What to consider when choosing a corporate card program

A corporate card program provides employees with company-issued credit cards for business-related expenses. Unlike traditional business cards, the best corporate card programs offer a robust suite of features to auto-enforce your expense policies, automate tedious expense management tasks, and eliminate unnecessary reviews.

Traditionally, business cards are geared toward small business owners and sole proprietors looking to build credit. These cards can keep business expenses separate from personal expenses with perks like a fixed percentage of cash back.

A modern corporate card program offers a range of benefits that can transform your company's approach to expense management, from simplifying processes for employees to enhancing control and visibility for finance teams.

Simplify expense management for employees and finance teams

Corporate card programs eliminate the need for employees to use personal funds for business expenses and then request an expense reimbursement. No more waiting weeks for payroll-driven reimbursements or worrying about large charges on personal credit cards. Employees can make purchases with confidence, knowing they're using company funds directly for approved purchases.

Using corporate cards instead of reimbursements simplifies expense reporting as well, with fewer steps and access to more accurate, consolidated data. In fact, the right corporate card program can turn the dreaded expense report process into a simple, effortless task. Instead of typing in purchases made on a personal card and manually adding receipts, an ideal corporate card program can capture expense details automatically, using AI to auto-populate memos, attendees, and categories. The best programs can even auto-generate receipts to eliminate the need for receipt upload.

At the same time, your finance team can increase efficiency, visibility, and control while saving hours of manual work. With reliable automation to ensure corporate credit card policy compliance, categorize expenses, match receipts to transactions, and flag potentially unwanted spend, in-policy transactions can be automatically approved and you can focus on higher-impact work to boost your bottom line.

Improve expense tracking and reporting

With the right corporate card program, you can put an end to switching between systems and combing through a mess of spreadsheets in order to determine who spent what and when. With all spending data centralized in one corporate card platform, businesses gain real-time visibility into company-wide spend.

It’s also important to look for a card program that enables you to create customizable reports on demand. This can enable your finance team to quickly filter and find the data they need to make effective decisions. Want to see how your marketing team is tracking against this quarter’s advertising budget? Or need to find all transactions spent on a specific software vendor? Look for corporate card programs that have robust, self-serve reporting software. That way, you can get granular without getting into the weeds.

Enhanced spending controls

Some corporate cards enable you to issue customized spend limits with embedded policy controls, which allows you to enforce expense policies at the point of purchase. Advanced credit card programs will allow for highly granular control, like different limits for specific expense categories and vendors, or time-bound increases to cover specific projects or offsites.

In addition, intelligent card programs can offer real-time transaction alerts that flag hard-to-find issues like alcohol on a receipt and per-diem overages to managers so they can manage by exception. Similarly, in-policy approvals are automated so managers don’t have to review everything. Overall, this helps prevent overspending and ensure compliance with company guidelines.

Some corporate card programs can even integrate with a native travel and expense management software, which ensures that employees book within company guidelines without needing constant oversight and enables managers to track on-trip expenses in real time.

Potential for rewards and cash back programs

Most corporate cards offer some type of corporate credit card rewards program. Typically, that means a flat points-based or cash back system — similar to a personal credit card.

The best corporate card programs offer flexible redemption options, allowing companies to choose between cash back, travel rewards, or even unique benefits like credits for core business services. Some programs also offer multipliers for categories like software subscriptions, office supplies, and travel, enabling you to maximize your return on your biggest expenses.

A corporate card program provides employees with company-issued cards for business expenses. While most traditional business cards are geared toward small businesses, corporate card programs are typically tailored to scaling businesses with growing revenue and headcount.

Corporate card programs drive accountability — instead of card sharing, every employee is responsible for their own business spend. In turn, they improve expense tracking and reporting for finance teams.

Finance teams can also assign spend limits to each card based on the employee’s role to proactively prevent runaway spend. Additionally, many corporate card programs provide rewards or cash back on business spending, returning value on everyday expenses.

A modern corporate card program can enable companies to issue cards and spend limits for specific use cases like travel, stipends, and even fuel. This proactive approach to expense management ensures that specific policies are enforced at the point of purchase, rather than after the fact.

And, with a quality corporate card, transactions and categories are logged as they happen for real-time spend tracking, immediate visibility into spending across the company, and faster closing of the books. Instead of waiting for the monthly close, finance leaders can make more informed decisions faster.

The best corporate card programs will enable you to automate much of the expense review and approval process. AI-powered platforms can automatically flag unusual or out-of-policy transactions. Customizable workflows can be set up to automatically approve routine, in-policy expenses while routing exceptions to the appropriate approvers.

Leading card programs also offer direct integrations with popular accounting software and ERPs. These integrations enable automatic syncing of transaction data, reducing manual data entry and the risk of human error. This way, every transaction is logged and categorized in the general ledger.

