On top of that, the time-consuming process of credit card application with the bank for your business is already enough to keep you on the edge, with processing document for approval and waiting for a physical card to arrive can take weeks, if not months.
Here at Budgetly, we empathise deeply with that pain point.
The “SME Lending in Australia” Economic Report by the Australian Banking Association, highlighted the most common types of credit obtained by small businesses were new credit cards and bank overdrafts. Approximately 12.2% of small businesses with employment size of 5 to 19 and 16.9% of small businesses with 20 to 199 employees have obtained a new credit card in 2018*.
*Based on ABS, Characteristics of Australian Business 2017-18
Since then, COVID had accelerated the use of digital services and instant card issuance is revolutionising the way we access our finances.
Here are three compelling reasons why instant card issuance is essential for success for your business:
- Convenience: With instant card issuance, there's no need to wait days or weeks for your new bank card to arrive. Whether you're opening a new account or needing to issue cards to your staff, in a matter of clicks, you can have access to a fully activated card. This level of convenience ensures uninterrupted access to the company funds, saving you time and hassle.
- Enhanced Security: Traditional bank card delivery methods carry inherent security risks, such as lost or stolen mail. Instant card issuance mitigates these risks by putting the card directly into your hands (virtually and physically). Additionally, some instant issuance systems offer advanced security features making transactions more secure and reducing the risk of fraud.
- Improved Customer Experience: The ability to receive a card on the spot gives your company complete budgeting control and in turn, empowers your staff to have clarity on the budget, leading to better staff experience overall.
Intrigued? Budgetly might just be the solution you've been searching for!
Budgetly is an all-in-one expense management system that can instantly issue cards for staff who needs to make purchases and can freeze or cancel them at the click of a button.
The mobile app prompts staff to upload their receipts as soon as they tap their card and all transaction information is available in the real-time dashboard.
About Budgetly’s Instant Physical & Virtual VISA Prepaid Debit Cards
Budgetly prepaid corporate debit cards are available in physical and digital formats, with virtual cards available instantly upon application.
Staff can add Budgetly’s virtual cards to their mobile wallets and use them immediately in any location. With Budgetly, there's no need for any sharing of physical cards, providing convenience and security for all transactions.
With Budgetly’s preloaded cards, you and your staff can transact, capture their receipts using a smartphone, and upload them to the app.
In addition, Budgetly’s expense management software automatically records transaction details such as vendor names and transaction amounts.
Wait are you waiting for? Take control of your businesses expenses and wave your corporate credit bank cards goodbye, schedule a demo with us today, or watch a 10-minute recorded demo.
If you’d like to eliminate receipt tracking dramas with instant budget allocation, automatic GST extraction and real-time reporting, then schedule a demo with us today, or watch a 10-minute recorded demo.