First Interstate Bank Business Credit Cards
Most people find it difficult to manage their personal finances without a credit card, and it is really no different for businesses that must be able to meet short-term financing needs while effectively managing cash flow. Establishing a First Interstate Bank Business Credit Card account is essential for businesses transitioning from start-up phase into growth phase. Businesses have access to a wide variety of financing options for their expansion needs; however, credit cards can play a vital role in the short-term cash management function that is critical to a growing business. Here are five ways a business can use a First Interstate Bank Business Credit Card to improve cash management:
Separate Business and Personal Finances: Nothing raises the ire of IRS agents or accountants more than having to sort through records that mix business and personal expenses. Businesses risk increasing tax preparation costs due to the additional time it takes accountants to prepare their taxes, as well the possibility of IRS audits triggered by commingled record keeping.
Purchase Control and Convenience: Increasingly, businesses use the Internet to purchase supplies and book travel which makes having a First Interstate Bank Business Credit Card more essential than ever. Plus, having a business credit card available when a unique opportunity arises eliminates the need to use personal checks or credit cards, which can muddle record keeping. Credit cards with set spending limits are also the best way to track and control employees spending . Extra First Interstate Bank Business Credit Cards are available for company employees at no extra charge.
Cash Management: Credit card financing can be an effective strategy for covering the cost of doing business in anticipation of the revenue the business will generate. Businesses can take advantage of the 25 day billing cycle of First Interstate Bank Business Credit Card accounts to purchase inventory or materials needed for a customer order that can then be repaid upon receipt of the customer's payment. And because credit card transactions generate multiple records through physical receipts, transaction reports, and online statements, record keeping is much easier. Many business accounting software programs are able to import transaction data from online accounts, which virtually automates record keeping, data compilation, and cash flow analysis.
Build Business Credit (while protecting your own): A business needs a credit score as much as an individual does. A First Interstate Bank Business Credit Card account with a solid payment history is one of the quickest ways for a business to build a credit history, which can open the door to other financing options. Because business and personal credit activities are reported separately, your personal credit score is not likely to be affected by any adverse reporting such as inquiries or high debt-to-credit ratios.
First Interstate Bank MasterCard® Business Card
The First Interstate Bank MasterCard® Business Card provides businesses with the purchasing power they need to manage cash flow and expenses along with the convenience, security, and global benefits of MasterCard®. Simplified tracking and reporting enables businesses to maintain financial control over expenditures. For businesses with five or more cards, all of your cardholders' accounts can be managed using our online management tool.
First Interstate Bank MasterCard® Business FirstRewards Card
The Business MasterCard® FirstRewards Card earns points for every net dollar spent in purchases. You can redeem those points for amazing rewards, including travel within the United States and around the world. Travel not for you? Reward yourself with gifts and merchandise with no shipping fees.
First Interstate Bank MasterCard® Corporate MultiCard
The MasterCard® Corporate MultiCard is the easiest way to manage corporate spending activity, whether it's purchasing, travel and entertainment, or fleet. The business can set individual spending controls for employees, choose individual or central billing options, track and report 1099 spending, and view detailed cardholder spending activity online. All transaction data can be downloaded to your financial software.
First Interstate Bank business cardsprovide added benefits and protection such as zero liability on lost or stolen cards, emergency card replacement, fraud monitoring and alerts, extended purchase protection, and travel insurance. In addition, all of our business customers have access to 24/7 customer service phone support.
Our knowledgeable bankers can help you determine which First Interstate Bank Business Credit Card options would best meet your needs. Visit First Interstate Bank.com or a First Interstate Bank branch near you to learn more.