September 17, 2018 By: Steven Anderson The payment card is easily one of the oldest mobile payments solutions, alongside cash and checks, but it’s also made quite a few advancements over the years. Discover has released its new credit card option, the Discover It Business card, and brought out with it a nice slate of benefits for the user base. One of the biggest new benefits of the Discover It Business card is the 1.5 percent cash back on all purchases that it comes with. That’s unlimited, too, so no worry about getting cut off in the middle of a cycle. That’s just the start of the benefits, though, as Discover It Business makes bookkeeping a snap. Transactions can be rapidly downloaded into several major accounting software pieces, including both Quicken and QuickBooks as well as Excel. The Discover It Business card also allows for branching cards, which can be handed out to employees as needed and connected to a central account. Spending limits can be established on these cards, and the cash-back rewards come with those purchases as well. Discover’s senior vice president of marketing, Andrew Hopkins, noted “The Discover It Business card is a smart, simple, and rewarding credit card that puts all the features and benefits that Discover cardmembers love and rely on in the hands of business owners.” This is a move that’s likely necessary, as Discover isn’t exactly a go-to in the credit card market these days. With Visa and Mastercard largely sewing up the market, Discover needs some serious moves to get itself some limelight. On the plus side, it has around 57 million cardholders, which puts it in striking distance of American Express at 58 million. On the down side, that’s still almost a six-to-one gap between itself and Visa at 323 million cardholders. Clearly, Discover needs help, and by trying to get businesses more interested, that’s certainly a good angle to work. With business travelers demanding cards that work with mobile payments tools—Bank of America recently ran into and addressed this problem—Discover’s move to offer more cash back could be a good one. While Visa doesn’t have much to be concerned about here, American Express may want to watch its back.
Discover has released a new credit card for business owners that is designed to streamline the book-keeping process. Transactions on the Discover It Business card are downloaded at high speed into accounting software platforms, including Quicken and Excel. The card can also be branched to enable employees to charge to a central corporate account. Discover It Business also carries unlimited 1.5% cashback on each purchase.