Business debit cards: what should you know about them

For those of us with busy lives, it’s hard to imagine even a day without using a card. It allows us to pay for stuff – whether at home or outside efficiently. 

But what if you need a card for your business expenses? Well, you can definitely get it! Let our team explain what debit cards for business are and how to get your perfect corporate card at Genome.   

Business debit card – why would you need it?

It is pretty simple. It is a type of card you can use to pay for expenses related to your company.

For instance, you may need a corporate debit card to pay salaries or send money to contractors, and buy supplies online or in-store. 

Types of corporate cards

This article focuses primarily on debit cards, but that’s not the only option you can get for your business. So, let’s quickly go through them:

Credit cards

It is a payment card you can use for business expenses and works as a regular credit card. Meaning you pay using the credit limit your bank assigns you. And, at the end of the month (or a certain period, depending on your contract with the bank), you must return the money you have spent or face interest charges. 

Usually, corporate credit cards are more available for big companies, as you need a solid credit history to order such a card.

Debit cards

This card will allow you to spend money on company-related payments. As with most debit cards, this will be linked to your bank account, so you will be spending your company’s money. 

These cards are more accessible, and there are even small business debit card options. 

Prepaid cards

These are cards that you need to pre-load money on to use. These are great if you are on a small budget and don’t want your employees to overspend funds.

These are the main variations. Of course, they also vary by card brand: Visa, Mastercard, Diners Club, etc.

And, of course, you can choose the card format. We are talking about a standard plastic card or a virtual card. 

You can learn more about virtual cards in this article, but basically, they exist entirely in a digital form, and you can use them for online and contactless payments. 

How do you get a business debit card?

To do so, you need to open a business account. It will allow you to order a debit card as well as perform multiple operations necessary for your company. 

Remember that having a business account is important for separating your personal and corporate finances. For one, it allows paying taxes easier. Not to mention that some banks can stop working with you or impose fines if they find out you mix the two. 

Also, if you want to receive payments on your website or at a physical POS, you will need a merchant account, and usually, a business account goes hand in hand with that.

So, once your business account is up and running, you can apply for a business debit card. 

What to keep in mind when looking for a business debit card:

• Find out if the payment service provider issues corporate debit cards for your type of company;
• Learn how many cards it can issue per company: for instance, you may only need a card for yourself, or on the contrary, you need to supply cards for over 50 employees;
• Check the transfer limits and other restrictions that a card can have;
• Compare fees and charges for card usage;

Now, let’s see how to start a business account and apply for a business debit card at Genome as an example: 

How to start a business account at Genome

Genome provides business wallets for many types of companies. With our wallet, you can make SEPA, international transfers, and internal instant transfers. We provide extensive reports and analytics for everything that’s going on inside it. Open multiple accounts within a wallet in different currencies – EUR, GBP, and USD.

Genome also allows you to grant your employees access to the business account, so you can share the workload. You also get Genome’s security token – a device allowing you to authorize every outgoing payment remotely. 

And, of course, once you have a business wallet, you can apply for a merchant account to accept payments on your website. 

To apply for a business account at Genome, you need to:

1. Provide some information about yourself;
2. Pass the identity verification;
3. Fill in some details about your company;
4. Upload some company documents;

That’s it! All you need is to wait for the verification – everything is done entirely online!

Apply for a business debit card

Once you have the business wallet, you can order a Genome business debit card. We provide two types of Visa business debit cards: physical and virtual ones. 

Physical corporate cards can be used anywhere around the world where Visa is accepted, and online, of course! You can also request that the card won’t contain any payment information printed on it for extra security. 

As for virtual cards, you can use them online and for contactless payments. Our cards are compatible with Apple Pay, Google Pay, and Garmin Pay. 

In addition, you can track every transaction you or your employees make inside the app. You will know exactly how they spent the money and that they didn’t overspend. 

Both cards can be ordered online – virtual cards will be available in a few minutes! As for physical cards – we will deliver them to any place within the EU. Go to the Cards section inside Genome’s dashboard, choose a card and confirm some details about yourself! You can even have multiple debit cards to carry different currencies – euros, dollars, and British pounds.

FAQ

Which debit card is best for business?

There are many options on the market, but the best one is the card that suits your company the most. We described everything you should pay attention to when choosing the card above. We advise you to look into Genome’s business debit cards – we have virtual and physical options.

How does a business debit card work?

The same as the personal debit card. The difference is that you use corporate cards to pay with it. For example, if it is a physical card, you swipe it or tap it near the reader at the store or pay online. You can use virtual business debit cards online or contactless via phones or smartwatches. 

What are the main types of debit cards?

Debit cards usually differ by card brands, such as Mastercard, Visa, American Express, etc. These provide different bonuses for owners. Also, a debit card can be physical (plastic) or virtual. 

How to start a business debit card?

You will first need to open a business account – so explore and compare the banks or payment service providers you think are good candidates to work with. Once you have the account – get a business debit card.

How to use a business debit card?

The same way you would use a regular one – pay with it, transfer funds, etc. You can also give the card to your authorized employees, so they can pay for business expenses. 

What do I need to open a debit card?

For a personal one, you will need to fill in some information about yourself. For a business debit card, you will need to fill in a questionnaire regarding your company and provide some documents confirming your activity.