Altabanking episode 40 with Mike Baum
Altabanking Interview KSL Radio Transcript: Business Credit Cards with Mike Baum
Segment Title: Altabanking, The Rewards Of A Business Credit Card
GRANT: Welcome to Altabanking. Weekly business talk geared toward elevating your financial future. Mike Baum is the Director of Treasury Management at Altabank. Mike, there are a lot of business owners out there that use a personal credit card for their business expenses. Now you mentioned that switching to a business credit card can be extremely beneficial, so why don’t more business owners make the switch?
MIKE: That’s a great question. I think a lot of business owners don’t realize the substantial benefits of a business credit card. For example, they can turn business costs into reward points with a Visa® Business Rewards credit card from Altabank. Businesses can earn one point for every dollar spent, then redeem points for cash back, gift cards, merchandise, travel, etc. There is no annual fee and there are other benefits like auto rental, roadside service, travel accident insurance and purchase security benefits. Business cards also make it easier to manage business expenses such as employee spending by providing the option to set spending limits and geographical boundaries on employee issued cards.
GRANT: In addition to business cards, do commercial business accounts offer any unique features to help these business owners manage their expenses?
MIKE: Absolutely. Commercial accounts make it easy to streamline your entire cash management strategy. A business banking account opens up customers to a variety of business services, including the ability to send one-time or reoccurring electronic ACH and wire payments, Business Bill Pay, Express Deposit services allowing you to deposit checks from the convenience of your office or other remote location 24/7; and Merchant Services that make it simple for businesses to accept customer credit and debit payments.
GRANT: At what point should someone consider upgrading to a commercial account?
MIKE: There is never a bad time for a business to make the switch. Regardless of the size of the business, their revenue, etc., there is no real downside. And the benefits can be huge – from the credit card rewards and no annual fee, to the time saved using the cash management tools, and gaining control and a deep understanding of all your expenses. If you’re considering making the switch, sit down with your business advisor (a treasury management professional) to learn what is best for you.
GRANT: Mike, thank you very much! This has been Altabanking. Brought to you by Altabank. Member FDIC.