EPIC Corporate Credit Card: Everything You Need to Know

The one-stop solution for all business spending needs

With the fading relevance of traditional bank cards, businesses are rapidly adopting corporate payment systems that are smarter and more agile. The advent of corporate credit cards integrated with spend management software has been a major game changer for businesses across market segments. 

Happay, a leading expense management solution provider in India, offers financial services ranging from travel and expense management software to commercial cards. EPIC, Happay’s corporate card platform, is an enterprise-grade payment system that has emerged as the go-to solution for all business expenses.

What is the EPIC Corporate Credit Card? 

The EPIC Corporate Credit Card is an unsecured credit card program powered by SBM bank. The EPIC Corporate Card is a type of company credit card that is issued to businesses. The card can be used to make bill payments online and at a POS system. The EPIC Card is a part of a bundled product, which includes Happay Invoice. Happay facilitates a line of credit that can be used to streamline business expenses and improve cash flow.

Business owners can procure add-on cards and assign them to their employees to use for business needs. The card thus eliminates the need to use personal credit or debit cards and make out-of-pocket payments while easing the expense reporting and reimbursement processes. This makes the EPIC Card a good short-term financing source.

The EPIC Corporate Credit Card comes equipped with expense management software that helps simplify and optimize business spending. With end-to-end spend management at their fingertips, the EPIC Credit Card offers business owners effective spend control and enables real-time spend visibility while improving workflow efficiency. 

Also, Read: A Comprehensive Guide for Spend Management

Why should one choose the EPIC Card?

The EPIC Corporate Credit Card is an enterprise-class corporate payment solution that can give high-growth companies an edge. The EPIC Card can help companies gain freedom from painstaking administrative processes and mounting costs. 

1. Collateral-free credit and easy onboarding

Applying for the EPIC Credit Card is a breeze, with a five-minute online application process. For card processing, companies simply need to share KYC details and financial statements. Happay does not require companies to pledge fixed deposits as collateral. 

2. A longer credit period of up to 45 days

A line of credit that comes with a longer credit period is a boon to companies looking to improve their cash flow. The EPIC Credit Card offers a credit period of up to 45 days, which allows businesses up to 14 days to settle their credit card bills.

3. A higher credit limit that is scalable

The EPIC Corporate Credit Card offers much higher credit limits than traditional bank credit cards. The credit limit of a corporate credit card determines the purchasing power of companies. A higher credit limit implies better working capital and liquidity management. A credit limit enhancement can also be requested after a company optimally utilizes the offered credit and establishes its repaying power.

4. Higher savings and return on investment

EPIC provides an overall savings of 12–14 percent by saving 2–4 percent on administrative overhead costs, 3 percent on forex charges, and 0.2 percent on ACH bank transfer. Additionally, EPIC is an unsecured credit line that does not require companies to pledge FDs as collateral, saving another 6 percent. The EPIC Credit Card rewards also add to the savings.

Quick Read: High ROI with Corporate Credit Cards

5. A highly intuitive mobile app

For enhanced user experience, Happay presents a high-performance mobile app, with both Android and iOS versions. Users can track and manage spending on the fly. Employers can access real-time transaction data, enabling complete visibility. 

6. The merchant locking feature

According to a report by Multidisciplinary Digital Publishing Institute (MDPI), card fraud is likely to go up to $38.5 billion by the year 2027. To mitigate payment fraud, Happay EPIC offers the innovative merchant locking technology whereby users can restrict payments to limited vendors from ~8000 listed vendors. This feature also furthers efficient spend control.

7. Direct cashback rewards

With the EPIC Corporate Credit Card, businesses can gain freedom from the complex process of redeeming reward points. Businesses get cashback rewards based on spending. 

8. Advanced spend analytics and custom reports

The EPIC Card provides advanced spend analytics and reports with actionable insights, which enable companies to streamline expense reporting and management. The dashboard provides both a bird’s eye view of all data and a filtered view of specific data points. 

9. Streamlined subscription payments 

The 2020 State of SaaSOps survey predicts that by 2025, SaaS applications used in companies will likely grow by another 15 percent. With Happay’s EPIC Corporate Card, subscription billing and recurring payments are automated and streamlined. With advanced analytics, SaaS apps can be categorized based on usage, preventing SaaS waste. 

10. ERP integration with third-party tools

With robust ERP integrations, Happay EPIC’s integrated spend management software offers a unified view of real-time data from multiple systems. Companies can integrate third-party APIs, such as Quickbooks, Tally, SAP, Oracle, Microsoft Dynamics NAV, and iON, into their ERP software. 

Benefits of using the EPIC Corporate Card for employees

The EPIC Corporate Card is designed to not only address some of the common employee grievances but also offer other perks, resulting in improved employee satisfaction.  

