Many companies have already made the transition from paper to digital and are adopting new technologies across all departments. It’s high time we follow the trend and stop making corporate payments the old way with plastic cards and shift toward the new and better way – incorporating a holistic software that manages all your payments from start to finish.
Virtual cards not only provide a digital solution for your payments, but enable you to follow best practice by managing each payment with a unique card assigned to that transaction. By eliminating the corporate card and adopting a spend management software, you will be looking at the entire payment process and everything that surrounds it including tracking, approvals, automatic receipt matching and one-click cancellations, rather than just the credit card which is simply providing a payment method. A platform that integrates into all your company workflows with personalized insights for your subscriptions and corporate payments will help you gain control, visibility and make the month-end close stress-free.
Confused? Let’s break it down.
Get control over your spend
Having specific cards for each vendor and employee enables you to set controls over how much you spend, expiry dates and decide who is making the payment. More importantly, the card cannot be used for any other payment. For example, if you assign a card to pay for your Mailchimp subscription, the card can’t be used for anything other than Mailchimp. This also means if you need to cancel your subscription for any reason, all it takes is one click and you’re done. Finally, your transactions are organized and centralized in one platform – so that you can stay on top of all your payments.
Instead of waiting till the end of the month, you can track all your payments, approvals, requests – as they happen. You’ll be able to see exactly who is making the payment and when it happens. As a finance manager, you’ll immediately get notified and don’t need to worry about missing any payments or the month-end hassle.
Always keep your business running
You’ll never need to worry about any SaaS or on-demand payment failures. You’ll also be able to flag any extra critical payments, like your Cloud software or your website, so that if anything were to go wrong, you would be immediately alerted and avoid business downtime. We like to describe having unique virtual cards as having a different security guard watching over each of your payments, making sure nothing ever goes wrong and your business continues to thrive.
Save time and effort
You won’t need to chase after your employees for receipts or wait for expense reports. Unique virtual cards free you up from all the manual work that comes along with tracking down receipts and matching them to the transactions. The best thing about saving all this time and effort, is that you’ll be able to focus your attention on more important things like strategic business decisions and planning.
Get smart and reduce spend without corporate cards
All the virtual cards are attached to a payment intelligence platform. For every payment made, you’ll receive insights that help you plan for the month ahead. You might learn about duplicate payments or discover how to consolidate payments and reduce your spend. Ultimately, by generating unique cards per employee or vendor, you’ll find yourself with more time, more money, less stress, more control and a deeper and better understanding of all your payments.
The smart way to pay
Replacing one corporate card with a centralized platform will give you the freedom and flexibility your company needs to stay on top of your finances and keep growing. It’s time to let go of the old way of making payments and adopt a more modern and efficient approach that will change the function of the finance team that we have come to know today. With unlimited virtual cards, paying for new services will no longer be something that adds hours of work to your team, but instead, something that helps your business grow – and that’s all.