Services business credit card recommendations

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April 30, 2021

by a searcher from George Mason University in Jacksonville, FL, USA

I'm under contract for the acquisition of a gutter installation company down in Florida and have been researching accounts to set up for operation of the business. Does anybody have any recommendations for credit cards/bank accounts from a benefits/perks/fees perspective? The largest expenses that will be run through are gas and material costs. Thanks for any input!

Ben

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Reply by a searcher
from Stanford University in Salt Lake City, UT, USA
For gas, I'd suggest weighing the pros and cons of a wex fuel card versus a cash back credit card. The fuel card has additional controls in place to minimize the risk of employees stealing from you (versus a credit card). I'd suggest using whatever process the business uses today and then make changes later as you get a better grasp of operations.

For banking, figure out what your deposits will look like (cash vs check). If you are dealing with a bunch of checks, a check scanner is ideal. Most banks will try to charge you a monthly fee for the service, but it's possible to negotiate it for free. If you will be making in person deposits of cash, figure out which bank is most convenient and go with that. Large deposits via ATM are annoying.
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Reply by a searcher
from Arizona State University in Scottsdale, AZ, USA
Much like nerdwallet and the others, you can find an overview based on what you're trying to accumulate/accomplish https://thepointsguy.com/credit-cards/business/. As mentioned before, check on supplier fees and weigh those, protections, etc. Brex is a fintech startup that has a different model that may be interesting, where you're banking may make sense especially if a local bank to build out the relationship/ease of payoff. Good luck with your choice
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