Want to make spend management simple?
Look no further. We know the right tools your finance team needs to optimize your spending.
By using virtual corporate cards you can elevate your business to the next level, making finances simple and accessible – at all times.
What is a virtual corporate card?
Virtual corporate cards are the same as credit cards, but they can only be accessed virtually in your digital wallet, instead of physically.
By managing the cards online, you’re able to view the card numbers, which cards are active and review your transaction history in its entirety. Additionally, you can cancel or top up the card when necessary.
It’s vital to incorporate spend management software into your business, not only to optimize spending but to make financial planning straightforward.
How does the card work?
There are numerous factors to take into account when using a virtual corporate card, each of them with the aim to make your finance team’s life easier.
Here are some key benefits of managing your spending, virtually with a corporate card…
Spending controls:
A great thing about having a virtual corporate card is that you have control over your spending with the power to set spending limits, expiry dates, and vendor locks.
These handy advanced controls mean you’ll never exceed your target budgets and always stay on track with your finances.
Assigning cards:
Another convenient process of virtual cards is the ability to assign them to certain people within the company.
This means those who should have a card, have access to it on their device, so there is no need for physical distribution. Also meaning the cards cannot get lost or misplaced.
Real-time transactions:
For every payment made, you can have access to real-time information regarding any transaction. Having access to this information at any time means finance managers can keep ahead of outgoing and incoming payments. These payments will be visible whether they’re for in-person purchases, SaaS, or travel.
Spending insights:
This function essentially allows you to get more for your money. Spend management software offers spending insights to see where you could be saving money, by offering cheaper alternatives, or identifying if you own duplicate subscription services. With this, your business can save on any unnecessary costs and utilize the money for other services.
Maximum security:
This is a key element of virtual corporate cards, as it’s imperative to ensure every payment is carried out safely. With these advanced security features, your business spend will be much more secure – reducing the risk of suspicious card activity or scams. However, if you were ever concerned about a transaction, fortunately, all of your banking and payment information is completely accessible at any time.
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It’s easy to see why many companies decide to incorporate spend management software into their business. Not only do virtual corporate cards make life simpler for your finance team – but it provides security and real-time information, whenever you need it.
