California Banker Issue 2 2025

The Future of Small Business Credit Card Programs

By Anil Goyal, CEO, CorServ

S

mall businesses are the heart of community and regional banks, but they often face challenges when managing

over financial operations, ensur ing transparency and efficiency. • A simple employee onboarding feature makes adding employ ees to the credit card program a seamless process. As businesses expand, they can quickly onboard team members, allowing them to make necessary purchases while maintaining oversight and con trol. On average, small businesses have four cardholders. • Highly configurable alerts and controls empower businesses to set spending limits, impose mer chant category restrictions and receive real-time notifications. Banks can assist in the preven tion of unauthorized transac tions and ensure compliance with company policies. • Flexible payment options , in cluding individual pay and con solidated pay. Individual pay al lows employees to pay, manage and be reimbursed for their ex penses independently. Consoli dated pay simplifies management by consolidating all employee transactions into a single state ment to be paid. These options provide businesses with adapt ability to suit their specific needs. • Integration with accounting tools like QuickBooks, stream lining small business bookkeep

ing processes. This integration simplifies expense categoriza tion, financial reporting and tax preparation, saving time and re ducing errors. • Access to credit with some cred it card program providers helps businesses manage cash flow ef fectively. Whether it’s covering operational expenses or han dling unexpected costs, custom ers look for financial flexibility and stability with credit lines designed to support the needs of small businesses. Tailored credit card programs are critical for financial institutions seeking to support small businesses in their communities. By addressing pain points like transaction manage ment, employee onboarding, cash flow and more, your bank can work with small business customers to simplify financial management.

their finances, especially when it comes to separating personal and business expenses. Many small busi ness owners resort to using personal credit cards for business purposes, which can lead to financial confu sion, inefficiency and a lack of secu rity. Separating personal and busi ness transactions is a necessity for clear financial management, accu rate bookkeeping and smoother tax preparation. Banks have an opportunity to tap into the potential of offering a cred it card program that caters to the unique needs of small business own ers, providing tools and features that elevate their banking experience. In tegrating a credit card issuing pro gram can feel daunting, but there are programs built for financial institu tions of all sizes that make issuing features will enhance customer experience? • A sleek business administration portal provides customers with a centralized financial overview, especially for multiple card holders, offering real-time in sights into transactions, expense tracking and enhanced control simple, effective and lucrative. What credit card program

Anil Goyal co-founded CorServ in 2009 and acts as the company’s CEO. He has an extensive background in credit risk management, technology, and portfolio

optimization. Throughout his career, Anil held se nior roles at top card issuers and provided strategic consulting services to American Express.

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