Business Banking Fundamentals
Galileo offers solutions that can serve your business customers, from large corporations to small businesses. This guide describes the building blocks of business banking programs that Galileo offers.
In addition, Galileo offers enhancements to business banking such as spending controls and higher exchange rates.
Virtual commercial credit or debit cards
You can give your business customers on-demand access to virtual commercial debit or credit cards. Virtual commercial card products can be used with a credit line and they can be configured for one-time use cards or lodged cards.
- One-time use cards — One-time use virtual cards have a unique PAN for each card. This configuration does not require PCI compliance.
- Multi-use cards — Multi-use cards are for specific expenses, such as business travel purchases. This configuration requires PCI compliance.
This table lists features of virtual commercial cards. For general information on virtual cards, see the Virtual cards in the Choose a Card Strategy guide.
Feature | Description |
---|---|
No physical card | Your business customers can request virtual cards as needed. Virtual cardholders can immediately view the PAN, CVV, and expiration date to make online purchases. |
Purchase control | Account-level controls on virtual commercial cards give you increased control and insight into spending. |
Cash flow monitoring | When you call the Create Account endpoint, you can pass an external ID for tracking purposes that Galileo will return in the RDF. This can be used for reconciliation and expense monitoring. |
Line of credit support | Virtual commercial cards may be used for products with a credit line. |
Mobile wallet support | Virtual commercial cards can be provisioned to a mobile wallet. |
Commercial credit cards for employee purchasing
Your business customers can distribute commercial credit cards to employees who make purchases on behalf of the business. This table lists features of commercial credit cards.
Feature | Description |
---|---|
Physical and virtual card options | You can issue physical or virtual cards. See Virtual commercial credit or debit cards for more information. |
Business savings | Commercial credit cards can be combined with Galileo’s Business savings program. |
Line of credit and good funds model | Commercial credit cards may be used for products with a credit line or for accounts that use the good funds model. |
Mobile wallet support | Commercial credit cards can be provisioned to a mobile wallet. |
Card network benefits | Card networks offer additional benefits to businesses that choose commercial credit cards: |
Small business debit cards (business checking)
Small business debit programs combine commercial debit cards with business checking. This table lists features of small business debit.
Feature | Description |
---|---|
Physical and virtual card options | You can issue physical or virtual cards. See Virtual commercial credit or debit cards for more information. |
One-time and multi-use card options | Your business customers can distribute one-time use or multi-use debit cards to employees. |
Standard and reloadable debit cards | You can offer standard debit cards, reloadable prepaid debit cards, or payroll debit cards to your business customers. |
Business savings | Commercial credit cards can be combined with Galileo’s Business savings program. |
Good funds model | Funds deposited to the checking account are immediately available for spending. |
ATM withdrawals | Debit cardholders can make cash withdrawals at ATMs. |
Mobile wallet support | Virtual debit cards can be provisioned to a mobile wallet. |
Card network benefits | Card networks offer additional benefits to businesses that choose small business debit programs: |
Small business credit cards
Small business credit programs offer a commercial card with a line of credit. This table lists features of small business credit.
Feature | Description |
---|---|
Physical and virtual card options | You can issue physical or virtual cards. See Virtual commercial credit or debit cards for more information. |
One-time and multi-use card options | Your business customers can distribute one-time use or multi-use credit cards to employees. |
Business savings | Commercial credit cards can be combined with Galileo’s Business savings program. |
Line of credit and good funds model | Small business credit may be combined with the good funds model. |
Mobile wallet support | Virtual credit cards can be provisioned to a mobile wallet. |
Card network benefits | Card networks offer additional benefits to businesses that choose small business credit programs: |
Purchasing cards
A purchasing card program is similar to commercial credit card programs. This table lists features of purchasing cards.
Feature | Description |
---|---|
Physical and virtual card options | You can issue physical or virtual cards. See Virtual commercial credit or debit cards for more information. |
Specific BINs for interchange | Purchasing cards are assigned unique BINs for interchange purposes. |
Business savings | Purchasing cards can be combined with Galileo’s Business savings program. |
Line of credit and good funds support | Purchasing cards may be used for products with a credit line or for accounts that use the good funds payment model. |
Mobile wallet support | Purchasing cards can be provisioned to a mobile wallet. |
Card network benefits | Card networks offer additional benefits to businesses that choose purchasing cards: |
Corporate travel and expense cards
Corporate travel and expense cards are designed for business travel, and offer your business customers comprehensive insurance coverage and insight into spending. This table lists features of corporate travel and expense cards.
Feature | Description |
---|---|
Physical and virtual card options | You can issue physical or virtual cards. See Virtual commercial credit or debit cards for more information. |
Specific BINs for interchange | Purchasing cards are assigned unique BINs for interchange purposes. |
Business savings | Commercial credit cards can be combined with Galileo’s Business savings program. |
Line of credit and good funds model | Corporate travel and expense cards may be used for products with a credit line or for accounts that use the good funds model. |
Mobile wallet support | Purchasing cards can be provisioned to a mobile wallet. |
Card network benefits | Card networks offer additional benefits to businesses that choose corporate travel and expense cards: |
Card network benefits for executive travelers | Card networks offer programs for executives and frequent business travelers. These programs can be combined with a corporate travel and expense card program. |
Fleet cards
A fleet card program can help your business customers control fuel costs. Businesses can distribute fleet cards for employees to purchase gas and to make other purchases from gas merchants. See Fleet Cards for more information.
This table lists features of fleet cards.
Feature | Description |
---|---|
Specific fleet BIN for enhanced data | Fleet cards are assigned unique BINs for capturing level 2 and level 3 data, which includes gas purchase data, driver ID, and vehicle information. |
Gas spending | Insight into employee gas spending through Mastercard settlement files. Businesses can see data on individual gas purchases, such as gallons purchased, price per gallon, fuel grade, and more. |
Driver ID and odometer tracking | When a purchase is made at a gas merchant, the card reader prompts the driver for a driver ID and odometer reading. This can help businesses track card usage, vehicle miles per gallon, and mileage for maintenance purposes. |
Business savings | Commercial credit cards can be combined with Galileo’s Business savings program. |
Card network benefits | Card networks offer additional benefits to businesses that choose fleet cards: |
Business savings
A business savings program is an option for business customers saving for unexpected expenses or future expansion. This table lists features of business savings.
Feature | Description |
---|---|
Basic and high-interest options | You can offer your business customers a basic savings product or a high-yield interest product via IntraFi (formerly Promontory). |
Combine with other business programs | Business savings can be combined with any debit or credit business banking program. |
Updated 4 months ago