A business debit card is a plastic debit card which can be used for purchasing business supplies, office essentials and other business related commodities. It helps one to access the business account from anywhere, across any terminal.
The debit card should be used only at ATMs(automated teller machines) and business point of sale. The business debit card is not used for personal purposes. The business debit card is not transferable.
The business debit card rules are under the jurisdiction of the state in which the issuing bank of the business debit card is located. An account is linked to the business debit card from which the various deductions, charges, fees, transactions take place.
The business debit card has the following benefits:
- It is very convenient to keep track of the expenses by referring to the monthly statement generated instead of signing vouchers of individual employees.
- It makes any transaction much faster because one is required to only swipe the business debit card. It saves a lot of time by avoiding writing cheques.
- One can exercise control over the expenses of the employees. This is done by giving the main employees individual business debit card and tracking their expenses at the end of every month when the statement is generated. One can get to know all details of the transaction from the statement.
- It renders security because one is not required to carry cash ,instead one can perform transaction with the business debit card as he is equipped with the PIN which is card holder specific.
- Purchase assurance and extended warranty:
For purchases made with the business debit card one can avail of an extended warranty of 90 days in case of damage or theft.
- Master Rental and Insurance Coverage:
On hiring a vehicle with a business debit card one can get full return or coverage for 31 days in case of accidents or damage.
- Travel Services Medical Protection:
The business debit card holder is entitled to get medical coverage upto a certain limit in case of medical emergency or hospitalization.
The last three facilities are offered only by certain banks which one needs to check out at the time of applying for the business debit card.
For more details on business debit card one may visit metabankonline.com, capitalone.com.