First of all, Karbon cards come from banks, and our cards work the same way as bank cards. The key difference between Karbon cards and regular Bank cards are onboarding process, customer service, high business card credit limit to startups and SMEs without any collateral, and ease of management of cards and expenses. For banks, the business credit cards are add-on services for their premium customers. The reason for this is quite simple – the banks do not make much money via corporate cards, and they would rather focus on current accounts of large enterprises and employees of those companies. For Karbon, our primary focus is business credit cards, and we are focused on providing best experience to our customers.
At Karbon, we have onboarded and given cards to our premium customers in less than 1 day. Most customers get their business credit cards in 3-5 working days. On the other hand, it takes 20-30 days for banks to issue business credit cards. Why are we at Karbon able to issue cards so fast whereas it takes a while for banks to issue cards when the underlying process to issue cards is more or less the same ? The difference lies in focus and optimisation of the process. We at Karbon do digital onboarding of customers for business credit cards, and all documents are put in the system by the customers themselves. On the other hand, the banks send executives to the customer’s office to collect documents for business credit cards and then put those documents in the system manually. The underwriting for business credit cards is done by a team of 2 individuals at Karbon whereas the same process is managed by 100 individuals at most large banks and it requires multiple approvals at bank to decide a limit. The process at banks require multiple back and forth between individuals, and it results in delay.
In a way, the bank are right that startups are risky for business credit cards, and small business are risky too. We at Karbon do not disagree on this point, but we feel that the risk can be managed and addressed with the right underwriting parameters. The banks use balance sheet and net income to decide on business credit card limit whereas we at Karbon focus on cash balance, runway of startups, transaction history, and multiple other parameters that we would like to keep it out ourselves for now. Let’s think of this way. The underwriting of startups and SMEs can be done if the underlying risks are understood and managed.
Our customer service is 10X better than bank cards because we are passionate about our customers and we try our best to address customer’s concerns. Instead of just sending an automated response and requesting the customer to visit the branch, we take customer’s queries over the email and get all the parties internally and externally involved to get the customer’s issue on their business credit cards resolved. More than 90% of customer queries and issues are resolved in 24 Hrs TAT. The refunds are processed in 3 working days.
Karbon cards enable companies to issue business credit cards to its employees in an hour and that too without filling any painful forms. The entire process is online, and it can be completed in less than five minutes. In the Karbon dashboard, we enable companies to set individual business credit card limits, lock cards, view transactions and more with click of few buttons. At any point of time, the customers can block future transactions on a particular merchants.
You might be still tempted to apply for regular bank business credit cards, and we do not to blame you for that. Having said that, please give a try to Karbon cards, and you would be pleasantly surprised with our service. We are fast, and we are hungry for your business.