Rewards for everyone are like candy for the sweet tooth. While it may sound obvious to individuals to like rewards, it’s also true that rewards are a blessing for businesses! Not only do rewards help to save costs on different expenses, but they also elevate employee satisfaction when a business chooses to distribute certain rewards to its employees. Just like individuals earn rewards on their purchases, there are ways for businesses to earn rewards as well.
How can businesses earn rewards?
A great way for businesses to earn rewards is by using a corporate card to make purchases at different vendor outlets. Corporate cards are physical or virtual cards that a business can hand out to its employees to make purchases on behalf of the company. They function similarly to credit or debit cards, which is why businesses can easily earn rewards, like a cashback or discount, on their purchases. The choice between a corporate debit card or a corporate credit card can vary depending on the business’s preferences and needs.
Apart from a corporate card, certain financial services offer cashback cards. As the name suggests, these cards are built to provide cashback on certain purchases. Certain cashback cards guarantee a fixed cashback on a select purchase. Common percentages of cashback range from 0.5% to 1% in Singapore. However, they can vary by either lower or higher, depending on the card issuer, card category, and preferred expenditure.
- In what items or products can a business earn avail of rewards?
- Office supplies or equipment: Running a business necessitates more than just building a strong workforce. It requires amenities that can be used to boost productivity. When purchasing office supplies, an employee or business owner can choose to pay using a corporate card or a cashback card that assures a cashback.
- Technology: To keep the business running smoothly, a business is bound to invest in technology and updated software and systems. However, these purchases can be harsh on the business budget. To ease the rashness of such purchases, a business can pay using a corporate or cashback card and earn discounts or cashback.
- In what services can a business earn avail of rewards?
- Travel expenses: Growing and established businesses often need to conduct business trips to bag growth opportunities. These can be in the form of investments, product deals, or networking. A business can save substantially on travel expenses by redeeming the air miles earned through corporate cards.
- Dining and leisure: Engaging in leisure activities is a common practice in spaces that value the importance of team spirit. This can include taking the team out for a business lunch or any other entertainment. But, these expenses can be huge if a company has to pay for the entertainment of all its employees. That’s when cashback and corporate cards come in, as the points earned through them can result in discounted leisure expenses.
- Seminar registrations: To grow a business strong, networking is paramount. While there are several ways for the people associated with a company to expand their business network, a common method is by attending seminars. When registering for a seminar, employees or business owners can pay through their corporate or cashback card if the organizer is a partner of the card-issuing company or institution.
- Memberships or subscriptions: To keep all business deliverables aligned, companies often opt to invest in professional services, depending on the nature of the business. As a general assumption, the more robust a service is, the higher its subscription would be. That’s the right time to use a corporate or cashback card if the company wants to offer professional services at a lower cost.
- Employee training programs or courses: Growing businesses can’t afford to lose competitiveness in the market, and a good way to keep up the competitive spirit is by timely training the employees on the latest industry trends and technology. Several employee training programs can have tie-ups with companies that offer cash back cards. Thus, when an employee or business personnel uses their card to pay for a course, they may receive a cashback. Lower costs of training programs easily translate into higher accessibility to skill-building resources.
To conclude, there are various products and services that a business can avail of rewards in the form of cashback, discounts or points. However, each method requires the business to possess a corporate card or a cashback card. When deciding on choosing a card, each business should evaluate the card’s resourcefulness against its needs.
