Corporate Card Spending Policy Best Practices

Corporate Card Spending Policy Best Practices

When companies chose a payment method for their expenses, one of the most popular choices has long been the corporate card. This provides the company with a familiar and relatively easy way to pay for the goods and services they need.

Corporate cards are cards that are intended for business and business payments rather than personal payments. They often have many of the same features and drawbacks as individual cards.

And just like individuals need to control their own personal spending, businesses also need to control their corporate spending made with the card. That’s where corporate card spending policies come into play.

These guidelines help companies understand what they can pay for with the company’s corporate card, how much they can spend, who can make and approve payments, and more.

Having a clearly defined and easy-to-understand corporate card spending policy is critical for your business. It ensures that employees and teams will be able to pay for the products and services they need, while also ensuring that spending doesn’t spiral out of control.

Below, we have provided some best practices to help you understand how to create and implement a spending policy for your company corporate card: