How do corporate cards help your businesses to spend less & save more?
Corporate cards were created as a way to avoid those painful expense reports and give a seamless spending process. They provide a new level of spending, which means as the card is pre-loaded with a certain amount, you are not permitted to spend more than that amount.
And if you want more funds in your cards you always have the option to request more funds. Corporate cards eliminate the need for everything that the traditional process created from manual data entry, filing expense reports to reconciliation. Hence, they are the most powerful single business spend management tool.
Features of Volopay’s corporate cards
Volopay’s corporate cards are just like your personal debit or credit card. The cards are VISA authorized and are embossed with a 16-digit card no, an expiry date, and a CVV.
Multi level approval policy
Set approvers to approve funds requested when an employee exceeds a set spending limit. A fund request can go up to a 3-level approval process set within the approval policy. This gives you a clear record of who approved the request and for what purchase the funds are requested.
Built in spending limit
Take control of your company’s spending by setting unique spending limits on cards, according to expense categories or types to help you stay within budget. With this, you can make purchases up to a certain amount per month without obtaining approval. This avoids the tedious admin of approving every little expense.
Automated accounting
Automate your accounting process by effortlessly integrating Volopay transactions & receipts into your existing system along with all the automated encoding. Volopay integrates with Xero, Quickbooks, and Netsuite. So, choose your preferred accounting tool and export your transactions with just a click.
Maker checker
With maker checker being enabled, all the requests need the approval of at least 2 distinct approvers in the approval flow.
Eliminate out-of-policy expenses
Set spending rules and limits and your cards which will automatically decline any transactions that don't follow them.
Cashback
Get up to 5% cashback on transactions made with Volopay cards. So, spend less and save more.
Budgets
Set monthly or quarterly budgets to control the expenses. You can create budgets according to expense categories or expense types. From a simple overview, you may track budget progress in real-time.
Accounting reconciliation
No more spending hours in matching receipts with details of transactions. The moment you upload a receipt it just automatically gets matched to the expense. And you can access transactions and receipts from one single platform.
Card reports
Through the corporate cards dashboard get detailed reports regarding the overall number of active, inactive, and unassigned cards, cards that haven't been configured, total transaction amounts, and transactions that haven't been submitted.
Custom controls
Block or approve online transactions, ATM withdrawals, merchants and have complete control over how employees use their corporate cards.
Access to company’s funds
As every employee has their card, it removes the burden of borrowing or hunting down the card whenever they need to make a payment. Hence enables them to be their most productive selves.
Real time visibility overspends
Get real-time spend visibility as every payment made with a corporate expense card is recorded at the time it is made. This lets finance teams track, control, and check-in at any time and examines all of the company's spending, broken down by team, expense category, and other factors.
Company credit cards vs corporate expense cards
Company credit cards vs corporate expense cards
- Real time visibility
- Expense reports
- Spending limit
- Paperwork
- Manual accounting
- Fraud risks
- Approval workflows
Volopay’s physical card
Physical cards basically are employee cards. These cards are issued to the employees and funds are loaded according to their requirements.
- Linked to multiple budgets
- Can be used internationally
- Can set spend limits for each card
- Pay on-line or in-store
Volopay's virtual cards
Volopay’s virtual cards are unique, budget-specific cards that provide extra security for all online transactions. Examples include virtual cards for LinkedIn budget, Facebook advertising, or Google Ads.
- Budget specific cards
- Card spend analytics
- Multiple user access
- No paperwork
- Protect misuse of funds
Streamline your business expenses with corporate cards
Benefits of using corporate cards for your business
Travel expenses
Employees can use corporate cards while undertaking a business trip too. Payments for hotels, flights, taxis, and others can be swiftly managed through a single card.
Payments
The cards can be used to make in-store as well as online payments. Here’s the big catch!! You can even withdraw money at an ATM through these cards.
Subscription management
Easy management of your subscriptions like LinkedIn, Netflix, etc can be done through corporate cards. Also, they notify you about your upcoming payments in advance, to remind you to load funds in the specific card.
