July 14, 2015

Being Prepared With A BackUp Business Credit Card

credit cardA food entrepreneur I know well recently posted (on her personal Facebook page – not her business Facebook page) that her business credit card number had been stolen.  Worse than just having to deal with the changing of the credit card number and the hassle that involves – while also running every other part of her business that requires her attention on a daily basis – was the fact that this credit card number was the one that was tied to multiple online automatic recurring payments which meant that all of those accounts had now been frozen as well.

Unfortunately, the way I understand it, the entrepreneur’s bank said it would take 7 days to issue a new credit card number and in the meantime the entrepreneur either had to let her business accounts sit frozen until she could input a new credit card number or she could start using her personal credit card number which is a mighty big accounting mess to try and untangle after the fact.

Other than feeling terrible that she has to deal with this, there was nothing much I could offer.  But it did get me thinking about the fact that so many of us entrepreneurs really only have one business credit card (checking my wallet – yep, guilty as charged!).  Which means that if something happens to that one card then we’re basically up a river without a paddle until a new one is issued.  It makes sense, especially with credit card fraud on the rise, to try and secure another business credit card that sits untouched except in cases of emergency.  Hopefully you’ll never need it but at least if you do you’ll have an option to use quickly while you wait for your new credit card number to be issued.

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