6 reasons why Open’s credit card is essential for your startup

Indian Startups face multiple hurdles owing to the current banking systems built using legacy technologies. These institutions are slowly starting to adapt to newer technologies. And hence they don’t have the right growth tools that’d enable the startup to grow at warp speed.

For example, most nascent organizations are always in the process of rapid growth and change. This growth is highly reliant on capital making it imperative for founders to secure a source of credit & a credit card for their business. In reality, however, founders often end up running the business off their personal credit cards because of the difficulty in the process of getting a business credit card for their startup from a traditional bank.

Being the CEO of a startup, I ran into a similar dilemma, which made me cross paths with Founder One credit card from Open. And let me tell you — it’s ACTUALLY built for my startup.

Here are six reasons why every business owner should opt for Open’s Founder One card:

1. Credit card with a limit up to INR 200,000

The Founder One card comes with a credit limit of INR 2 lakhs with zero percent interest for the first 30 days. Before I came across Open, I had struggled to obtain a credit card during the initial days of my business. Even if I was offered a credit card my limit would only increase based on my collateral worth or the fixed deposit that I had put in the bank.

Founder One’s credit card has flexible credit limits that you can push for based on the usage of the card.

2. Zero deposit & pre-approved limit of INR 10,000

If you are a fairly new startup, you’d agree that gathering a deposit amount is no easy task. Most of the banks would ask for a huge deposit before giving you credit cards for your business.

With Open’s Standard plan worth INR 6000, you don’t need any deposit & no personal guarantee to secure a credit card. Also, the card comes with a pre-approved limit of INR 10,000.

3. Manage your business’ & team’s expenses

Founder One card allows me to manage my business expenses. And it also allows me to manage my team’s expenses. For teams that work out of office, I assign virtual cards for online expenses such as Facebook Ads, Google Ads. All these cards are linked to my Open online bank account. I can set limits & load money directly from the account and hence need not maintain a float separately.

For employees who step out of the office & need to make card swipes on-the-go, I can assign physical cards.

4. Use WhatsApp to file receipts

Employees & finance teams lose out on precious time keeping a tab of receipts on every claim that’s manually processed. Well, this can be solved using physical cards from Open.

Open sends instant WhatsApp messages whenever a payment is made through the physical cards to the employee’s phone. They can upload receipts by responding to the message, sending it for approval & their expense is filed just like that.

5. Accounting is automated

Yes, it’s just as good as it sounds. Whenever payments are made using the cards, they are categorized as expenses in real-time saving both money and time in categorizing income & expenses. This helps in taking away the dread of accounting for founders like me who don’t have much knowledge in accounting. This is one of the aspects that have helped me the most in saving time.

6. Single intuitive dashboard

Open lets startup founders manage business finances with their intuitive dashboard. I can log on to my dashboard from anywhere to keep an eye on my business finances. The best part is that I can get a birds-eye-view of all my business & team expenses in a single intuitive dashboard. Whether the expense is made through the founder one card, virtual cards, or physical cards, I’m able to view the spending of my business by scrolling through a single platform.

A perfect credit card for your Startup

The Founder One credit card will solve all your expense management, banking & accounting concerns. Before Open, my employees had to chase me for their online spending. Now, I simply assign virtual cards that are linked to the Founder One card.

I also used to spend a lot of time approving reimbursements. Now I assign physical cards for my employees so that it’s easy for them to file expenses and for me to approve them.

Open’s Founder One credit card has made my business hassle-free, saving me time and money in the process. I am all for OPEN. I am sure you are too😊