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Business Card is for government organizations or enterprises to use as bank cards to settle when they engage in business activities and in internal financial management.
I. Product Profile
Three types/purposes of business cards:
(1) Peony Business card for government organizations or enterprises in business and administration. Ex: settlement for office procurement (furniture, supplies), conference expense, exhibition cost, traveling expenses of the delegation teams.
(II) Peony Personal Card for the employees of government organizations or enterprises. Ex: payment of salary, bonus to staff, and reimbursement of staff's traveling expense, training fee, medical or insurance.
(III) Settlement cards for government organizations, cooperate groups, multinational companies or large-scale distribution companies issued to companies or individuals for the settlement of funds between daily business with them.
Peony Credit Cards are highly recommended (including RMB Credit Cards and International Credit Cards) for business purposes since they can be used for spending on credit or revolving credit, deposit or draw cash.
II. Target Clients
Government organizations, enterprises or public institutions, cooperate groups, multinational companies or large-scale distribution companies.
III. Application Conditions
Business Card for Staff: If you work in a company, aged between 18 and 65, a natural person with full civil capacity, working company or residential place is located in the same area as the card issuing organization and earn stable income above the local average standard, you are welcomed to apply Peony Credit Card (Personal).
Business Card for Company: Party organs, government organizations, society groups, enterprises or public institutions are all welcomed to apply Peony Credit Card (Business) if holding A/C opening license issued by People's Bank of China, business place is located and primary deposit account is opened in the same place as the card issuing organization, is a corporate entity or legally registered.
IV. Solutions
(I) Business Card for Company:
The business card is mainly used in expense coverage for office procurement (supplies, consumables), conference fee or traveling expenses of the delegation teams. No cash withdrawal. Card can be used by the financial person of the company only, or assign cards to subsidiary department or branches with variable entertainment budgets or special financial funds.
(II) Business Card for Staff:
This is a personal card given by the company to the internal staff. The card is used for payment of salary and bonus to staff, payment of staff's traveling expense, training fee, medical or insurance in advance, and reimbursement of official business expenses incurred by the staff. The card is applied under the employee's name. All personal expenses are paid by the staff himself/herself. Business expenses will be reimbursed against official invoices.
V. Features and Advantages
(I) Benefits of Business Card to a company
ICBC's unique POS transfer system and extensive network is the best solution in the country as of today for a company to make reimbursement, transfer or settlement.
1. Avoid cash risk
Less cash used in the daily financial management, avoid payment errors. Reduce cash risk and operational risk.
2. Reduce financial cost
Effective use of bank credit, less funds occupied in the company expense settlement, reduce the cost of advance payment and financial expense, increase liquidity efficiency.
3. Simplify fund transfer
ICBC's unique financial POS transfer system together with related peony card products enable bi-directional transfer between company card and personal card, flexible, convenient. Amount is credited into accounts in real time.
4. Save manpower and resources
ICBC Business Card solutions automatically process in batch all the payments of salary and bonus, payments of minor purchase, issues of allowance or welfare subsidy and reimbursements of traveling expenses and accommodation, medical and insurance. Simple steps, less cost in financial processing.
5. Enhance financial analysis and management
All sorts of financial analysis reports and statement details help company to manage the use of business cards, reconcile payments and receipts, analyze and manage the company financials.
6. Improve financial system
Credit card purchase slips, invoices and statements used in reimbursement increase the transparency of payments and receipt. No loopholes and stop corruption, improve the financial system.
(II) Benefits of Business Card
1. Professional services and support
ICBC remains committed to "Customer First". Professional services and support are provided to companies and individual cardholders with different discount offers and preferential services. Promotional events are held irregularly for companies so that cardholders can enjoy all the value-added services when using the card to spend.
Professional services for Central budgetary units to check, add, change or delete repayment records of Business Card, and generate, view, verify, submit or print the Repayment Details Table.
2. Unique financial transfer POS system
ICBC's proprietary bi-directional POS system is a terminal system for fund transfer between Business Card and Personal Card. This tailored system is to meet the internal financial management of government organizations and enterprises or institutions. No cash transactions are involved. The system is equipped with high quality hardware, adaptable to different environments, easy to operate, strong security and fast processing. Financial persons can finish all the fund transfer and reimbursement just in the office.
3. Fastest settlement speed
ICBC has the most advanced computer system and the highest number of network controllers in the country to handle smoothly every online transaction between POS and host, anytime, anywhere. ICBC ATM, POS are running 24 hours non stop every day.
4. Advanced bank card products
Being the largest card issuing bank in China, ICBC holds the most advanced bank card product with complete business line in the country as of today. Peony Credit Cards accrue interest on the deposits and come with all the special offers and services. Companies pick Peony Credit Card as the first choice for payroll payment account. Debit and Credit Combo Card's interest-free repayment for overdraft is a unique function for companies to settle fast, save the cost of funds and carry out the cashless financial management system. Peony International Credit Card offers foreign currency accounts to be used in China and internationally besides all the credit card functions.
5. Two settlement options by swiping the card or cash
Peony credit cards do not collect fees on cash advance in local or in other city. Deposits to Peony Credit Cards are credited in real-time. Two types of settlements are supported: card swiping or cash. Peony Credit Card is an ideal choice for company staff to use on business travel or procurement.
6. Easy reconciliation service
ICBC delivers monthly statements to holders of International Credit Cards, Debit and Credit Combo Card and Credit Cards if there are transactions. The statements list out cardholders' last month transactions. ICBC also provides electronic copy of statement list at the end of the year for Peony International Credit Card holders with all the details in the year. Financial persons can, via the Financial POS, verify the transactions every day or within a fixed period. Details can be printed for easy reconciliation. Financial analysis reports can be prepared from the useful credit card data for the company to keep track the expenses made by Business Card for better payment arrangement, management on the flow of funds and efficiency in the use of the funds.
7. Most extensive network of outlets
ICBC has a network of over 20000 outlets in the country, a total of 110 000 merchants with over 70000 Peony Card merchants and the rest from China Union Pay. ICBC is the largest card issuing bank in China in terms of acquiring outlets.
ICBC is named "Best Bank in China" on numerous occasions by The Bankers, Euromoney and Global Finance for its excellence in customer services. ICBC is the bank around you that you can rely on.
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