Expense categories can be mapped directly to the appropriate general ledger accounts, streamlining the corporate credit card reconciliation process. This level of integration doesn’t just save time — it provides finance teams with a more accurate and up-to-date view of the company's financial position, facilitating faster month-end closes and more reliable financial reporting.

In addition to physical cards, some corporate card programs also offer virtual cards that can be issued instantly. That means employees don’t have to wait for them to arrive in the mail and companies don’t have to worry about them getting lost in transit. Virtual cards are also more secure in the long run — they can’t randomly fall out of an employee’s wallet, and they can be frozen in a single click.

Look for corporate card programs that offer virtual and physical cards that can be issued in local currencies around the world. This way, your company won’t rack up unnecessary foreign transaction fees. Ideally, you’ll want a corporate card that can also embed localized expense policies to enable efficient spending for global employees and teams.

Advanced global corporate card programs allow companies to issue physical and virtual cards in multiple currencies and directly reimburse employees in their local bank accounts and currencies. This approach not only simplifies expense management for international teams but also provides a better experience for employees.

The most fundamental reason to get a corporate credit card is to obtain access to higher capital, without resorting to high-fee or high-interest loans from traditional banks. With high credit limits, a business can purchase the inventory it needs or fund major projects to drive growth.

Going a step further, a corporate card program is a helpful way to simplify expense management. Expense management is a hassle when employees share corporate cards or make business purchases on their personal cards and submit them for reimbursement. A modern corporate card program, however, makes everyone accountable for their own spend and empowers employees to spend responsibly while providing accurate, real-time visibility into every expense.

Beyond that, a truly modern corporate card program can strengthen your business with:

Improved expense management

Modern corporate card programs automate many of the time-consuming tasks associated with traditional methods. With automatic receipt-matching technology and AI-powered categorization, employees and finance teams can significantly cut down on their manual workload.

Some corporate card programs can automatically generate digital receipts for thousands of merchants, eliminating the need for employees to keep and submit paper receipts. This not only saves time but also improves accuracy and reduces the risk of lost receipts.

Enhanced control and visibility

With the right corporate card program, finance leaders can set granular spending limits and create custom policies that are automatically enforced at the point of purchase. The best programs offer flexibility across all use cases — from travel and expenses to procurement and employee stipends — allowing companies to manage every type of spending through a single, unified platform.

Real-time tracking allows managers to monitor expenses as they occur, rather than waiting for monthly statements. This immediate visibility enables proactive budget management and helps identify potential issues before they escalate.

Some card providers even offer AI-powered anomaly detection, automatically flagging unusual or out-of-policy transactions for review. This helps companies maintain compliance and prevent fraud without requiring constant manual oversight.

Increased employee satisfaction

Corporate cards improve the employee experience by eliminating the need for out-of-pocket expenses. This way, employees don’t have to front their own money for business expenses or wait weeks for reimbursement.

Virtual corporate cards are especially popular with employees. When employees lose physical cards, they have to wait days before receiving a new one. There’s no risk of that with a virtual card. There’s also the added convenience of tap-to-pay — a lifesaver when employees don’t have their wallets handy.

Improved financial operations

By centralizing expenses and automating many financial processes, corporate card programs can dramatically improve operational efficiency. Accounting automation — like AI-generated accounting suggestions to accelerate general ledger (GL) coding and merchant mapping — can save accounting teams hours every month.

Automated bill pay can also save your accounts payable team considerable time. From faster (and more secure) vendor onboarding to AI-powered invoice capture, a card program with integrated, intelligent bill pay can make your AP team more efficient than ever.

Pro tip: Look for card programs that can directly integrate with your existing ERP, HRIS, and accounting software. For example, a direct integration with NetSuite can enable you to map ERP data to custom fields and auto-categorize spend in real time.

Now that you have a handle on corporate card programs and why they’re important for growing companies, let’s take a look at how you can choose the best one for your business.

Physical and virtual credit cards

The best corporate card programs make it easy to issue physical and virtual credit cards to employees or vendors. Look for a program that utilizes Mastercard, the most globally accepted network, ensuring your employees can make purchases virtually anywhere in the world.

The ability to quickly issue cards is key to operational efficiency. Whether you're onboarding a new employee or setting up a vendor payment, you should be able to create and assign a card within minutes. Virtual cards, in particular, offer the advantage of instant issuance and enhanced security for online transactions.

While some legacy providers charge fees for additional cards, the right corporate card program will allow you to issue unlimited cards at no extra cost. This flexibility enables you to create dedicated cards for different purposes or departments without incurring unnecessary expenses.

Look for a program that allows you to easily set and adjust spend limits on these cards. This unique feature gives you granular control over expenses while empowering employees to make necessary purchases without unnecessary approvals.

Features and functionality

Look for spend management software that automate tedious tasks for both managers and employees. Auto-generated receipts and automatic expense categorization will save time and ensure accuracy by eliminating the risk of human error.

