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
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:
Company-wide Bills
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.
Cardholder Reports
As a Cardholder, you will receive a detailed report, sent to your email, outlining your individual card transaction history on the 26th of every month. It's important to note that payments for specific cards cannot be made individually after the billing period ends until the due date. Business Owners or Admins have to pay the total outstanding bills of all cards (Physical and Virtual) in one go. However, with the flexibility of our payment system, Business Owner or Admin have the option to make full or partial payments towards one or multiple Virtual cards before the due date (not available for Physical Cards yet). This feature is an integral part of our commitment to providing you with comprehensive financial management tools, enhancing your control over your Jack Virtual Card. Here are the key benefits of utilizing the early payment benefit to amplify your financial agility:
Reset Spending Limit: Quickly reset your card's limit with an early payment, perfect for managing large expenses efficiently.
Facilitate High-Value Transactions: Surpass spending limits by clearing dues early, ensuring your high-value transactions never stall.
Streamline Financial Management: Bypass the need for limit increases and cut through red tape, keeping your business agile and responsive.
For guidance on making early payments, refer to this section.
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.
Billing Statement
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
As a Business Owner or Admin, it's crucial to ensure timely payment of your Corporate Card bills. We offer a streamlined process, whether you're paying bills on the due date or opting for an early payment in Jack Portal (not available in Jack App yet) manually or automatically. Early card payment is available for Virtual Card only. Here's how you can manage your card payments:
How to Pay Bills when Due Date
Click the Credit Payment Button
You can find the Credit Payment 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.
View Your Payment in the Transactions Page
In addition to the Statement page, the successful payment will also be recorded in the Transactions page. For convenience, you can utilize the filter “Type = Card" to display only the transactions associated with your Corporate Card. This feature ensures you have a comprehensive view of all transactions, making tracking and managing your finances even more straightforward.
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.
How to Pay Card Early
Click the Credit Payment button
Find the Credit Payment button at the top of the Corporate Card page or inside the Statement page. This button becomes available when you are eligible to make an early payment. Clicking it initiates the early payment process.Click the Select & Pay Button
Selecting this leads you to the next step, where you can manage payments for individual cards.
Select Multiple Cards to be Paid First
When making an early payment, you will be presented with a list of all your Corporate Cards. At this time, please select the specific Virtual Card(s) you intend to pay towards and click the Fill Payment Amount button to continue on to the next step.
Input and Review Payment Details
Once you've selected the card(s), input the amount you intend to pay for each card. This can be the total outstanding balance or a partial amount, depending on your current needs. Review the amount carefully to ensure accuracy.
Review Payment Summary
Before proceeding to authentication, you'll be presented with a payment summary. This overview displays the total cards selected and the total amount you're about to pay. Ensure that all details are correct, as this will affect the available limit for each card once the payment is processed.Authenticate with Your Jack PIN
For enhanced security, you will be prompted to enter your unique Jack PIN. This step is crucial to confirm your identity and authorize the payment transaction.Confirmation of Successful Early Card Payment
After submitting your PIN, the card payment will be processed in real-time. Admin, Business Owner and Cardholder receive a notification via email confirming that your payment has been successfully made. The balance on your card will be immediately updated to reflect this transaction and you can check your early card payment transaction on the card statement for that billing period.
View Your Card Payment in the Transactions Page
In addition to the Statement page, the successful card payment will also be recorded in the Transactions page. For convenience, you can utilize the filter “Type = Card" to display only the transactions associated with your Corporate Card.
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