification process varies according to the nature of your business. In exceptional cases, it can take up to 7 days to process your documents.
How can Aspire's corporate cards benefit my startup?
Aspire's corporate cards offer a range of benefits for your startup. Earn 1% unlimited cashback on qualified spends, simplify expense management, enjoy streamlined transactions, and gain real-time insights into spending. With customizable limits, integration with accounting software, and enhanced security features, Aspire's corporate cards are designed to empower your startup's financial efficiency and provide added convenience for your team.
Is Aspire suitable for both early-stage and established startups?
Absolutely, Aspire caters to the needs of both early-stage and established startups. Whether you're just beginning your entrepreneurial journey or have an established business, Aspire offers tailored financial solutions to help streamline your operations.
From managing expenses and optimizing workflows to providing valuable financial insights, Aspire's platform is designed to adapt and scale with your business as it grows. The flexibility and scalability of Aspire make it a suitable choice for startups at various stages of development.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD and IDR* Accounts activated.
However, we recommend keeping your subscription plan amount available on your balance to ensure you're up to date with your payment every month.*
To create a recipient or make any transaction on your IDR Account, you'll need to have a minimum balance of IDR 10,000 on your account.
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