3 Ways to Get More From Your Jeeves Business Credit Card

As a new business, you may be using several credit cards to:

  • Manage company and employee spending
  • Better manage your cash flow
  • Earn cashback and rewards

But you shouldn’t have to use multiple cards to optimise your spending, help business growth, and increase your bottom line.

In this post, we’ll cover how Jeeves' full financial stack can provide all of your business needs with:

  1. Cashback to increase your profit margins
  2. Access to credit for business growth
  3. Spend management software to control costs

And we’ll give you examples of how you can take advantage of each service with specific industry use cases. 

Note: Not with us yet? Discover the perfect partner to grow your business and try Jeeves.

1. Use our cashback to increase your profit margins

You might be using Jeeves to make just one or two different types of payments. For example, as a CEO you might use Jeeves to book flights and pay for hotels. Your finance team might use Jeeves to buy stationery and other office items.

But when it comes to paying other suppliers, you might be using a mixture of direct debits, BACS or ACH, and sometimes up to three different credit and debit cards. But why not use Jeeves instead?

With Jeeves, you could be earning cashback on every single payment. 

Jeeves cashback notification on dashboard

Jeeves is one of the best cash back business credit cards. We don’t charge any fees (including zero forex fees), which will help take your cashback even further. 

When you make the switch to Jeeves, the amount of cashback you can build using Jeeves can make an impact on your profit margin.

Our current cashback offer is 3% for the first 90 days then 1.5% thereafter for clients in the U.S. and Brazil or 1% thereafter for clients in the U.K., Europe and Canada.

Jeeves cashback table
Jeeves cashback

Want to know how much extra profit Jeeves cashback will add to your company every year? Let’s find out with an example. 

Example: How one company saves money with Jeeves’ cash back

Let’s compare two scenarios of one company in Canada spending:

  • $250,000 a month with suppliers in their own country  
  • $250,000 a month with overseas suppliers 

In this example, we assume the suppliers make a 1% charge for a credit or debit card transaction, although many suppliers make no charge at all. Other card providers also charge up to 3% in fees for forex purchases, and international bank transfers often charge 2% to 4%, so we’ve added that to our chart, too.

Cost savings paying by Jeeves versus other payment methods

By switching to Jeeves from its current credit/debit card provider, this company increases its profit by $150,000 per annum through cashback and no forex fees. It would make $60,000 paying by Jeeves instead of by bank transfer. 

Here are two examples of how Jeeves’ cashback has made these companies more profitable.

Substantially increasing a drop shipper’s profit margin

Drop shippers sell other retailers’ products on wafer-thin margins. 

One of our U.S. drop shipper clients uses Jeeves to pay their retail partners upfront. But they realised they could increase their profit margins when they pay all their partners (including their delivery partner) by Jeeves, thanks to our cashback and the zero FX and foreign transaction fees on overseas retailer products

Increasing margin and decreasing costs for a convenience store

One of Jeeves’ clients is a chain of convenience stores that spends up to £50,000 a week with their cash-and-carry partners using Jeeves cards.

The average gross profit margin of a convenience store retailer in the U.K. is 24%. Stores also have to spend FX fees on certain international purchases. The cashback our client receives on their stock spend boosts their net margin.

2. Access credit to help grow your business

We built Jeeves for founders because we’re founders ourselves.

And as founders, we know how important it is for even the world’s most successful and well-established companies to rely on credit for business growth. 

Access to credit:

  • Helps grow your business quickly
  • Provides cash flow
  • Makes running your business easier

Read more on why credit cards are essential to business growth 

Jeeves credit card

At Jeeves, you can apply for credit if you’ve been in business at least 2 years and receive a response in 24 hours.

You’ll also have your own personal account manager with Jeeves. If something big comes up or you need a temporary lift in your credit limit, phone or email them for immediate attention.

Here’s how access to credit helps Jeeves clients in three very different sectors.

An HNW concierge service uses Jeeves to buy limited edition units

Our client, a concierge service for high net-worth individuals, uses Jeeves for the spend management software to segment their spending across all their clients. They arrange and pay for flights, holidays, temporary accommodation and the refinishing of high-end apartments using virtual and physical Jeeves credit cards. 

They also buy rare luxury items for their customers, often at a moment’s notice. 

Our client needed to increase their credit limit quickly to buy a limited edition designer handbag for one of their customers. They got in touch with their account manager, who arranged their additional line of credit fast, enabling them to meet their customer's request. 

They then settled their bill, including their additional credit at the end of the month, when their original credit limit reset.  

A property developer uses Jeeves to purchase materials and labours when costs overrun

Our property developer clients use Jeeves to segment their spending, issuing virtual or physical cards to each individual worker renovating apartments. Then they either increase or decrease spending limits based on specific material needs, like adding $20k to buy furnishings at IKEA for an apartment.

However, property developers rely on short-term, expensive bridging loans to purchase land and property and pay for construction and renovation. 

