The breakneck speed of today’s business environment means that business owners and employees often have to make fast purchasing decisions.
Business owners shy away from giving their employees a business credit card because of the fear that important purchasing decisions or spending will get out hand. But that can be a missed opportunity to make more decentralized spending decisions to help the business scale faster and more sustainably. What if there were a way to show employees that you trust them, but also to have controls in place to ensure your business spending is truly protected?
As an American Express® Business Card Member, you might not be aware of a suite of features available to you that enable your team to make purchases using a Business Card of their own, while also establishing guidelines and parameters that keep you ultimately in control of those decisions.
1. American Express® Business App
Imagine if you could manage your business expenses from an app on your phone. American Express Business App, a downloadable app that pairs with your Business Card account, could be your solution. The app allows business owners to track and manage how employees are using their company Cards in real-time—while also allowing you to pay your bill, even when you're on the road.
The app enables employees to instantly digitize receipts using their phone's camera, which then enables you to reconcile those purchases with your online transaction record. You can set rules in the app to remind employees about a requirement for uploading all receipts that exceed a certain amount or that flag and freeze employee accounts as a result of unusual purchases.
You and your employees can create digital expense reports right from the app—which eliminates the hassle that comes from having to reimburse employees for purchases they make with their personal card. American Express Business App is compatible with QuickBooks, which enables you to automatically sync your purchase records for your entire business on a daily basis.
2. American Express Account Manager
Eligible Business Card Members can assign an Account Manager—one of your trusted employees or even your accountant—to add new cards and set employee spending limits on their behalf. Your Account Manager can set spending limits and track the amount each employee spends with simple graphs available anytime you log onto your online American Express Business Card account.
3. Employee Controls
One of the biggest fears business owners have in giving employees spending power through a credit card is that they will abuse the privilege by making unwarranted purchases. As an American Express® Business Card Member, you have access to an array of tools that can help protect you and your business. For example, you can set limits for each employee on what they can buy and how much they can spend—parameters you can change at any time. You can also set up alerts that will ping you in real-time the minute an employee attempts to make a purchase that goes beyond those rules, such as buying something from an unapproved vendor or that exceeds their spending limit. If you're using the American Express® Business App, you can also quickly freeze that employee's Card—thus protecting yourself from rogue purchases.
4. Fraud Protection
When it comes to making purchases with your Business Card, there's also the threat of fraud from outside the company. That's why American Express® Business Cards offer features designed to head off fraudulent purchases before they happen, monitoring all purchases made on your account to look for suspicious or irregular purchases. Whenever a purchase in progress is flagged, you as the account owner will be contacted—via a phone call, text, email or notification through the app—to verify whether the transaction is legitimate or not.
Business owners shy away from giving their employees a business credit card because of the fear that important purchasing decisions or spending will get out hand. But that can be a missed opportunity to make more decentralized spending decisions to help the business scale faster and more sustainably.
5. Purchase Alerts
With your Business Card, you can easily keep an eye on every purchase made with your Card through purchase alerts. All American Express Business Card Members have the option to turn on universal purchase alerts to receive a push notification any time there is a purchase of any kind made on your Card—by an employee or otherwise. That way, you can help ensure there will be no surprises when it comes to reconciling your spending at the end of the month.
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