Monitor expenses with merchant controls

Volopay’s merchant controls allow you to create criteria that prevent overspending with specific merchants, to ensure that your transactions are in line with your budget and policies.

This feature also empowers your business to proactively reduce debt by setting restrictions on transactions with merchants that may pose a risk to financial stability.

Volopay ensures that only legitimate transactions are processed. Its controlled financial system prevents risky transactions and unauthorized merchants from doing business, protecting your assets from potential fraud. This ensures both peace of mind and enhanced security.

Tracking your expenses becomes much easier with Volopay’s merchant controls. You can now categorize expenses and set limits, making it easy to manage your finances and spending.

One of the key features of Volopay’s merchant controls is their ability to categorize expenses based on predefined criteria such as department, project, or merchant category code. 

This categorization allows you to gain insights into your business’s spending patterns, facilitating more informed decision-making and budget allocation.

Stay audit-ready with Volopay’s category controls. Monitor projects to ensure adherence with internal processes and external regulations, and provide transparency and accountability within your organization.

By leveraging Volopay’s category controls, you can establish clear guidelines for expense categorization and approval processes, minimizing the risk of non-compliant spending. This approach helps you to mitigate the potential regulatory penalties and preserve functional standards.

Start by accessing the settings under the cards module on your Volopay dashboard. Click on ‘spend controls’ to proceed. Under the ‘post spend’ section, locate the ‘expense flag rules’ tab. 

Select ‘create a new expense rule’ to add a new rule or edit/delete existing ones. Also, define the criteria (such as threshold amount) and select a department, project, merchant, or category. Once the criteria are set, click ‘save’ to activate the rule.

From now on, any expense made using a card meeting these criteria will be automatically flagged for review.

Transactions can be reviewed from the “Cards > Needs Review” or “Cards > Flagged” tabs. Reviewers, admins, and company managers can access lists of expenses requiring review and those flagged for attention. They can then approve flagged expenses or request repayment for out-of-policy expenses before approval. 

Additionally, in the “comments” option, reviewers can directly ask the user who made the expense to provide further documentation or explanation and host a discussion on the platform itself before making a decision.

With Volopay’s comprehensive merchant controls, managing your business expenses has never been easier or more efficient.