How do you know if it is time to get a secured business credit card or to just keep on using your personal credit cards? Well if you want you could just give a member of staff a credit card and send them off to do a little bit of shopping then it is probably time to start considering some alternative solutions.
You can naturally start to keep a larger amount of cash on hand and use that more and more for purchases. The problem with making use of petty cash as it is known rather than getting a secured business credit card is that it's a lot easier for mystery purchases to get made with cash, or for some of it to just get misplaced.
When you have a secured business credit card you can see exactly what has been bought on it every month, in the event you get one for each of your main staff you can see exactly who has purchased what. You can reconcile your credit card statement so much easier and faster than a pile of cash.
They can also help you build your company credit rating and there is no real risk exposure to your business since you have to deposit money with the bank before they'll issue a card. If you deposit $1000 they will only allow that much credit so whoever has the credit card can't go crazy and run up bills beyond the amount of money you have deposited.
Attempt to clear the bill off every month so you are not requested to deposit much more with the bank and do not be persuaded to increase the amount by the card holder within your company.
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