@wandrson made this one part of his SOI which seems totally reasonable as I don’t want to be the personal guarantor to the credit cards.
This Volunteer would need to research and report back to finance options.
The requirements are free to low cost “Employee cards” as we change a lot I don’t want to see us paying a lot here
Whoever the issuer would need to be supported by both Quickbooks Online as well as Expensify.
The major requirement is that it will require no personal guarantor.
I did speak with Chase multiple times our current issuer and they absolutely require having a personal guarantor and any level we would approach in the foreseeable future.
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Unfortunately, WalletHub research has shown that all major business credit card issuers require personal liability for business card use and relay monthly usage information to the owners’ personal credit reports. In fact, we are only aware of one business credit card with no personal guarantee: U.S. Bank’s Visa Signature Company Credit Card, which is targeted to companies with $1 million to 10 million in annual revenue.
I think what you may be looking for is one where the personal guarantee is placed onto the card holder instead of a single individual in the organization. The company I work for has American Express corporate credit cards issued to employees. We are responsible for any and all charges on the cards but if we file our expense reports ON TIME, the company pays all of the expenses. If we are late, we owe any late fees and penalties. If we file too late (>60 days) there are repercussions on our W2 as allowed by IRS code. Now DMS won’t be able to file on an employee’s W2, but you get the idea…
There have been multiple discussions on this. A possible solution is a secured line of credit. Want $40k of credit, deposit $40k into interest bearing accnt.
This appears to be going to a discussion. This thread is not to be used as a discussion but a place to assign ownership. What I am looking for is to delegate tasks that I must ultimately do if nobody else volunteers.
So again what I am looking for is someone to research and identify solutions and then present at the next BOD meeting with their proposal.
I considered it. I even looked into it, but I think the task is impossible based on my brief research. I’d be glad to sit down with someone and consider banking methods (of which credit card are a part) in general, but without doing a complete overhaul, I don’t expect you will find a bank willing to accommodate this request.
I’d love to start a discussion about banking, but except for the hunt for my hard drive, and food for camping in a couple of days, I’m away from Talk.
Robert, I’ll check a few of the nearby Credit Unions (see if we qualify) and local/regional banks.
I think if we are willing to deposit funds at their bank and offer to post these as collateral until our credit is proven with them, we should be able to get a credit line established (this was a common practice when I was in banking for a few years many many many moons ago). We’ve now had a couple years of over $500K in income.
Might also consider issuing debit cards (can still be run as credit) instead of credit cards.
I know there are couples where both are head of a committee…are there couples who each have a DMS credit card? Do you require credit checks before handing over a card? How many cards are out there?
But then… might reconsider the whole practice and move towards purchasing quadrants - areas related but divided into four purchasing coordinators. Good time in the growth cycle to look at it all.
I am personally just looking for options. The reason this needs to happen quickly though as many people have known my deal with being the personal guarantor is that I will only do it as long as I have the ability to move money to pay off the credit card. I don’t want to be financially responsible for a strike. (Inside Finance Joke)
NO TO DEBIT CARDS with good reasons: A credit card we can set spending limits as to the amount that is spent or exposed to if the card is jacked. I don’t know of a way to do that with a Debit Card. Federal CC laws limit the loss for fraudulent purchases, debit cards lack the same level of protection.
Example: the CC I have as a procurement officer normally carries a $2k~$3K limit. Machine Shop will be buying about $4K of equipment this month, I contacted Robert, he raised limit to $5K. After the purchase is processed by us, I’ll notify him to drop the limit back down.
I don’t think people realize how much “stuff” Robert has to deal with on all these cards. He also sees every transaction (monitoring for fraudulent purchases - which have been a problem in the past) as well as monitoring to see any other weird spending habits. He also sets up new cards, has to deal with folks like me that have been stymied by Expensify for a while. I’m sure no one will be happier to get rid of this than him - but as a co-signer I understand his diligence.
It’s a lot of work and he deserves thanks. He put his own creditworthiness up when were small. I think we now have enough history, cash flow, cash on-hand, that we can get it ourselves.
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