Finally, a Corporate Card Alternative For Facilities Management Companies
Facilities management business is 24/7, spread out across the country, and managers need a flexible corporate card that lets them do their job. Here’s a better alternative to traditional business credit cards that don’t do the trick.
Running a facilities management company is stressful. There are many moving parts, and you need to be flexible and adapt quickly to changes.
Managing staff, upkeep with equipment, last-minute repairs, safety management, and controlling budgets are some of the moving parts of managing this type of business.
Add multiple locations on top of that, and you need to be an organizational wizard (*not the Harry Potter kind, unfortunately). This is especially true if you have managers in each location with a company credit card that they require to keep the business running smoothly.
Take, for example, Michael—the owner of Global Management Solutions, a multi-location, multi-million-dollar commercial cleaning business. With 550 employees in 16 states and 51 locations, keeping track of company cards for his team of managers can get costly and convoluted.
Michael shared some of his frustrations with traditional corporate cards with us and was delighted to learn he has options that can save him both time and money.
Corporate credit cards are costly
Annual credit card fees, high-interest rates, expense reporting fraud, and overdraft fees contribute to the high cost of corporate cards.
Traditional company credit cards offer many conveniences, but the fees can skyrocket fast, especially if you have a large team requiring company cards to perform their jobs. And these are just a sampling of the costs that make company credit cards inaccessible for many small to medium-sized cleaning and facilities management companies.
ClearSpend Cards are free for businesses of any size. You heard that right. There are no monthly fees, transaction fees, interest charges, or card-issuing fees. Keep more money in the business instead of shelling out hefty payments just so you can run your business smoothly.
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Bank hours don't work with facilities company hours
Most facilities management companies work seven days a week for day and night shifts. And because problems can’t tell time, they can come up any day at any time.
In Michael's business, they often run into an emergency on a Saturday that requires him to approve and increase a manager's credit card limit by thousands of dollars sometimes. While his accounting team is on standby seven days a week, the banks… are not. (That’s what they call “bankers’ hours” in the biz.)
With traditional company credit cards, Michael would have to wait until Monday to get the bank to increase the card spending limit. That's when it becomes an issue, says Michael. When a machine breaks down, for example, they have to jump through hoops to get their manager operational. It often means Michael has to find a way to put the expense on his American Express or get the manager to pay and expense it later.
But then his manager ends up out of pocket, anywhere from $100 to $6,000. Most can't do that, and Michael and his team don't expect them to. With a solution like ClearSpend, this would never be an issue since ClearSpend is always open (when you are). Increasing a card limit is as simple as flicking on a light switch (or logging into your app or dashboard).
ClearSpend is always live and kicking because we know facilities management companies don't take evenings and weekends off. If 20 refrigerators need replacing on a Sunday and your manager in Florida is stuck, ClearSpend has your back. It's easy to move money in real-time, any time of the day or week.
Stop asking for permission to spend money
Want to easily control how your managers spend money? With ClearSpend, you can. With a ClearSpend card, you can set daily and monthly spending limits and even control which merchant categories will be approved. Think of it in terms of buckets for spending like $100 on gas, $200 on staff appreciation, $500 on supplies, and so on. Except you decide what those buckets are and how big they are too.
Say, for instance, one of your local managers wants to throw a Christmas party for their team. Usually, they have to wait to see if the budget is there, get permission (if it is), and then the manager can buy what they need to host the party.
But for Michael, he'd prefer not to get these calls at all. He'd rather say, "Hey, you got $200 in this bucket for every month, spend it. Once it's gone, it's gone. And next month, you have another amount." That right there would save him tons of time. He likes the idea of setting spending limits and allocating money based on location and vendor.
"I love the virtual card. Love it.", Michael says!
With ClearSpend, Michaels's team could prepare ahead of time by changing the "bucket" or spend limit for staff parties around the holidays. They can plan the budget and save time without all the back and forth between managers, Michael, and the accounting team.
No lengthy process to reimburse staff
One of the most time-consuming and inefficient requests Michael’s accounting team deals with is reimbursing managers when they've had to use their personal credit cards.
Suppose one of Michael's managers had to purchase a washer and dryer on a Saturday and didn't have the room on their company credit card, so the manager would use their personal credit card, take a picture of the receipt, fill out a requisition form (iN a wOrD dOcUmEnT!), and send it to the purchasing department. Then the purchasing department approves it, reimburses the manager, and sends a bill to the client.
Phew, that was exhausting just typing it out!
OK, now imagine being able to remove that huge run-on sentence of a chore by syncing ClearSpend transactions, categories, and receipts directly into QuickBooks Online or your preferred accounting software. Plus, it eliminates the undue stress to your managers if it takes time to reimburse them.
Easy on, easy off
Some facilities management companies experience high turnover — it’s the nature of the business. And if an employee leaving your company happens to be a cardholder, it can be a pain in the facilities to cancel their card and issue a new one to the new employee.
Michael says being able to turn off a virtual card and then turn it back on with the same balance would be a total game-changer.
Well, good news! ClearSpend lets you do that. Turn off a card when one employee leaves, change the number, and then turn it back on with all the same settings and balance.
ClearSpend is designed for your busy business
If you run a busy facilities management company, you need easy access to spend control and budget management without the high fees of corporate credit cards and confusing (aka manual) spreadsheets.
Manage your budgets with prepaid debit cards where you control everything in real-time from our easy-to-use dashboard—no more guessing what your manager in Des Moines is spending company money on or fielding calls from staff in Poughkeepsie who need permission to buy their team lattes.
Book your ClearSpend demo today and learn how we're changing the game in prepaid debit cards for facilities companies.