The finance industry continues to be disrupted by technology. The first significant shift was banking going from bricks and mortar locations to online banking. Next, the credit card industry changed with the introduction of virtual credit cards in addition to physical cards. With the founding of dash.fi, there is even more change. Agencies now have more options regarding employee cards, spending limits and budgets, and cashback.
Here is a head-to-head comparison between dash.fi and Jeeves and their cashback offers to help you better decide the best option for your business.
What is dash.fi?
dash.fi is a partnership with Sila Inc. that offers credit cards to the advertising industry. The card helps advertisers spend more on their advertising platforms and get around the restrictions of using traditional credit card providers and banks. Banks and credit cards limit the amount of money advertisers can spend due to a lack of underwriting to repay the debt. dash.fi changes that by providing flexible lines of credit that scale with spending needs during peak commerce days and periods.
The spending flexibility gives advertisers access to more money when they need it to expand their advertising reach. It also provides unlimited virtual credit cards, a risk profile to minimize fraud flags, and looks at a longer period of repayments to allow for higher spending limits. These features give advertisers more opportunities to advertise across more platforms and reach more people they can convert into customers.
dash.fi currently has partnerships with Mastercard, Evolve Bank, and Mucker Capital. Its partnership with Mastercard means that users have purchasing power with any entity that accepts Mastercard as payment.
What is Jeeves?
Jeeves, not to be confused with the now-defunct AskJeeves.com search engine, is a business credit card targeted towards startups who need access to credit. Founders created it for founders of startups who need funding quickly, something most banks are reluctant to give to a new business.
Jeeves acts as a supplemental cash flow to existing cash reserves. This enables a startup to purchase necessities without waiting for someone to pay their bill and put cash into the bank account. The line of credit on the account can be used to borrow when there's a shortfall in cash for payroll.
Getting approved for a credit card from Jeeves is fast, usually taking less than 48 hours from application to issuance of an account. The company offers both physical and virtual credit cards, and it's also a member of Mastercard. If you pay off the card by its due date, you won't pay interest on your spending. Jeeves also has a feature that lets you spend as much as you need during the month upon approval, and you can settle the balance at the month's end.
Both services have different core purposes, and a business can benefit from opening accounts with Jeeves and dash.fi for maximum spending flexibility. Here's a look at the features of both services and what you can expect from their use.
Both dash.fi and Jeeves give you flexible spending limits as long as it's within the usage provided by the card. dash.fi expands the credit limit when the customer needs to spend more on advertising. Both eliminate the need to top-up the card during a billing cycle and make it easier for you to manage your cash flows against your credit usage.
Jeeves will raise your spending limit upon a request for funds and approval, making it easy to cover payments at the last minute. Paying the balance off before the billing cycle has completed results in a credit limit renewal. The card also offers the ability to use the cards for purchases in other currencies and won't charge you for the service.
dash.fi offers up to 3% cash back on total card expenditures for the billing cycle. It also offers cashback to customers who secure their cards by depositing funds into a cash account connected to the card. Opening a merchant account with dash.fi is another avenue for cashback of up to 3% in the first 60 days after approval. Agencies with significant spending can get a cashback reward that enhances their profitability. Additionally, you can boost your cashback when using exclusive partners and processing payments through Dash.
Jeeves offers up to 3% cash back, but only within the first 90 days of receiving and using the card. The cashback reward is automatically applied to the outstanding balance on the card. The card features Jeeves benefits that offer discounts from service providers, including Slack, AWS, SendGrid, Twilio, and more.
One area that dash.fi shines is its ability to help you lower your costs. With their scale concierge, customers can see an average 20% decrease in advertising costs by accessing specialized pricing. No other service offers this feature.
Jeeves and dash.fi provide users with physical credit and virtual cards that are trackable through spending management dashboards. The layouts of the dashboards are similar and easy to navigate. From within the dashboards, the person who controls the account can see who has a credit card, set their limits, see how much they've spent, and freeze the use of the card. Jeeves also has a feature to provide a credit card to contractors or agents you work with.
Depending on the nature of your business, you may be interested in other features that these services provide but are optional by other organizations. For example, your business setup might be one you, the founder, want to avoid putting your personal credit on the line. Both services allow for no founder guarantees.
Another feature both offer is fraud and chargeback protection. This gives you peace of mind that should someone unauthorized get access to your card, you won't be held liable.
The Final Word
To determine the best service for your business, you need to first put in the work and understand your needs and goals. It is vital that you take into account where your business is currently and where you want it to be in the coming years. This will save you the hassle of picking something right for you now but wrong for you in the future. Once you decide, all that is left for you to do is execute your business goals so you can reach them.