Smart business virtual cards to manage online spends
Business virtual cards are the only way to efficiently manage your company’s payments. The best virtual card Singapore has to offer to enable you to make online payments and control SaaS subscriptions. Empower your employees and give them financial autonomy and the flexibility to make corporate purchases without having to use their personal finances.
Trusted by finance teams at startups to enterprises.
Virtual cards for subscriptions
Create multiple business virtual cards for subscription management to keep your SaaS payments under control and ensure that no numerous or obsolete subscriptions get in the way of money management.
Make one-time or recurring payment card, or assign a card specific to a vendor to keep track of budgets and payouts for each SaaS billing.
Online payments are now safe and secure
Our virtual cards Singapore is governed by the Monetary Authority of Singapore, which issues licenses to Major Payment Institutions (MPIs). They are issued by VISA and have the same encryption and security as any other bank-grade credit card. Because you can create an endless number of virtual cards, you won't have to share cards or worry about data leaks.
Since virtual cards are not tied to your company's bank account, there is no risk of hacking. Keep your cards organised and separated, load or freeze as needed, and keep everything in one location for peace of mind.
Business-wide spend visibility
Our business virtual cards are linked to your Volopay account, so any transactions or expenses made using them are updated instantly. Every swipe, every transaction, is captured in real-time.
There's no risk of losing data, and you'll always know every dollar that leaves the company. Keep a track of your spend metrics any time and from anywhere.
Set and enforce spend limits
Set specific spending restrictions, allowing you to keep track of how each card is utilised. By default, company spending policies are applied which will auto-decline when any transactions exceed a particular limit pre-decided by you.
Cards can be assigned a set budget and an expiration date. You can choose whether the funds will be reloaded every month or if they will only be used once. Your business virtual cards are smart and reliable.
Multi-level approval workflow
Create five levels of approvers, each of whom checks expenses and fund requests. This is a one-time configuration, after which push alerts and fast payouts ensure that everything runs well.
Non-compliant transactions on virtual cards are automatically refused, saving time and effort for approvers.
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 issuing virtual cards to your employees
As virtual card payments come with labels and codes, finance teams can track and understand what that payment is. They don’t have to chase the accounting team for receipts or explanations.
These payments also sync with the general ledger automatically and manually. Hence, no manual effort is needed to reconcile card payments.
Create as many virtual cards as you want, depending on the number of vendors, and assign each one of them. You can monitor them centrally, pay quickly online, and track spending department-wise and vendor-wise.
You'll be able to add more cards as you partner with more vendors and pay them on time.
Virtual cards are the fastest way to make business payments like ticket bookings, reservations, fuel card recharges, etc. Employees can simply enter the card details and finish the transaction without requesting approval.
Both cross-border and local transactions go out faster as card payments are different from wire transfers and checks.
Why should you choose Volopay virtual cards?
Volopay is committed to protecting your data with bank-level security and double encryption. Our payment operators fulfill every requirement of MAS and have valid MPI licenses.
Volopay offers the best competitive exchange rates in the market. There are no hidden fees while carrying out both local and international payments.
Create unlimited cards from the Volopay card management system. This is suitable for growing companies with increasing suppliers and payment categories.
You don’t have to share your personal credit score or statements. Your business credit score, statements, and spending history are enough to decide your eligibility.
In a few clicks, you can create virtual cards and get them assigned to a spending category or an employee.
Not able to manage expenses? Submit your credit request in Volopay and receive high credits with flexible repayment terms.
The admin can set spending limits on each card and assign approvers if limits have to be exceeded. Thus, you get extreme control over spending amounts.
Minimize manual work and sync accounts payable automatically with GL by integrating relevant applications with Volopay. Volopay syncs with Quickbooks, Xero, and most ERPs.
How to keep your business spend in check with Volopay virtual cards?
Employees are tired of the labor-intensive expense reporting process. They can be assigned virtual cards to help them make business spending by themselves.
As you can create unlimited virtual cards, each authorized employee can receive a virtual card. It also helps in controlling and regulating employee-related and departmental expenses.
Every virtual card can be internally linked to a departmental budget, thereby allowing you to assign and control the budget allocated for each department.
You can also spot overspending and track expenses related to the particular department. By routing the departmental funds to card payments, you get deeper control of your company funds utilization.
Virtual cards allow employees to take care of their business expenses without relying on the accounting teams.
It also help accountants to keep track of where employees spend their money. This is very helpful in staying compliant with the expense policies. Any anomalies in the spending can be identified and notified earlier.
Offering separate cards to employees empowers them to spend on their own. But it also restricts them by placing a spending limit. By adding limits, you control how much they can spend.
