Gain insights into how Corporate Card billing works and step-by-step instructions on conveniently paying your Corporate Card bill, to ensure timely settlement.
Table of Contents
- The Billing Cycle
- Late Payment Fees
- Billing Statement
- How to Pay Your Bills
- Related Articles
The Billing Cycle
Let's start with the basics. Your Corporate Card billing cycle typically begins on the 26th of each month and runs until the 25th of the following month. To keep you informed, Business Owners and Admins will receive timely bill reminders via email on the 26th of every cycle. Here's what you need to know about this process:
At the end of the billing cycle (on 26th every month), both the Business Owner and the Admin receive a comprehensive statement of the total company bills inside Jack Portal. This ensures transparency and provides a clear understanding of your organization's financial obligations.
As a Cardholder, you will receive a detailed report, sent to your email, outlining your individual card transaction history on 26th every month. However, it's important to note that you cannot make payments for specific cards individually. The billing process encompasses all cards (Physical and Virtual) within your company.
Late Payment Fees
Whether your Corporate Card is Virtual or Physical, the payment process remains consistent. The billing statement includes both types of cards, ensuring a streamlined approach to settling your dues. However, it's worth noting that there are slight differences in the late payment fee rules governing Virtual and Physical Card:
Late Payment Fees General Rules
The clock starts ticking as soon as your bill is generated (26th of every month). From this day, you have a 10 calendar day grace period to pay your Corporate Card bill. This gives you ample time to review your statement, verify the charges, and arrange for the payment.
If the bill isn't paid within the 10-day grace period, all corporate cards under your company will be temporarily suspended. This means that you and your employees won't be able to use these cards for any transactions until the outstanding bill is paid in full.
Late Payment Fees for Virtual Cards
In case of delayed payments for Virtual Cards, a 1.75% late payment fee per day will be applicable after grace period ends. The billing will be automatically updated with additional late payment fees. It's crucial to adhere to the payment deadlines to avoid unnecessary charges and maintain your financial standing.
Late Payment Fees for Physical Cards
If you possess a Physical Card, the late payment fee is set at 1% per day after the grace period ends. The billing will be automatically updated with additional late payment fees. Prompt settlement will help you avoid incurring additional expenses and demonstrate responsible financial management.
To provide you with maximum flexibility and transparency, our platform offers two types of billing statements: company billing and per card billing statement. Let's explore how you can easily access and analyze your bill information by simply clicking on the Statement button at the top of the Corporate Card page in Jack Portal (it’s not accessible in Jack App).
Company Billing Statement
Company billing statement contains transaction activities using all cards (Physical and Virtual) in your
company for all bill cycles. It is accessible by the Business Owner and Admin of your company only. You can access it on Jack Portal by following these steps:
Choose “Company” Statement
If you wish to review your company's overall billing information for a specific cycle, choose the "Company" option. This selection allows you to gain a comprehensive understanding of your organization's financial obligations.
Select a Specific Bill Cycle
Choose which bill cycle you would like to check. By choosing one bill cycle, you can get transaction details from all company Corporate Cards within those cycles in a single page. You can easily track the total amount, payment status (Paid or Unpaid), or download the billing in PDF version by clicking the Statement icon at the end of the page. A visual representation of the statement is shown below:
Per Card Billing Statement
Per Card or Individual billing statement contains transaction activities for each single card in all bill cycles. It is accessible by all Cardholders in your company. You can access it on Jack Portal by following these steps:
Choose “Individual” Statement
For a more focused examination of billing information on an individual basis, select the "Individual" option.
Select a Specific Card Statement
This selection is particularly useful when you need to review the billing details of a specific card. By selecting a specific card in a specific bill cycle, you can easily track all transaction activities using that card in one bill cycle. Same with Company billing, you can easily track the total amount, payment status (Paid or Unpaid), or download the billing in PDF version by clicking the Statement icon at the end of the page. A visual representation of the statement is shown below.
How to Pay Your Bills
Business Owners or Admins have to pay bills on time, following the billing cycle. You can pay your Corporate Card bills conveniently using Jack Portal (not available in Jack App yet) manually or automatically. Pay manually by following these steps:
Click Pay Bills Button
You can find the Pay Bills button at the top of the Corporate Card page or inside the Statement page (the button will be shown only when it’s time to pay bills). This action will initiate the payment process.
Review Bill Details Page
Upon clicking Pay Bills, you will be directed to the bills details page. This page provides you with essential information such as the billing period, the due date, the total amount to be paid, and your current company balance. Review these details carefully to ensure accuracy.
Ensure Sufficient Company Balance to Pay the Bills
If your company balance is insufficient to cover the bill, it is crucial to top up your company balance first. Remember, the only method to pay your Corporate Card bills is deducting from the company balance. Keeping your balance adequately funded will enable smooth and uninterrupted payment processes. If it’s done, the Pay Bills button will turn to green, click it right away.
Input Your Jack PIN
To ensure the security of your transactions, you will be prompted to enter your PIN and click Confirm. This step adds an extra layer of protection and authorization to the payment process.
Congratulations, Your Corporate Card Bills Have Been Successfully Paid!
Once the payment process is complete, you can navigate to the Statement page to check the payment status. The Statement page will reflect that the payment status for that billing cycle is ‘Paid’, providing you with the reassurance that your financial obligations have been fulfilled.
We understand your business (and life) can be busy. That’s why, Jack allows Business Owners and Admin to set up automatic payments for card bills, ensuring on-time payments and preventing any card interruption. You have the flexibility to configure automatic payments based on your card bill's billing day using these two options:
On Billing Day: Your company's card bills will be paid on the 26th and at your preferred time of each month. You also have the option to postpone it to the following Monday if the 26th falls on a weekend.
After Billing Day: Your company's card bills will be paid 1-9 days after the 26th and at your preferred time of each month. You also have the option to advance the payment to the nearest Friday if the date falls on the weekend.
Read more in this article.
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