Why did we create a business card for small entrepreneurs?
"Since our launch in 2015, we have helped more than 25 000 businesses. Our goal is to continuously evolve ourselves and our business to strengthen our offering and help more and more businesses. With Visa membership, we can further expand our product portfolio to meet the daily needs of our customers," says Emil Sunvisson, CEO of Qred.
A business card is a credit - if you want to use it!
The reason why it is difficult for small businesses to get a business card with credit is that traditional big banks are reluctant to give credit to small businesses. And our business card is credit. It's that simple. The big banks want to make money on fees and don't want to take risks. Unfortunately, the risks are greatest when businesses are at their smallest or just starting up. That's why the type of business can be the deciding factor.
Remember, it's never worth buying with money you're not sure you'll have in the future. Then it is better to save.
The business card is in fact the first solution BNPL - Buy Now, Pay Later
Only in recent years has BNPL started to be talked about, but credit cards were actually the first solution to the Buy Now, Pay Later principle. As early as 1914, the first version of the credit card was seen in the US.
Manage your expenses with Qred's business card
With a Qred Bank business card, you can easily manage your purchases. Store physical receipts digitally directly in the app for easy accounting.
Summary
- Gather all your expenses in one place.
- It's free and included in our app.
- You can scan receipts and create digital copies.
- Reduces the risk of errors.
- Digital receipts make it easier to manage and archive your expenses.
- You save time and money.
- No more worries about lost receipts.
- Provides handy monthly reports on your purchases that you can easily add to your records.
- It's free - it's automatically included in your Qred Visa!
Why should I get a business card for my company?
Because it's hard enough to separate private and corporate. Expenses, accounting, bills and more confuse the boundaries between work and private finances.
This should not be the case.
The business card gives you an overview of your spending and allows you to make those small investments to grow today - and pay later. A typical example is a freelancer who is planning to shoot or film a wedding and needs a specific piece of equipment. Instead of not being able to take on the job, risking the outcome of the work or, in the worst case, renting the equipment, this way you can buy the equipment you need and do what you do best - work.
What is the interest rate on a business card?
If your company pays the invoice on time, no interest is charged. However, if you are unable to pay on time or decide to defer payment, you will start paying interest on the amount. The interest rate is company-specific and starts at 1.95%.
The business card is mostly used for smaller amounts, such as cameras, tools, office supplies, etc. Another common use is for recurring expenses that require an associated card. This could be for digital services and tools, marketing spend on Facebook Ads or Google Ads, for example.
A business loan is a common option and a complement to a business card
If your company does not make frequent purchases but still needs small amounts for investments, a business loan can be a good option. Qred offers business loans from €10 000 up to €2 million.
It is also common for a business to have a business card for everyday expenses and a loan to cover larger investments such as inventory, marketing or cash flow during a temporary slump.
What are the benefits of a business card?
A business card can offer your company a number of benefits and works in the same way as a personal credit card, but with a business card, the company is the debtor. The card can be formatted as a regular credit card, a fuel card or a debit card that the business has to load money onto before it can be used. Some companies give each employee his or her own business card, while others keep one card to distribute.
Why get a business card?
As an entrepreneur, the business card makes it easier to keep track of which expenses are private and which are company expenses. A business card gives you a better overview and control over your spending. It also makes record-keeping easier and reduces administrative work.
Avoid unnecessary obstacles
Many are struggling to find an effective way to manage their employees' expenses when they use their personal cards to make purchases on the company's account.
This is because the transaction data remains in the hands of the employees until the reimbursement is made. As a result, the company does not have an overview of the expected expenses until the employees submit their claims. From the employees' point of view, in this case they have to pay themselves while waiting for reimbursement from the company. There are therefore several good reasons why it is worthwhile for a company to have a company card.
Even if you don't have any employees, using a business card is still advantageous. You can easily and smoothly separate your business expenses from your own. With a business card, you don't have to spend time sorting through receipts every month and keeping track of which expenses belong to the business and which don't.
You will usually receive a monthly summary invoice for all your expenditure. This greatly simplifies administration, especially for small businesses that do most of the work themselves.
Many companies do not work, despite this
According to a report by Eurocard in cooperation with KTH (Kungliga Tekniska Högskolan), around 68% of all Nordic companies currently use business cards for their employees' expenses at work. Among companies with the most efficient expense management, the figure is slightly higher, at around 80 percent.
Several positive factors
There are several positive aspects to using the business card. The business card allows you to improve both security and control. Additional software, such as an app, gives you an instant overview of your company's spending. It makes life easier for the entrepreneur, and the little things make a big difference.
If you or your employees are travelling on business, the card acts as a security. No matter how much planning and organisation has been done in terms of hotels, flights, rental cars, etc., there is always a risk that something will not go as planned. In such a situation, you can't expect your employees to be able to cover major expenses. In this situation, a business card can make things a lot easier.
As an entrepreneur, the credit card gives you a better overview of all your spending and the additional software allows you to see your spending in real time.
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