Flexible Business Credit Card Liability
The Bendigo Business Credit Card provides flexibility for the business to choose the liability option for credit card debt.
There are three liability options available:-
1. Company Liability (Company structures only)
The Company is assessed for the credit facility and accepts liability for all transactions conducted on all cards held by cardholders nominated by the Company. The Company is responsible for the debt and for the repayments on the card each month.
Cardholders can have individual credit limits.
This option suits any Company whose employees use a credit card for business expenses.
2. Individual Liability (employees of a Business or Sole Traders)
Under the individual liability option, the individual is assessed for the amount of credit required. The individual accepts liability for all transactions conducted on their card and on any cards issued to additional cardholders.
The individual may be an employee of the Business or a Sole Trader operating the Business. The name of the Business can be embossed on the card, provided the Business supplies written authorisation on the Business letterhead. The individual is responsible for the credit card debt and for making repayments on the card each month.
3. Joint & Several Liability (Partnerships only)
Under this option, all partners accept joint and several liability for all transactions carried out by all parties on any Bendigo Business credit card issued to members of the Partnership.
This option suits a Partnership when the Partners want to use a credit card for business expenses. A specific credit limit can be assigned to each cardholder. The individual accountholders are each liable for the debts on all accounts and the Partners are responsible for making the repayments on the card.
Contact us to learn more.
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