Being a startup founder is not an easy feat. Especially when it comes to the never-ending battle of managing expenses.
If you have been paying your company’s expenses from your personal credit card, then you’d know what I am talking about. All you wish is to have something like a startup credit card of your own to smoothen your business finance management.
Open’s Founder One card–Asia’s first credit card designed exclusively for startups & small business entrepreneurs, can be the startup credit card needed to manage your business finances #LikeAPro.
Wondering what’s so unique about this card? 🧐
Founder One card is the only credit card that integrates your banking, payments, expense management, and accounting into a single platform giving you a better overview of all your business expenses.
It is like your startup credit card that does more than just provide credits. With its amazing benefits, you could epitomize it as one of the best credit cards for small businesses.
As for team expenses, we’ve got a physical card that comes integrated with Open’s online bank account. You can hand out this card to your teammates, set limits, and load them directly from your online bank account.
For now, let’s dig a little deeper into the Founder One card.
Still waiting to get a company credit card? We feel you
Running a startup comes with its own set of challenges and they revolve around managing your startup’s banking.
For the longest time, traditional banks have primarily focused on catering to the financial needs of big corporates. Amongst the many banking challenges that startup entrepreneurs fret over, getting a business credit card for startups is a major one.
Let’s see what goes down when you apply for a credit card with a bank–
(1) Never-ending documentation:
You’ll definitely reconsider the idea of getting a company credit card, once you have a look at the list of required documents. Arranging for KYC documents of all the directors, identifying them, and gathering entity proofs along with tons of other business & personal documents can be quite tiring.
And the long queues at banks to get these documents vetted, don’t make the process any easier. On top of that, the card you will receive might not be the best credit card for small businesses that suits all your needs.
(2) Hefty fixed deposit:
Now, even if you somehow get your documents cleared by the bank, you’ll have to make a huge security deposit with them to get a credit card with a limit close to or lesser than the deposit you just made. This is a huge setback for most startups & businesses as they are just starting out & need all the cash that they can find.
Why traditional credit cards can’t solve new-age startup problems?
Say, you make it through all those hassles & get your hands on a company credit card that can act as your startup business credit card. The question that remains is–is it worth all that effort?
(1) Fixed credit limit:
With a traditional credit card, you’ll be approved for a credit limit close to the security deposit that you made. So, if you want to book tickets to an all-important event that exceeds your limit, you’ll definitely not be able to do that. This proves that traditional credit cards cannot be the best credit cards for startups. And increasing your credit card limit is similar to the hassles of applying for a brand-new credit card all over again.
All in all, the documents & long queues shall never cease haunting you.
(2) Not integrated with expense management:
If you’re just starting out with a small team, chances are you won’t have a separate finance team. To think you’ll have the time to oversee your business expenses while working 24*7 is not feasible.
Traditional business credit cards don’t let you present spending limits or give you a big-picture view of your startup’s financial health. Therefore, it is not the desired credit card for startups.
Now, a credit card that comes integrated with expense management – would be a dream come true, right?
Open’s Founder One card has got it all
Open’s Founder One card comes integrated with your banking, accounting & expense management – thus giving you analytical insights into your business finances.
Now, let’s get down to business & see how the Founder One card solves challenges unique to a startup –
(1) Minimal documentation & NO fixed deposit:
I’ll be honest, the best part about applying for a credit card with Open is that we don’t require you to submit a million documents. All we need is your personal PAN & address proof & you’re good to go. As simple as that. No personal guarantee or a hefty fixed deposit too.
(2) 100% digital application:
Now, we have always believed in providing a seamless digital onboarding experience to our customers. So forget about standing in long queues, you can submit your credit card application from the comfort of your home in just a few clicks.
(3) Flexible credit limit:
With Open’s credit card, you get a credit limit of up to Rs. 25,00,000. Is it not like the desired startup credit card you have been yearning for?
(4) Keep your personal & business expenses separate:
Well, this one’s a no-brainer. With Open’s Founder One card you can finally pay digital expenses from your company’s credit card & not yours.
(5) Enjoy other rewards that make perfect sense for your business:
You can scale your business with a host of best-in-class rewards from the brands you love. With Open’s Founder One Card you can actually get your hands on rewards that will help your business grow – perfect deals on everything from marketing and cloud communication to customer engagement platforms.
Get your hands on Open’s Founder One card
India is home to a huge number of startups & it’s time that they are empowered to manage their banking with ease.
Solving business banking challenges for startups & small businesses is at the heart of what we do with our neo-banking platform here at Open. And Founder One card is just a small piece of a host of features that makes managing business finances a cakewalk for 27L+ SMEs on our platform.
So, what are you waiting for? Join the bandwagon of simplified business banking today and grab a credit card that is equivalent to a startup credit card that solves most of your business’ finance management!