Robust spending controls, including customizable limits and real-time alerts, will help your company maintain financial discipline. Beyond that, the best corporate card programs leverage customizable reporting to help you surface insights into your spending patterns and, ultimately, make better decisions.

If your company operates globally (or has global aspirations), you’ll need true multi-currency support. That means cards that can be issued in a wide range of currencies to help you cut down on unnecessary foreign exchange (FX) fees. You should also look for a corporate card program that enables customizable, localized spend limits to drive financial discipline worldwide.

Above all else, your corporate card program should be user-friendly for employees and administrators with a modern interface and five-star mobile app. No one wants to stumble their way around clunky software. Ensuring a smooth user experience will help drive adoption across your org.

Pro tip: The best corporate card programs feature AI assistants that can answer policy questions and help employees complete expense reports quickly and accurately.

Security and compliance

Security is paramount. The best corporate card programs employ multiple layers of security to protect your company's finances and data.

Look for providers that offer multi-factor authentication, data encryption, and real-time fraud detection. Ensure the program complies with relevant financial regulations and industry standards, such as PCI DSS for data security.

You’ll also want a corporate card program that integrates with your HRIS and org chart. This way, credit cards can be automatically deactivated when employees leave. The right corporate card program can also enable you to set expiration dates in advance for employee and vendor cards to prevent unwanted ghost spend.

Remember, virtual cards provide additional security since they can’t be stolen like physical credit cards. They can also generate unique card numbers for each transaction, providing an extra layer of protection against fraud. It’s easier to freeze virtual cards in the event of suspicious activity.

According to a survey by the Association for Financial Professionals, ~ 80% of companies have faced payment fraud attempts. But virtual cards accounted for just 3% of those fraud attempts.

Customer support

The best corporate card programs are user-friendly and largely self-serve. But, when employees have questions, they need to be able to reach customer support fast.

Some card programs only offer support via email or ticketing systems, which means that employees are left waiting days for answers. Look for card programs that offer 24/7 customer service via live chat and phone to support all of your employees around the world.

Pricing and fees

Corporate card program pricing structures can vary widely, so it's important to understand the full cost implications.

Take a close look at all of the fees, including:

• Annual or monthly fees

• Per-user charges

• Transaction fees

• Interest rates

Ultimately, you want a provider that offers transparent pricing without hidden fees. Some card programs, including no annual fee business credit cards, have zero annual fees and zero interest, and some offer tiered pricing based on company size, which can be more cost-effective for growing businesses. That way, you can start with a free or low-cost package and when your company is ready, you can step up to the full suite of features and tools.

FX fees shouldn’t be overlooked either. Look for cards with true multi-currency support so you can avoid excess FX costs in the long run.

Brex offers a scalable corporate card program to support companies at every stage of growth, from startups to enterprises. Businesses of all sizes use Brex cards to enable global spend, automate tedious processes, and surface insights to make better decisions.

Companies using Brex save up to 4,250 hours — the equivalent of $250,000 in salary — on expense policy compliance efforts alone. Plus, with accounting automations like real-time data syncing with NetSuite, Brex can help you save an additional 250 hours per year. On top of the time and labor savings, Brex customers are saving $18 million every year by blocking unwanted out-of-policy spend.

Employees and managers can use the top-rated Brex app to manage expenses from anywhere. The app offers full functionality on the go, simplifying the expense management process for employees at scaling companies as well as enterprises.

"The Brex app has been a major gain for us in both user experience and efficiency for T&E,” said Josh Pickles, Head of Global Strategic Sourcing and Procurement for DoorDash. “Now, it’s easy for employees to understand where and how to spend, driving accountability from top to bottom."

Brex also offers unparalleled control with spend limits to support any use case. With Brex, you can set spend limits for stipends, team spend, travel, ads, shipping, and more. You can also adjust budgets and spend limits as needed to keep everyone on budget in real time.

Virtual Brex corporate cards are backed by Mastercard ID Theft Protection™, safeguarding your company against identity theft with Zero Liability coverage and 24/7 fraud monitoring. Further, Brex meets and exceeds industry compliance and data encryption standards with world-class security and data encryption.

The TL;DR: Brex’s corporate card program promotes compliance, security, and financial discipline while driving efficiency across your organization.

"Brex enables us to keep everyone on budget and surface cost-saving opportunities,” said Yasmin Siddiqui, Senior VP of Finance at Made by Nacho. “That allows our teams to focus on what really matters instead of stressing over expense reports and complex spend approvals."

Brex’s corporate card program can significantly improve your company's productivity, financial operations, employee satisfaction, and overall cost efficiency.

From simplified expense management to enhanced spending controls, Brex is designed to empower your company's growth. Book a demo today to see how Brex can transform your financial operations and future-proof your company.