Genome Blog / articles / Business debit cards: benefits and types
Apr. 27, 2023
No banking experience is complete without owning a debit or credit card. After all, it is one of the most convenient ways of purchasing things at stores and online. But what if you need a business debit card for your company?
Genome’s team gathered all the information you might need when selecting a corporate debit card or considering business debit cards for employees. We also describe their advantages and disadvantages, so you can choose the best business debit card.
What is a business debit card?
It is a type of debit card a company can order. Corporate debit cards are used by businesses to make payments related to their corporate expenses. For instance, you can pay for office supplies, conference attendance, the software you need for work, and so on.
Of course, you can also get a corporate credit card, but in this article, we will focus on debit cards specifically. Find out the difference between debit and credit cards here.
To obtain a business debit card, the company first needs to start a business checking account at a bank or financial institution of its choice. Take notice that they may offer corporate debit cards issued by different card brands, such as Visa, Mastercard, Discover, etc. Some financial providers may even offer free business debit cards, but we advise you to choose carefully and read through their terms and conditions, as well as check what other services they provide.
When ordering a corporate debit card, we advise you to pay attention to the following things:
- The features of debit cards;
- The fees for the card usage;
- The card limits;
- The number of cards that can be issued.
Types of business debit cards
There are not many types of such cards. Corporate debit cards usually differ by two parameters: form and ownership.
Speaking of form, you can have:
- Physical debit cards – your standard plastic ones;
- Virtual debit cards, which only exist in a digital form.
By the way, Genome offers virtual and physical business debit card options!
As for the second parameter, this is mainly about who will own the card. Some financial institutions only provide cards for the business checking account owners, while others also issue employee debit cards, which are corporate cards for a select authorized staff of your company, so that separate departments can pay their business expenses. Don’t confuse such cards with payroll cards, which are usually prepaid. Each month, companies send salaries to the employees’ payroll cards.
The pros and cons of corporate debit cards
Advantages of business debit cards
- They make payments more accessible. Yes, you can make money transfers when you have a business checking account. But, it is not enough. You must also have access to payments, as you are likely to encounter situations when you need to make a payment while traveling for business or to pay for something online. It is where corporate debit cards come into place.
- Ease of use. If you already own a personal debit card, you know how simple it is in action. For on-the-go payments, you just need to swipe it or put it next to the NFC reader. And for online payments – fill out your business debit card data.
- Access to funds at any time. All the money contained on your card is your own. Meaning you don’t have to worry about credit scores or interest that you would have to pay if you used a credit card.
- Safety of funds. Corporate debit cards usually have a higher level of protection, as it is a general feature for business checking accounts overall.
Disadvantages of business debit cards
- Payment limits. Some financial institutions may restrict the payment amount you can spend in one day. Thus, if you plan to make costly payments with your business debit card, you better find out about such limits beforehand.
- It is no credit card. If you want to build up your credit score, a corporate debit card is no good for it.
As you can see, there are definitely more benefits to business debit cards than cons. Let us describe even more advantages using Genome’s cards as an example.
Inside Genome, you can get a business debit card online! We provide two types of debit Visa cards – physical and virtual ones, and each has its benefits!
For instance, you can access virtual corporate debit cards almost instantly after ordering them, as they exist entirely in a digital form. The best way to use them is for online payments. Furthermore, they are compatible with Apple Pay, Google Pay, and Garmin Pay, allowing seamless contactless store payments. Order as many cards as you need so you and your employees can use them for different corporate expenses. For instance, we provide special cards for ads, which are great for media buying.
Physical business debit cards are available as well, offering an all-encompassing experience when you pay on the go, online, and contactless. Order your card online, and Genome will deliver it to any part of the European Union. Also, our physical corporate debit cards have one security advantage over the others! During the order, our clients may request that we don’t print any card information on it. Thus, if your card gets lost or stolen, no one will be able to use your card details.
You can set the spending limits for both types of corporate debit cards, so your employees won’t accidentally overpay for services and goods.
Another important feature our team implemented is the card management instruments. You can track all the business debit card operations, as well as other metrics, inside our platform. Access it at all times – via your PC, laptop, or the Genome app.
Not only that, but our business wallets have a shared access feature. It means that you can securely give access to your business account to other employees, so they can share the workload with you.
To order any type of Genome’s corporate debit card, you need to start a business wallet. All the onboarding processes are carried out online! All you need to do is:
- Go to my.genome.eu;
- Sign up and start the verification process;
- During it, you will need to fill out some information about yourself and your company, as well as record a video selfie for identity confirmation.
After you have successfully completed the onboarding process, you can order whichever type of corporate debit card you want.
But you also get access to many other of Genome’s services, such as money transfers, mass payments, merchant account opening, multi-currency accounts, and much more!
FAQ
What is a business debit card?
Also known as a corporate debit card, it is a type of card businesses can order and use for corporate payments.
How do I get a debit card for my small business?
First and foremost, to order a debit card, you first need to start a business checking account. Thus, you need to look for a financial institution that works with and offers perks for small businesses. Check what services they provide and whether they have small business debit cards.
What are the benefits of a business debit card?
Just like personal debit cards, corporate debit cards have many benefits – they are easy to use and manage, do not have a credit score attached to them, and allow you to make payments on the go and online.
Does a business debit card have your name on it?
Usually, business debit cards contain your company’s name on them, although not all financial providers print data on cards. For instance, Genome’s corporate debit card won’t contain any card information on it as an additional security measure if a company requests not to print the said information on it.
Is a business debit card a corporate debit card?
Yes, a corporate debit card is another name for a business debit card.
Why do people get corporate cards?
People get such cards to make business-related payments, as they cannot use personal cards to pay corporate expenses.
Can I use a corporate card for personal use?
In theory, you can do so, but it is not a good idea. It is better not to mix personal and business finances, and you never know which emergencies can occur, and you may need funds that you’ve spent for personal needs. Not to mention that banks usually frown upon using business debit cards for personal expenses.