1. Automated card reconciliation 

The EPIC Card ensures employees gain freedom from reimbursement hassles with automated card transaction reconciliation, automatically recording transactions to accounting software.

2. Dedicated physical cards and add-on cards

Employees can now enjoy the convenience of having dedicated physical cards for respective teams or multiple add-on cards, eliminating the need to share cards. 

3. Unlimited virtual cards and single-use burner cards

There are no caps on the number of virtual cards a company can create and use. All employees can gain access to virtual cards for recurring use and burner cards for one-time use.

4. Accessibility on the go

With Happay’s highly functional mobile app, individual employees can get transaction notifications and access any spend data anytime, anywhere.

5. AI chatbot for customer support

All grievances and disputes can be instantly communicated and promptly redressed, reducing the need for multiple back-and-forth interactions.   

6. No impact on personal credit score

The EPIC Card is a company credit card with corporate liability rather than individual liability. Unlike credit cards for personal use, the EPIC Card does not affect personal credit scores.

Quick Read: Smallcase Achieves Seamless Corporate Payment Automation Using EPIC Cards

Benefits of using the EPIC Corporate Card for employers

With Happay EPIC, employers can avail themselves of the myriad benefits of corporate credit cards. 

1. No personal liability involved

There is no personal guarantee or founder’s liability involved. The EPIC Corporate Credit Card is issued with corporate liability. 

2. End-to-end spend control

Business owners gain complete spend control, with real-time visibility and tracking, preset employee spending limits, instant user limit modification, and merchant-locked virtual cards.  

3. Real-time spend visibility

With EPIC, employers gain complete visibility into employee spending. Admin and finance teams can keep track of company-wide spending in real time.

4. Improved cash flow and liquidity

With the EPIC Card, Happay facilitates a line of credit that business owners can effectively use to improve cash flow and liquidity management. 

5. No forex markup fee

Unlike bank cards, Happay does not charge any forex markup on its EPIC Corporate Credit Card. Visa, however, charges a small foreign transaction fee of 1 percent plus GST.

6. Budget allocation and tracking

Employers can allocate budgets to individual employees, teams, and projects, as well as modify spending limits. The smart dashboard enables them to track all spending in real time.

How does the EPIC Corporate Credit Card work?

The EPIC Card is a corporate credit card platform that issues physical and virtual cards to business owners, along with integrated expense management software. The cards can be used anywhere Visa is accepted. 

The EPIC Corporate Credit Card offers dedicated physical cards to teams, unlimited virtual cards for all recurring payment needs, and one-time burner cards with unique card numbers for safer online transactions. Happay also provides add-on physical cards upon request for a nominal fee.

All credit card payments and purchases made with the primary and add-on cards reflect in the company’s credit card statement, making the company liable for repayment. All transactions are reported on the business’ credit report.

Quick Read: Business Credit Cards: Types and How It Help Your Business?

Where can a cardholder use the EPIC Corporate Card?

The EPIC Corporate Credit Card is a multipurpose card that can be used to make seamless payments for web hosting, SaaS subscriptions, digital ads, business travel bookings, rental and utility bills, and so on. 

1. SaaS subscriptions 

Modern businesses use multiple SaaS apps, such as Hubspot, Jira, and Slack. Happay EPIC helps optimize these recurring payments by automating the payment process. 

2. Web hosting

With EPIC, businesses can pay for Amazon Web Services (AWS) and Google Cloud hosting.

3. Utility bills

The EPIC Corporate Credit Card eases utility bill payments, such as electricity, water, and gas.

4. Travel expenses

The EPIC Card simplifies hotel and flight bookings and streamlines all travel expenses employees incur on business trips. 

5. Digital advertisements

The EPIC Credit Card can be used to buy ad credits and make payments for advertisements on Google, LinkedIn, and so on.

6. Administrative expenses

Be it rentals, equipment, or office supplies, businesses can use the EPIC Corporate Credit Card to make all administrative payments.

EPIC Corporate Credit Card eligibility

All series A funded startups, midsize companies, and large enterprises are eligible to apply for the EPIC Corporate Card. The application of a company is processed based on the fulfillment of the following basic eligibility criteria:

1. The company should be an existing business entity with one year of audited financial statements at a minimum. The annual revenue is also a determining factor.
2. There should be no or negligible negative information on its credit report.
3. The borrowing company should not be on the RBI/ECGC defaulters’ list or the RBI caution list.

How is the EPIC Card different from other corporate credit cards?

The EPIC Card is a new-age expense management solution that can turn things around for startups and enterprises grappling with inefficient expense management solutions. 

