Company-issued corporate cards for employees
There’s no reason to deal with the burden of reimbursements, cheques, and petty cash. Not when you have the option to equip your employees with corporate cards. These corporate cards come with proactive controls for every single card. Set them, load them, spend with them. Track expenses without worrying about having to reimburse.
Trusted by finance teams at startups to enterprises.
Proactive business expense controls
Multi-level approval policies make managing expenses a much more transparent and convenient process. Our corporate cards allow admins to assign approvers for fun reloads and spends.
Instead of reconciling expenses or running out of a credit limit, you can securely add funds to employee corporate cards and track them in real-time.
Real-time tracking for all spending
Unlike a traditional corporate card Singapore offering, you don’t need to wait for an end-of-month statement with these cards. Instead, transactions are recorded as and when they happen.
Every line item on the spend-tracker can be supplemented with the place of purchase, time, amount, as well as details and receipts added by the user. Transparent management of finances made entirely possible.
Virtual cards to manage subscriptions
Say you’ve got a remote team and don’t see the need for physical cards. That doesn’t mean your employees don’t still need access to funds. That’s where a corporate virtual card helps out.
Create unlimited cards for burner use or even recurring cards to manage online payments. You can even generate vendor-specific cards for better reporting!
Physical cards with your brand language
Company funds needn’t always be a difficult-to-procure commodity. The days of passing around a single company card are gone.
Furnish multiple corporate cards for all your departments and employees. In fact, you can even customize their look and feel to reflect your company’s branding. Your own logo to set your cards apart from any other corporate card Singapore option.
Expense reporting streamlined
Expense reporting should be insightful and dynamic. Instead of it becoming a dreaded task with tons of paperwork, the Volopay dashboard simplifies everything by automating spend tracking.
Card spends are updated automatically whenever a card is swiped. This reflects on the mobile app, too, making reporting accessible. Not a single penny unaccounted for.
Financial stack for business
No more switching between multiple bank accounts and tools to run your smart business. We have combined great software with every service you are using a bank for, to produce a state-of-the-art financial platform.
Empower your employees with physical and virtual cards
Manage and track every dollar that leaves your company
Open a global account with multi-currency payments.
Manage vendors, approve invoices and automate payments.
Save hours daily, and close your books faster every month.
Integrate with the all the tools and software that you use daily.
Benefits of corporate cards for your employees
Employees who constantly travel hate the reimbursement process due to its complications. It’s equally challenging for employees, as they can’t keep tabs on employee expenses. But corporate cards make the process simpler for all.
Employees don’t have to spend their money or collect and hold receipts for longer durations. With readily available funds, employees can book tickets earlier and save money.
Cash flow challenges mainly arise due to improperly planned finances. With Volopay, you can stay up to date with current spending and forecast future expenses. In-app credit also helps in balancing current expenses without reaching for emergency funds or savings.
With additional funds, your growth plans and strategies can easily pan out, bringing more revenue.
Unauthorized spending, producing fake bills, and submitting the same expense report twice are some commonly occurring expense fraud. To save your money, you must have a transparent system that allows expenses and make the data available to every authority.
Thus, your employees can enjoy their allowed privileges while finance teams can remain vigilant to prevent misuse and fraud.
The only way to build credit from scratch or reverse a damaged credit is by borrowing responsibly and repaying on time. You can apply for Volopay credit, use that during the spending period, and repay at the earliest.
It takes over two to three years for businesses to build a positive credit score through business loans. With monthly credit, you can improve your business credit score in lesser time.
When employees have to use their personal funds to make business travel arrangements, limited fund availability can delay that. Also, employees are required to promptly collect receipts and bills till they come back and apply for a reimbursement.
With corporate cards and added credits, both drawbacks are excluded, and employees can travel stress-free. They spend less time organizing bills and focus fully on their trip.
A significant part of your business funds go for vendor payments. If you want to streamline and track them, corporate cards can help you. Each vendor can be assigned a card through which their payments can be made from time to time.
You can tag the vendor to the respective department. Now finding how much you have spent on the vendor and department-wise vendor payments will be quicker and more accurate than ever.
Eligibility criteria to get a corporate card with credit line in Singapore
Your business must be registered with ACRA, and you should have a valid UEN number.
To be eligible for corporate cards with a credit line in Singapore, you should have a minimum of 15 employees. Major corporate card providers only issue corporate cards to companies with 15 or more employees.
It doesn’t require you to attach your personal credit score. Your business credit score, bank statements, and past repayment history will be required to process your application.
The minimum annual turnover of your company should be more than $4 million, and your yearly expenses should be $250,000 or more.
Empower your team with smart corporate cards
Factors to consider when choosing a corporate card provider
Corporate cards can be used in many ways. Depending on the use, they can be one-time cards, recurring payment cards, virtual cards for travel, physical cards, and many more.
When you choose a corporate card provider, make sure you get the type of cards your business needs. If you have many monthly subscription payments, cards that process recurring payments should be considered.
Corporate cards generally have an annual payment structure. Research the payment plans of different card companies and choose based on your needs.
Some corporate card companies also have hidden charges that they charge when you make payments. Others might only offer a limited number of free payments and will start charging you after that.
Lengthy application forms, endless document requests, and physically appearing in the bank location can be a waste of time. Gathering old documents can take time and further delay the process.
