Being a startup founder is not an easy feat. Especially when it comes to the never-ending battle of managing expenses.
If you have been paying your company’s expenses from your personal credit card, then you’d know what I am talking about.
Open’s Founder One card–Asia’s first credit card designed exclusively for startups & small business entrepreneurs is just the thing you need to manage your business finances #LikeAPro.
Wondering what’s so dazzling about this card?
Founder One card is the only credit card that integrates your banking, payments, expense management, and accounting into a single platform giving you a better overview of all your business expenses.
As for team expenses, we’ve got physical or virtual cards that come integrated with Open’s online bank account, that you can hand out to your teammates. Just set limits and load them directly from your online bank account.
For now, let’s dig a little deeper on the Founder One card.
Still waiting to get a company credit card? We feel you
Running a startup comes with its own set of challenges. One of the biggest of them revolves around managing your startups’ banking.
For the longest time, traditional banks have primarily focused on catering to the financial needs of the big corporates. Amongst the many banking challenges that startup entrepreneurs fret over, getting a business credit card is a major one.
Let’s see what goes down when you apply for a credit card with a bank–
(1) Never-ending documentation:
You’ll definitely reconsider the idea of getting a company credit card, once you have a look at the list of required documents. Arranging for KYC documents of all the directors, identity, address, and entity proofs along with tons of other business & personal documents can be quite tiring.
And the long queues at banks to get these documents vetted, don’t make the process any easier.
(2) Hefty fixed deposit:
Now, even if you somehow get your documents cleared by the bank, you’ll have to make a huge security deposit with them to get a credit card with a limit close or lesser to the deposit you just made. This is a huge setback for most startups & businesses as they are just starting out & need all the cash that they can find.
Why traditional credit cards can’t solve new-age startup problems?
Say, you make it through all those hassles & get your hands on a company credit card. The question that remains is–is it worth all that effort?
(1) Fixed credit limit:
With a traditional credit card, you’ll be approved for a credit limit close to the security deposit that you made. So, if you want to book tickets to an all-important event that exceeds your limit, you’ll definitely not be able to do that. And increasing your credit card limit is similar to the hassles of applying for a brand new credit card all over again.
All in all, the documents & long queues shall never cease haunt to you.
(2) Not integrated with expense management:
If you’re just starting out your startup with a small team, chances are you won’t have a separate finance team. To think you’ll have the time to oversee your business expenses while working 24*7 is a fool’s assumption.
Traditional business credit cards don’t let you preset spend limits or give you a big picture view of your startup’s financial health.
Now, a credit card that comes integrated with expense management – that would be a dream come true, right?
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