1. The EPIC Card offers interest-free credit without any joining fee, card fee, annual fee, or processing fee. The EPIC Card pricing terms are fair and transparent, with no hidden charges.  
2. Happay EPIC offers one of the lowest forex charges on the market. Visa charges a foreign transaction fee of 1 percent plus GST. Happay does not charge any forex markup.
3. One of Happay EPIC’s unique selling points is its merchant-locked virtual cards, which can be used to lock or restrict merchants for safer online payments and better spend control.
4. The EPIC Corporate Card functionality includes powerful controls at the cardholders’ fingertips, such as toggling cards on or off at the click of a button. 
5. With Happay, startups and enterprises can maximize savings and earn lucrative card rewards.
6. Another standout feature of the EPIC Corporate Card is the two-factor authentication it provides for improved security.
7. Besides an EMV chip, the EPIC Card comes with security compliance and encryption, including ISO 27001 certification, PCI DSS compliance, and 256-bit SSL encryption.
8. Happay’s robust customer support ensures all client grievances are addressed in a timely manner. The AI chatbot ensures 24-7 customer assistance.

Card Features	Happay EPIC	Bank Corporate Cards
Zero Card Fee	Yes	No
Burner Cards	Yes	No
Zero Forex Markup	Yes	No
Lucrative Rewards	Yes	Yes
Zero Annual Fee	Yes	No
Vendor-Specific Cards	Yes	No
Customer Support	Yes	Yes
Two-Factor Authentication	Yes	No

 

Suggested Read: 5 Best RazorpayX Corporate Card Alternatives & Competitors

What are the EPIC Corporate Credit Card Policies?

The EPIC Card Policy defines the terms of use for cardholders. Businesses must comply with the following guidelines:

1. An EPIC Corporate Credit Card applicant must be KYC compliant and must not be blacklisted by RBI.
2. Happay facilitates a line of credit that can be utilized for card transactions and vendor payments. The credit limit is determined by the creditworthiness of a company.
3. Each credit card account comprises a set of physical cards. Add-on cards are available for a fee. All transactions made on all physical and virtual cards reflect in the company’s credit card statement, which the company is liable to pay. 
4. The company can request for a credit limit enhancement after six months of being onboarded. The request is acknowledged if the company meets the expected credit utilization rate and repayment behavior.
5. Happay offers a credit period of up to 45 days. The credit card bill is generated on the 1st of every month, and the company must settle the bill by the 14th. If the company defaults, the credit line gets cut off and penal charges of 2.5 percent plus GST are levied on a pro rata basis. 
6. Happay does not offer any provision to carry over credit card debt into the next month.
7. Happay does not charge any forex markup. However, Visa charges a fee of 1 percent plus GST on all foreign transactions.

How does the EPIC Credit Card improve a business’ credit score?

Unlike personal credit cards, the EPIC Credit Card does not adversely impact a business owner’s personal credit score. Per the norm, the company credit card issuer also reports all payment information to the credit bureaus, but this only reflects in the business credit report. 

Maintaining and even improving the business credit score is easy with the EPIC Credit Card. Businesses must manage the EPIC Card responsibly. It goes without saying that the EPIC Credit Card bill must be settled within the due date. The EPIC Card Policy does not allow cardholders to carry over debt, so businesses are bound to maintain credit discipline.

The EPIC Corporate Card offers business owners centralized control over all purchases or payments made with any employee card, prohibiting any unauthorized or fraudulent expenses. The EPIC Card helps monitor and improve the spending practices of businesses.

Every credit check by an issuer or lender negatively impacts the company credit score. The higher credit limit that the EPIC Card offers eliminates the need for multiple loans or credit cards, which in turn helps build good credit. Additionally, monitoring the credit report at regular intervals and disputing any errors in reporting is good practice. 

Quick Read: Impact of Company Credit Cards on Credit Scores

How to apply for the EPIC Corporate Credit Card?

Unlike traditional bank corporate cards, the application process is simple and hassle-free. The applicants just need to follow a few easy steps. Once onboarded, business owners can avail of credit in less than five hours. 

Step 1: One-click application

Businesses can apply now by filling out the online application form available on the Happay website, requiring the applicants to fill in a few mandatory fields. 

Step 2: Easy document submission

To process the application, business owners need to provide company details and KYC documents. In the case of startups, proof of funds may also be required.

Step 3: Credit limit sanction

After a quick analysis of the financial health of a company, the credit limit is sanctioned. 

Step 4: Quick onboarding

Minimal paperwork and a faster processing time ensure the activation of virtual credit cards in hours and physical credit cards in a few business days post approval.

Also, Read: Expense Fraud Detection and Prevention

The EPIC Card – FAQs