Opt for corporate card providers that offer online applications you can fill in minutes. This can save time for business owners.
Accounts payable applications synchronizing with ERP software can minimize manual data entry tasks. To make the data transfer happen automatically, you need to choose software that offers integration facilities.
By connecting two applications, syncing your payments in real-time with the accounting applications becomes simple.
Why should you choose Volopay corporate cards?
As one corporate card isn’t dependent on another, each card can be isolated from the network by freezing or blocking it, thus making it safer than regular credit cards.
Get whatever suits your business. Volopay has both physical and virtual corporate cards which can be operated within the same platform.
Don’t waste pennies and time on international payments. Volopay has multi-currency wallets, where you can load money in a different currency and pay using that.
Bad personal credits won’t ruin your chance to get qualified for credit and corporate cards. Volopay only analyses your business spending capacities, credit score, and repayment history.
Budgets and departments will ensure limited spending. Set limits on corporate cards above which it will require approval.
Volopay offers unbeatable exchange rates in the market. You won’t find hidden fees lurking in your domestic and international payments.
Volopay corporate cards vs business cards
- Complete control over your budgets
- Budgeting
- Unlimited cards
- Configure each card and set budgets
- Integration with accounting Software
- AI to detect savings and frauds
- Auditing ease
- Hassle free quick on boarding
- Automated recurring payments
- Requirement for manual inspection of receipts
- Requiring manual data feed
Learn more about our corporate cards
Every single expense management needs collaborated into a single spot. The same expense management center for all admins, employees, and accountants. From cards to approvals, reimbursements and accounting, we have a solution for all.
Allow your employees to spend smarter and wiser with the help of corporate physical cards. Issued with the security and quality of VISA, these cards can be used for various merchant portals and offline transactions. They make expense tracking much simpler, without forcing employees to dip into personal funds.
Unlimited virtual cards at your fingertips. These cards can be created for employees, departments, or even to manage payments to specific vendors. Functioning the same way as physical cards, they’ve made contactless and online payments much more efficient than before.
Need a credit line so that you can take care of important purchases and daily business expenses? You don’t have to wait for months applying for business loans. We offer a business credit line with flexible billing cycles and more affordable rates - all without jumping hoops.
FAQs on corporate cards
Corporate cards are payment instruments issued by banks or other financial institutions to the employees of an organisation. Corporate cards are given to the employees of a company to manage their business expenses so that employees don't have to make out of pocket expenses.
Our corporate cards are VISA-issued cards, and they have international payments available. So, yes, both physical and virtual corporate cards can be used to make cross-border payments. Employees can also travel with their cards - both physical, and virtual on the mobile app - to make payments in other countries.
Yes, Volopay does support cross-border payments. Corporate cards are enabled to make payments internationally. Additionally, cards can be created for purely international payments, as well (such as specific SaaS fees, vendors, and international employee allowances).
Yes, that is one of the primary ways in which businesses can financially empower their employees. If your team travels frequently, then they can be given a recurring card that gets reloaded every monthly cycle. If an employee has a one-time travel need, you can give them a card with a limited budget and expiration date. If more funds are required at any time, they can be requested and approved from the dashboard.
All company expense and accounting policies are automatically applied to cards. Aside from these default settings, department-specific rules can also be applied. Along with this, when a card is generated, you can choose who the approvers are, what the reload cycle is, and what the maximum budget allowance is.
Yes. The card transactions are all synced in real-time, with expenses being recorded as they occur. This ledger of transactions is accessible from the website as well as the mobile application, making it easy to track and review card expenses. Approvers also have the ability to request additional information for a transaction, if required.
The main difference between corporate cards and business cards is whom the liability of payment & fees lie upon. The liability to pay any debt or fees for corporate cards lies upon the company whereas the liability to pay any debt or fees with a business card lies upon the primary cardholder.
Corporate cards are suitable for an organisation with employees who need to make business expenses regularly. Anyone can apply but whether your company qualifies for corporate cards is dependent on the provider you choose. There is no standard metric among all the different corporate card providers.
Certain things that definitely affect your eligibility include your companies profitability, credit history, and bank statements to check financial health. Depending on these and a few other financial metrics, a corporate card provider can decide whether you are eligible or not.
Corporate credit cards do not directly affect the user's credit score but builds the credit score for a business entity. Corporate cards indirectly help boost the credit score of an individual by helping them avoid making business expenses from their personal cards and maintain a low credit utilization rate.
Latest news and updates
Read up on snippets of the latest news and updates on corporate cards in Singapore.
India’s National Payments Corporation of India (NPCI) said in a release Tuesday (Jan. 10) that it is widening access to the Unified Payments Interface (UPI) to non-resident Indians in Singapore and other countries.
1. Experience customized according to customer preference, 2. Convenient technological integration, 3. Comparatively better efficiency in terms of productivity and cost, 4. Fintechs play a strong game in efficiently catering to the customer’s needs.
When it comes to managing business expenses corporate cards with real-time tracking of spends, automated reconciliation processes and controlling features like approval policies and budget settings have become the go-to choice for most businesses.
This document serves guidelines for card usage as well as preventing possible misuse for all the stakeholders in the company. Having a concrete corporate card policy in place is important because it outlines what counts as misuse and can thus help prevent fraud.
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