Fintech business credit cards are the go-to options for companies that want to manage their overall finances. They can play a major role in controlling the overall spending of the business as well as making online payments to vendors and suppliers.
As a result, it ensures that you have all the right things to keep your finances in control. But how does a fintech business debit card differ from a traditional one? Find out about the key differences between both the cards by going through this guide till the end.
Technology and System
One of the major differences between both is that the fintech credit cards have the backing of cutting-edge technology. Using real-time data analytics, AI (Artificial Intelligence), and ML (Machine Learning), these cards allow you to enjoy the benefits of mobile banking. On the other hand, conventional banking systems have the backing of long-established financial institutions.
Application and Approval Process
Another major difference between these cards is the processes for getting one and approval rates. Getting a fintech business debit card is relatively quick even if you go for a high-risk processing merchant account. Since the process is online, you can enjoy a streamlined experience to get one. The traditional debit card requires more paperwork and longer processing times.
Fee Structures and Rewards
Fintech companies offer debit cards for businesses that relatively have lower fees than a traditional institute. They even adopt a more transparent approach when it comes to disclosing relevant fees and charges that you have to pay.
Furthermore, you can enjoy more customized reward programs from the fintech debit cards and enjoy various benefits such as discounts on business products or cashback on business-related purchases.
Integration with Business Tools
Last but not least, the fintech debit card is relatively easy to integrate compared to the traditional ones. You can easily manage your finances through a single without having to deal with too many digital wallets. It is even a suitable option for businesses with a high-risk merchant account since they can manage their finances easily. The same level of integration can be difficult to get from traditional cards.
Final Words
Businesses leverage robo-advisors, dedicated IBAN accounts, and other tools as well as technologies to manage their finances. Luckily, you don’t have to worry too much about managing your finances with a business debit card from a fintech company.