Commercial Credit
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Commercial Credit
Commercial credit provides you with a convenient way to manage your business expenses. There are several different forms of commercial credit including business credit cards, loans, and lines of credit. This is a great way to separate all of you business dealings from your personal credit and personal finances.
One common use of commercial credit is to allow employees to have a corporate credit card. This is used for business related trips so they can pay for hotel rooms, rental cars, meals, and other necessities while they are on official company business. You can get commercial credit cards set up where you have several credit cards for one account. This makes paying for such expenses easier and you don’t have to worry about the burden on the employee while waiting for you to reimburse them for their travel expenses.
It is important that you carefully monitor commercial credit. If you don’t pay your bills on time then it can affect your ability to get funding for your business in the future. There are commercial credit reports available from the credit bureaus so make sure you periodically review what is on yours. Commercial credit can be a valuable tool for your business but only if it is used wisely.
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