Employee expenses
Every employee is issued a physical card that can be used to make payments for office supplies, legal fees, or other petty expenses. Employees don't have to submit receipts for every expenses. Instead, they can use their card to make the payment & the transaction details will be recorded simultaneously.
Corporate card policy
Having a well-defined corporate credit card policy is a terrific approach to lay out the groundwork for how your employees will utilize their corporate cards. The idea is to make your company's corporate card policy as comprehensive and transparent as possible. A good corporate card policy is about creating a positive spending culture as much as it is about protecting your company and your employees from poor spending.
Choose when spending limits should be applied
While incorporating your corporate card's policy make sure to choose how you want your expense limits to be. Volopay allows you to set daily, monthly, and yearly expense limits. When a cost limit is reached, you have the option of warning the employee or prohibiting them from filing any additional claims.
Choose allowable purchases
Consider what type of purchases and from which vendor/ merchant can be made through cards. List down even the minor expenses that don't fall into any spending category because these are the ones that take a huge toll on your budget.
- Some permissible expenses are:
- Office supplies
- Subscriptions
- Client meetings
- Meals and entertainment
- Software
Define approval process
Choose how you want to set your approval process for the purchases. Having approvers deny or accept the fund's request is one approach to ensure you have visibility into their spending and regulate the amount of money they spend.
Volopay provides you the option to either set an approval process every time an employee needs to make purchases or only when an employee requests more funds into the card.
Keys to choosing right corporate card for your business
The functioning of any business payment card should align with the needs of the organization. The card should be adaptive enough to work in accordance with the company's processes. Also, it should be flexible enough to adapt to new variations.
The acquiring cost is not the only cost that should be considered while choosing a corporate card. Apart from it, indirect costs like issuing and distributing costs should be also taken into consideration. Annual maintenance charges, transaction fees, and other petty costs should also contribute towards the final decision.
Having multiple methods of payment is what makes a corporate card fully efficient. The card should support all forms of payments, domestic as well as international. Nowadays, UPI is the emerging form of payment. Cards that are enabled with UPI payments have an edge over other alternatives.
Protecting accounting data stands indispensable. The corporate cards store crucial data like beneficiary name, account no., and transaction details. Volopay’s entire stack of physical cards is VISA authorized. Thus, users need not worry about data piracy. All the transfers through the software are validated and safely transacted to the beneficiary.
The corporate card selected for your organization should be adaptable for the employees. Cards with complex structures or rules can be difficult for employees to deploy in their work processes. There shouldn't be any discrepancy between card services & employees' expectations. Proper guidance is imparted regarding the card functionality.
Corporate cards vs employee reimbursements
Corporate cards and employee reimbursements are the most common methods to settle employee expenses. Companies adopt either of the two based on criteria like company size, annual turnover, employee workforce, credit management, and risk assessment. On the other hand, some companies use a hybrid approach, where the higher-level employees are issued a corporate credit card and the lower-level employees are granted time-to-time reimbursements.
Reimbursement programs
Reimbursement programs are a highly acclaimed yet age-old method used by small enterprises to manage their tiny workforce. Employees make use of their personal money to pay for company-related expenses and the company reimburses the total amount against the bill of purchase.
Adopting reimbursement reduces the possibility of overspending. Generating expense reports gives granular details for each expense incurred by every employee. While on a business trip, employees will carefully manage their expenses as first they have to make the payment. Moreover, the risk of cards being stolen/misused is also negligible.
Get the best corporate cards for your business
Corporate cards are an easy way to finance employees. Employees use cards to make business purchases and other payments. The corporate card network is centrally linked to an expense management system that has built-in controls, real-time visibility, and other functionality for streamlining the entire process. Additionally, employees earn perks like cashback, air miles, and shopping vouchers for certain payments.
But, companies are quite skeptical about issuing an individual card to every employee. Allocating cards to every employee increases the chances of personal expenses by them. Therefore, selecting the right approach is absolutely essential to manage employee costs effectively.
Volopay vs Competitors
- Transaction limits
- Pre approval
- Link to multiple budgets
- Card wise spend breakup
- Data security
- Cashbacks
Trusted by finance teams at startups to enterprises.
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Related pages to corporate credit cards
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