Small Business Credit Services
Why Business Credit Services
Credit is an integral part of any business strategy. Why it's used, when it's used and how it's used can have a profound effect on the rate of business growth and profitability.
Credit Services offer tools that include charge cards, credit cards, loans and lines of credit. Understanding the cost variables associated with each Credit Service tool, as well as the associated business benefit will help you to select the right Credit Service or combination of Credit Services relative to your specific business needs. Below are examples of various types of costs and benefits associated with Credit Service tools.
|Cost Variables||Business Benefits|
Business Spending Tools
How your business spends its financial resources can be further managed and tracked by using various Credit Service tools. With detailed reports on business spending habits at your fingertips, you can improve cost controls to support profitability. Learn more by selecting any one of the following three Credit Service tools:
- Charge Cards for facilitating spending on a monthly basis without applicable finance charges when paid in full each month
- Credit Cards for facilitating spending on a routine basis at low annual percentage rates (APRs) when making payments over time
- Loans and Credit Lines for facilitating spending on larger purchases or routine expense needs where payments may be made over time
Business Savings & Rewards Programs
All businesses spend money. Get something in return by aligning various business expenses with Business Credit Services that offer savings and reward programs. Certain Business Credit Cards include "built-in" savings for gasoline, rental car and overnight shipping service purchases, as well as point programs, purchase discounts, cash back and incentives such as:
- Travel, entertainment and shopping reward programs
- Airline mileage, such as Jet Blue Business Card, and Delta Sky Miles® Business Credit Card reward programs
- Preferred guest, such as Starwood Preferred Guest® Business Credit Card reward program
- Cash back, such as Business Gold Rewards Card, SimplyCashSM Business Card, and BlueCash® for Business Credit Card reward programs
Business Purchase Discounts
Another feature to look for when selecting a Business Credit Card is the type and scope of Purchase Discounts offered to your business; such as office supplies, travel, dining and other routine expenditures. Ideally, such purchase discounts are reflected on your monthly statement each time you do business with the qualifying vendor and are independent of any other periodic discounts or special pricing offered by the vendor directly. Select from the following links to gain a further perspective on the types of purchase discounts that may be available to you and your business:
Business Expense Management
The success is in the details. With today’s Web-based Credit Service tools, you can track expenses, pay bills online, establish Credit Account alerts and perform a variety of other financial management tasks to minimize costs and maximize profits.
Expense Account Control
Did you know that you now have the option to monitor your business expenses 24-7 by scheduling account alerts to automatically advise you via e-mail or wireless device on the following financial issues?
- When your billing payment is due
- When your payment has been received
- When you're approaching your credit limit
- When there's any irregular activity on your account
- What your current balance is
- When your spending has reached a certain level
24/7 Customer Service
If your Business Credit Card is lost or stolen, or if you suspect Credit Card fraud, you want access to help and answers immediately regardless of when or where you are. For these reasons and others, be sure to select a small business Credit Services provider that offers 24/7 Customer Service.
Credit Services Choices
Understanding some of the basic Credit Services Terms will help you to make more informed decisions when selecting Credit Services for your business needs.
10 Great Reasons to Utilize Small Business Credit Services
Most all small businesses can benefit from utilizing some form of Credit Services. Below are 10 Great Reasons why it might make sense for your business:
- Facilitate and track spending patterns on a monthly basis without any finance charges
- Facilitate and track spending patterns while also spreading out payments as cash flow supports at manageable monthly interest rates
- Access capital as needed and repay over time with a business credit line up to $100,000.00
- Manage business spending with convenient online services including bill pay, account access, expense reporting and charge resolution
- Access customer service where you need it and when you need it
- Set up account alert notices via email or wireless device to monitor account activities
- Align common expense purchases with reward programs for business savings and cash back
- Monitor employee spending activities with online reporting and timely alert services
- Take advantage of purchase discounts on supplies and services; travel and dining; and business building tools
- Save time, money and improve accounting with compatible Credit Services for your business needs
Where to Begin
To begin benefiting from business Credit Services, be sure to choose the right Credit Card for your business needs. For more information, call 1-800-NOW-OPEN (1-800-669-6736) to apply for a Card or loan. Terms and conditions apply.
More from OPEN from American Express®
Apply for the Business Gold Rewards Card
- Built-in accelerators to speed you to up to 100,000 points or more in your first year
- Automatic savings at leading business suppliers
- Fee-free first year — savings of $125
- Terms and conditions apply