Customer Story

• Single card for all subscriptions: The online subscriptions were all paid via one company card, and it was hard to manage and track these payments as there were a lot of SaaS subscription expenses for the team.

  
  

• Risk factors: The concentration risk on one card was high. Once this card was changed, then all the billing information related to all the subscriptions was needed to be updated. There was only one card limit at the company level, so it was not possible to monitor the spending from different teams whether they are within the budget.

  
  

• Who spent and on what: It was hard to distinguish which department/team made the subscription. This also made it difficult to ask the correct person for the invoice or receipt for documentation.

EXPENSE AWARENESS: As each team and department can be assigned with a virtual card with its corresponding budget (which the managers fix), it makes employees more aware of their cost spending. They have access to the funds as agreed in the budget.

SAVINGS- TIME AND MONEY: Some purchases are no longer paid by the finance team, but directly from the virtual card. This reduces the time spent by the finance team on invoice processing and remitting payment. This also saves some transaction costs from banks as wiring money through banks will be subject to certain bank fees.

AUTOMATION: Direct interface between systems makes the process efficient as duplication of manual work is reduced (manual entries can be prone to errors). Volopay is a convenient tool that enables this process efficiently.