6 Ways to Use a Corporate Card

$59.9 billion.

That is the projected global market size of the corporate cards industry by 2025 growing at a compound annual growth rate (CAGR) of 7% from 2024 onward. This remarkable surge, up from $33.5 billion in 2023, is fueled by increasing demand for digital payment solutions, tailored rewards programs, and efficient expense management tools, particularly among small and medium-sized businesses.

With North America leading the charge, thanks to a robust business environment and widespread adoption of corporate cards, this market shows no signs of slowing down. Businesses increasingly rely on purchase or corporate cards to streamline expense management, enhance security, and capitalize on valuable rewards.

Companies using the corporate card from Navan Expense enable their finance teams to stay in control while offering employees a simple way to pay without pulling out their personal credit cards. Smart virtual and physical cards with built-in policies also help ensure responsible spending and real-time transaction visibility.

Virtual Card Synergy

For Navan, offering a virtual card alongside a physical card is essential for ease of use and financial freedom.

Similar to how a corporate credit card works, a virtual card features a unique 16-digit virtual card number generated digitally. Employees can use that number for online checkouts and download it to a mobile wallet for in-person purchases where virtual cards are accepted.

Like corporate cards, the same built-in controls and expectations are set to ensure employees stay within policy, security is managed, and payments can be easily reimbursable.

Below are examples of where corporate and virtual cards can work harmoniously in a company’s tech and expense stack.

1. Hotels and Overnight Stays

Business travelers should feel empowered to spend what they need on the road, viewing overnight business travel as a perk, not a pain. Companies looking to leverage business travel for strategic growth should encourage travelers to attend in-person events, conferences, and customer-facing meetings with their best foot forward rather than worrying about fronting the bill for a $1,700 hotel stay.

A corporate card with built-in policy controls gives admins peace of mind. When employees travel, predetermined spending limits help ensure admins receive notifications for charges above particular thresholds or in certain merchant categories. Many hotels no longer require a physical card for check-in, so virtual cardholders can seamlessly access their overnight stay.

2. Meals In and Out of the Office

Whether catering for a company all-hands or paying for the third coffee of the day during a business trip, corporate cards are an easy means to help busy employees refuel. Modern corporate cards have spending limits and built-in per diems to better regulate spend.

3. Global Travel

Like paying for a hotel, business travelers need swift expensing solutions for all parts of the travel journey. International travel, with varying languages or currencies, make the experience even more complex. But expenses shouldn’t be another worry for travelers or admins as employees cross borders; smart corporate cards offer a great solution.

A card’s multi-currency support eliminates cash conversions, and upgraded security controls mean fraudsters across the globe can’t access company funds. Smart cards also put an end to expense reports by automatically adding electronic records at the point of purchase.

Some cards will also offer traveler incentives that companies can choose to disperse or enable employees to use, like access to airport lounges or free miles.

4. Transportation

Once a business traveler arrives at their location, they will likely need a means of transportation to their next stop. Navan Expense corporate card users can book rideshare through strategic partnerships with providers. These partnerships allow travelers to automatically provide location and destination information for quick and easy access to transportation.

5. Recurring Subscriptions and Fees

A corporate card with a built-in expense management software solution for financial leaders and admins means total visibility into monthly spending of recurring fees. Entire subscriptions meet automatic approvals, whether a consistent stream of supplies or business technology like Adobe Suite or Slack.

Once the corporate card is set, users can view these purchases at a granular level or just “set it and forget it” so admins and employees can streamline reoccurring business needs.

6. Education

As companies look to nurture their employees’ career growth, educational tools and opportunities are an excellent option for future business development. Some team leaders in departments like sales may need monthly training courses, while the brand department may want a senior designer to take an online course.

A marketing manager may see a last-minute signup spot for a marketing webinar. Rather than fronting the bill and waiting for reimbursement, the marketing manager is already aware the purchase is in policy based on the card account. Out-of-policy expenses are flagged. And, if users don’t have their wallets handy, employees can easily plug in their virtual card attached to the respective employee account.

A Corporate Card That Scales With Companies

Passing out cards to employees doesn’t mean handing out unlimited freedom. While the above examples offer ways for employees to feel confident in spending company funds, admins and financial leaders are still at the helm of their corporate card programs.

Whether using the Navan card or a payment solution your team already trusts, Navan provides real-time visibility into spend, enhances policy compliance, and simplifies the experience for both employees and finance teams.

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