Managing cash flow is one of the keys to growing any size enterprise. Businesses focused on gaining momentum can get a better handle on their finances by using a mobile app that lets them access their credit card accounts for everything from monitoring purchases to making payments.
In addition to account management, mobile apps can send purchase alerts and provide 24/7 access to all of your recent transactions. Card payment alerts can be set-up to ensure timely payments. Bills also can be paid automatically via direct debit and, increasingly, with online payment services. Mobile apps also provide an easy way to review reward programs linked to a particular card.
Increasing Demand for Mobile Apps
Mobile banking is important to many American credit card customers. According to the J.D. Power 2018 U.S. Banking App Satisfaction Study and U.S. Credit Card App Satisfaction Study, 43 percent of customers reported using their mobile app during the immediate three months prior to being surveyed. What's more, about 87 percent said they are satisfied with their retail banking and credit card apps. (The studies are based on responses from 6,272 retail bank and credit card customers in the U.S.)
“As mobile apps rapidly become the primary interaction channel for retail bank and credit card customers, getting the formula right in terms of usability, feature sets and customer engagement has become the key to stronger advocacy and loyalty," says Bob Neuhaus, senior director of financial services at J.D. Power.
Business owners and managers are just as interested in mobile financial management tools as consumers. “Convenience and efficiency are valued by consumers and businesses alike, so it's really no surprise that financial institutions, credit card issuers and numerous other companies have seized the opportunity to create mobile solutions for credit card management," says Sean Messier, a credit card industry analyst at Credit Card Insider.
Proactive Credit Card Management
Mobile credit card management apps from individual companies give cardholders ready access to their account. Standard features include account maintenance, spending and transaction reports, information on card benefits and push notifications.
In addition to individual apps from credit card companies, there are apps designed to help business managers keep track of multiple accounts. "Credit card management via mobile apps offers extreme convenience since users can perform a wide range of financial operations with different cards from just one app," says Anastasia Yaskevich, enterprise mobility researcher at ScienceSoft, a custom software development firm.
Powerful Tools on the Go
Business apps that provide a way for business owners and managers to both manage and monitor credit card activity—anytime, anywhere—can help expedite financial management while safeguarding against everything from late payments to unauthorized use.
“Autopay is particularly helpful in the realm of business, as it allows cardholders to shave time off their everyday routine, while avoiding the danger of missed payments," says Messier. “Most autopay features allow you to select a preferred payment, whether it's the monthly minimum or your full statement balance, for easy personalization."
Avoiding late payments can help reduce unnecessary fees and safeguard a company's credit scores. “Just like personal credit, your business credit has far-reaching repercussions," says Messier.
Security is another advantage of using a mobile app to monitor credit card activity. Using an app to monitor credit card activity is a proactive step you can take to help protect your business against fraudulent activity.
No business is immune to fraud, says Messier. “Fortunately, credit cards often feature thorough fraud protection features," he says. “Plus, there are numerous services that provide mobile alerts when anything unexpected appears on your credit reports, which can make it easier to act fast and safeguard your business from lasting damage."
Mobile apps also can help you get the most out of credit card reward programs. “Business credit cards generally go hand-in-hand with rewards programs developed to help cardholders save big in the long run," says Messier. “Mobile rewards tracking is a must in this day and age, because many of the transactions related to rewards programs—think hotel reservations or flight bookings—are also performed on mobile devices."
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