You’ve got a lot on your plate. You’re running a business, managing a team, spending way too much time on expense reports every month—it’s a lot easier to hand the corporate card to somebody else than it is to stop what you’re doing and make every transaction yourself.
You’ve thought about getting a few of your employees their own corporate credit card, but is it really worth the hassle when the use isn’t consistent? And who’s to say that having several corporate credit cards isn’t dramatically increasing your chances of experiencing loss, theft, and expense report fraud? Who’s idea was that, anyway?
The other option is to have your employees float business costs they incur on their personal cards. But this leaves your employees stressed, waiting for reimbursements. Plus, the company has absolutely no visibility into how company money is being spent until the expense reports come piling in at the end of the month.
We get it. Card sharing seems easier and more convenient. But at what cost? Here are the top three dangers of a shared credit card and what you can do to avoid the risks.