With Jeeves, our developers don’t have to approach their lender or pay broker fees for additional cash

Jeeves is not an alternative to bridging loans. But our developer clients appreciate the extra credit Jeeves provides to purchase materials and labour in case of cost or time overruns. 

When our clients get their next tranche of money from their lenders, they pay off their Jeeves’ bill, get cashback, and their credit limit resets for the next time they need it.

A wholesaler uses Jeeves to purchase stock in short supply 

When our wholesaler clients need an additional line of credit, they reach out to their personal account manager for a quick decision.

When a particular line of stock is in short supply but popular, wholesalers need to order as much stock as quickly as possible. Wholesaler loans to purchase stock can cost up to 6% above the base rate and take time to arrange. 

With Jeeves, our wholesaler clients can buy as much as their credit limit will allow and earn cash back on the deal. They can even be free from forex fees if their manufacturer is abroad.

3. Use our spend management system for controlling costs

Jeeves spend management software transactions screen

Lack of visibility on expenditure can make developing an expense policy and controlling costs difficult. 

For founders and C-teams, poor cost control can also make potential investors wary and succeeding at later investment rounds harder. 

Our spend management system helps you get cost control right in every stage of your business. 

Jeeves gives you real-time spending visibility via our online dashboard, providing a detailed breakdown of all your purchases in real-time. You and your finance team can access the dashboard via desktop and app so you can use it on the go wherever you are. 

When you use Jeeves as your spend management tool, you can:

  • Eliminate time-consuming expense reports with Jeeves employee cards. You can do away with expense reimbursements entirely. Issue employee business credit cards to staff and collaborators and monitor all transactions via the dashboard. Staff members photograph their receipts and then upload and attach them to the relevant expenses with a click. 
  • Issue and delete virtual cards with a click for better spending organisation. Spend money with the same suppliers and on the same subscriptions every month? Assign a virtual business credit card to each supplier to keep track of spending on the dashboard.
  • Set spending limits on all cards in seconds for maximum control. When you have complete control over contractor and staff spending in real-time, you can provide the funds necessary to fix an emergency or act on a last-minute opportunity. Or add funds to a supplier-dedicated card to take advantage of a limited-time offer. 
  • Control spending to increase profits. Identify the best value-for-money suppliers from employees’ transaction records, negotiate with them for a discount, then add them to your procurement list and instruct staff only to purchase from them.
  • Integrate with Xero and QuickBooks to optimise your accounting and save time. All of your transactions will sync automatically with Xero at the end of each day. 

Here’s how three Jeeves’ clients keep better track of and control their spending with Jeeves.

A media buying agency uses separate virtual Jeeves cards for each campaign  

Media buyers love Jeeves for the cashback. They save 1-1.5% on Facebook, Google or Amazon advertising they book on clients’ behalves. Their normal 10% margin can become an 11-12% margin with Jeeves, a 20% increase.

But some have found the spend management software an additional boon. Here’s how…

Online media buying agencies purchase advertising inventory in response to a positive signal from a proprietary algorithm, often at the last minute. An agency might focus the advertising they book for clients at particular times on particular days to generate the highest return following extensive testing.

Our clients assign virtual cards to each of their client’s campaigns. At the end of the billing cycle, these agencies issue invoices to their clients, collecting the amount they’ve spent on advertising plus their fee. Virtual cards make the finance department’s work a lot more straightforward since it’s easier to allocate and measure the funds spent on each campaign.

But there’s another use case here…

According to our clients’ experience, online advertising payments made on cards are often rejected. This could be because payment exceeds the single transaction limit or because they’ve exceeded the number of payments they can make on a card within a given period. 

With a Jeeves virtual card, a media buyer can assign different virtual cards to different clients – which means they can avoid getting their card rejected. 

International companies use Jeeves to manage overseas contractors

Companies often work with overseas contractors to build IT systems and software platforms, kit out overseas offices and more.

Often, they need to buy goods and services overseas to complete their jobs. Some Jeeves clients issue their contractors with use-specific virtual cards, enabling them to make pre-approved payments on site.

You may also like: Spend Management for Remote Employees.

Relocation agents use Jeeves to track employee spending easily

Relocation agents coordinate the transport of furniture and valuable goods to their clients’ new countries, find residential rental properties and put down a deposit, pay school-joining fees, and more. 

This relocation agent uses Jeeves for access to credit so they can have greater cash flow at any time. 

However, they give staff a card for each specific individual or family they help to relocate to track employee spending easily. They also require staff to seek approval prior to making a purchase to keep costs under control with a click.

Use Jeeves to help you manage your full financial stack

Jeeves is much more than a credit card: we’re a payment solution that helps you scale and manage your company while increasing your profit margins.

To find out more about the cashback, access to credit and spend management platform, apply to Jeeves today. Already work with us? Just reach out to your account manager to learn more.

Note: Not with us yet? Discover the perfect partner to grow your business and try Jeeves.

Written by Mark Fairlie