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Stripe Corporate Card

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Re: Stripe Corporate Card

#221

Post by tialaramex »

myalphabet wrote: post #66
privateSFacct wrote: post #49

Earlier quoted context omitted.

Do these cards require a personal guarantee? Do they require personal social security number? Can they be ordered in bulk (ie, 5-10 at a time when onboarding folks). Not to be rude, but the corporate card market is different than the personal card market in a number of ways.

Wait, how do these cards work, then? The corporate cards I've used (eg AmEx Corporate) did indeed require a personal guarantee and a personal social security number from each individual who had an account.

I have only had an Amex decades ago, but it was issued when I was too young to drink in the US. Maybe eighteen? Could have been nineteen. Something around that age. The company decided to send me to the US and somebody went "Oh, this kid should have a card so we can sort out expenses that way" and they ordered me an Amex. I never signed anything to my knowledge, just a corporate Amex arrived for me in internal mail.

In fact it wasn't even delivered until after I arrived in the US. At check-in (to the hotel, not the airport) my boss had fax'd them a picture of her Amex card and that was good enough for them. When she flew in a few days later I tried to meet her in the bar, and that's when I found out my first crazy thing about America - I wasn't allowed in the bar.

Very different times. But I'd be surprised if Amex now cares about exactly who the people are its corporate customers want cards for. Why would they? These cards aren't for you to use as personal payment cards, they're your employer's card and you're just authorised to use it for work.

Re: Stripe Corporate Card

#223

Post by graeme »

a13n wrote: post #218
graeme wrote: post #204

Earlier quoted context omitted.

Does that apply on the corporate version, here? https://www.americanexpress.com/us/credit-cards/business/cor... I'm not super clear on the difference between business cards and corporate cards.

Biz cards are personally guaranteed and corp cards are not.

So a corp can get either type depending how they want the guarantee can go? Like, a regular biz card can work for corp expenses?

Re: Stripe Corporate Card

#224

Post by lotsofpulp »

sdinsn wrote: post #202
jblake wrote: post #76

Earlier quoted context omitted.

Usually I'll let the points sit and use them when I have to travel - so the points never touch my bank accounts. I'm not a tax expert, but for that reason I don't bother reporting any income on it

If you use it for personal travel, I'm pretty sure it counts as income.

It does not in the US:

https://www.irs.gov/pub/irs-drop/a-02-18.pdf

Re: Stripe Corporate Card

#225

Post by neilparikh »

mikepurvis wrote: post #85
Silhouette wrote: post #54

Earlier quoted context omitted.

Sometimes the EU can be a bit too strong on consumer rights. For example, while charging excessive "processing fees" for accepting payment by card was a common scam, cards often do cost more to process than various other forms of payment here, and under the EU's latest PSD rules all surcharges for card use have been banned, even those that really did only cover the additional cost of the transaction.

I'd rather they err on the pro-consumer side, to be honest. I doubt those big banks and credit card companies will struggle to fight this and make their case for the appropriate exemptions if their scenarios warrant them.

Banning processing fees is anti-consumer, because it means that consumers who pay by a cheaper method have to subsidize the consumers who pay by the more expensive method (since companies will have to raise the prices for everyone).

Credit card companies won't fight bans on processing fees, because it actually helps them (the extra cost of the credit card is now hidden, and reduced, which means more people will use credit cards).

Additionally, this is a regressive policy, since it's easier to access financial products like credit cards when you're richer.

Re: Stripe Corporate Card

#226

Post by newhotelowner »

ttcbj wrote: post #21

Well, 2% on some things + 1% on everything else is better than I am getting with Amex now. Plus, $50k in free processing is like $1,450 in free money. Honestly, I wouldn't believe that deal, except that I have a multi-year history with stripe as our CC processor and it has been nothing but positive and as-promised. So, I submitted an application. It sounds like a great deal to me.

Capital one Spark has 2% cashback on everything. Combine that with Chase Ink which gives you 3% cashback on office supply, cable/internet bills.

Re: Stripe Corporate Card

#227

Post by Aeolun »

sudhirj wrote: post #110
myalphabet wrote: post #66

Earlier quoted context omitted.

Wait, how do these cards work, then? The corporate cards I've used (eg AmEx Corporate) did indeed require a personal guarantee and a personal social security number from each individual who had an account.

That seems really odd. The employees who have these cards are often expected to spend multiple times their yearly salary on company business. Personal guarantees simply wouldn’t work.

It’s certainly the case for my company card. I wouldn’t be able to pay off the cost faster than I add new expenses.

Re: Stripe Corporate Card

#228

Post by myalphabet »

syedkarim wrote: post #194
myalphabet wrote: post #146

Earlier quoted context omitted.

Yes, the employee. Why do you think it's shady? In my years of working in and around people with the same setup I've never heard of any complaints, and I know most of the other large consulting companies do it the same way. AFAIK the thought behind it is that not every expense on the card is for work - as a consultant, I travel every week and I put all kinds of expenses on the card (not all of which are strictly "for…

Why would you be buying any personal items with a company credit card? Isn't that what your own personal credit card is for?

It isn't extremely common to do so, but the most basic example I can give is incidentals at a hotel. The hotel room and some incidentals are reimbursed by the company, but other incidentals are not (ie some consulting clients do not allow the reimbursement of alcohol). It's typically easier to just put it all on the corporate card and mark some of the transactions as reimbursable and some of them as personal than it is to finagle a way to settle the hotel bill with multiple credit cards.

There's also the one-off situation where I really needed a new pair of pants while traveling (my only clean pair of business-appropriate pants split down the middle) and for some reason the only card I had on me was my corporate card. Obviously extremely rare, but I've heard of similar situation (but with a belt) happening to another colleague.

Re: Stripe Corporate Card

#229

Post by danillonunes »

aquark wrote: post #64

Nice, I assume this give Stripe the ability to shortcircuit Visa/MC on a payment between a Stripe card and Stripe as the processor and capture more of the revenue without needing to share it.

Has anyone actually done this kind of thing before? That would break rewards and benefits offered directly by Visa/MC.

Re: Stripe Corporate Card

#230

Post by rurp »

tempsy wrote: post #165
myalphabet wrote: post #158

Earlier quoted context omitted.

I suppose that's true and I would probably be worried about that if it was a smaller company or a company that had a real possibility of not being able to pay the bills. At my company that pulls in billions per year and has hundreds of thousands of employees that use this expense system that I've never heard one case of someone having an issue getting reimburses, it's not much of a worry to me.

We live in a post Lehman Brothers world...anything can happen. Personally would rather keep my personal expenses to my personal card and refuse a personal guarantee for any corporate spending, especially if it's going to average thousands a month.

Seriously, how hard can it be to bring both a personal and corporate card on a trip, and use each as appropriate? I've never had an employer issued cc but it's baffling to me that some employees have no problem personally guaranteeing company expenditures. I can imagine all sorts of scenarios, including a complete unexpected collapse, that would leave the employee out to dry.
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