For expenses that are uncontrollable, you can create virtual cards and set only needed limits.
If a card requires more amount than the assigned limits, the card owner can request more credit.
It is possible to set multi-level approvals to authorize these requests. This trigger is to ensure that employees comply with your company’s spending policy.
Subscription payments are hard to manage. If you forget a payment, you won’t be able to use the product further. But you can automate them with the help of virtual cards.
Once you set this up for a vendor, a fixed payment goes out automatically every month at a fixed date and time.
Eligibility criteria to get a virtual cards in Singapore
To get a virtual card in Singapore, your company must,
• Have a minimum of 15 authorized cardholders (employees) in your company. Prominent Singapore card providers like American Express and UOB only issue corporate cards to companies with at least 15 employees.
• Have an annual revenue higher than $4M, and the annual expenses should be around or higher than $250,000. The numbers must match the financial strategies and goals of your company.
• Have an optimal business credit score with satisfactory spend history and taxation history. However, your personal credit score and financials will not be taken into consideration.
Get complete control over your business expenses
Learn more about our virtual cards
Volopay is a single, consolidated business financial control centre bringing together innovative products like smart corporate cards, AP automation, efficient automated accounting, approvals, and employee reimbursements.
With our virtual cards for subscriptions, create payments and schedule them to avoid late penalties or service interruptions. You can prevent making multiple payments by using real-time tracking. Furthermore, block and freeze options prevent you from overpaying for SaaS models that you no longer need.
Our business virtual cards allow tracking payments. Our expense-reporting system is completely transparent and accountable. All of your transactions' data are updated as soon as they occur, giving you a bird's-eye view of your whole cash flow. Whether it's accounts payable or a simple swipe of a card, everything is accurately recorded right away.
To satisfy your business spending needs, stop counting pennies. For managing business investments, payrolls, and day-to-day office expenses, we provide a flexible business credit line. These are really simple to obtain, and you can apply for them without having to wait as long as you would for typical commercial bank loans. Spend wisely to increase your revenue.
Using maker-checker processes and approval levels, instill a sense of accountability. You can create up to five tiers of approvers on the platform, each of whom verifies and ensures that payments are correct and that nothing is done arbitrarily. Non-compliant transactions are automatically refused due to pre-set limits.
Accounting automation can considerably benefit your account structure from the initial card swipe to the closing of the books. For smooth reconciliation and data analysis, the world's most popular accounting software list connects effortlessly with our platform. There's no need to manually sync. Simply connect the two systems and watch how they work together to keep your data current.
FAQs on virtual cards
Create the card whenever you want to and it is ready to use. It will remain valid until you set an expiration date for it, or unless an administrator blocks or freezes the card.
Your virtual card is completely under your control when it comes to spending. For expense verification and card loading requests, administrators can assign up to five levels of approvers. It works in a hierarchical fashion, with first-level approval followed by second-level approval, and so on, with approval only going through when the highest level of permission has been cleared. To keep track of your spending, you can also freeze and block cards, as well as set expiration dates for them.
Yes, you will. All Volopay cards, both virtual and actual, can be used to make overseas payments. Your company's expense policy will set a limit on how much you can spend. However, you will be allowed to use it for foreign payments as long as the amount is approved.
Yes, a virtual credit card is totally legal for banks and other providers to create after meeting the necessary requirements and for consumers to use them.
When you create a virtual card on a provider's platform like Volopay, the card number is automatically generated and visible to the owner/user of the card.
There are few banks and digital banks that offer an instant virtual debit card in Singapore. A better option most corporate choose is to go with providers like Volopay, who let you create virtual cards for your business.
Virtual credit cards are not linked directly to a bank account making them safer to use for online payments on any website.
A burner card is basically a one-time-use card. These are usually digital in nature and are used for online transactions. Using Volopay you can create unlimited burner virtual cards for various different online payments.
The usage limits of a virtual card depend on the type of virtual card you create on the provider's platform. For example, Volopay allows its user's to create one-time or monthly recurring virtual cards. Users can also choose a custom expiry date for it.
Explore more about corporate cards
Get a complete overview of how businesses in Singapore can manage expenses via virtual debit cards with enhanced security.
Know how corporate virtual cards work and the documents required to apply for a virtual card in Singapore.
Latest news & updates
Read up on snippets of the latest news and reports on virtual cards in Singapore.
The global economy will come “perilously close” to a recession this year, led by weaker growth in all the world’s top economies - the United States, Europe and China - the World Bank warned this week.
Virtual cards help businesses with 1. Approvals to gain control over overspending, 2. View all spend owners and automate accounting and spend reconciliation, 3. Taking control away from vendors and 4. Reduce the risk of fraud within the organization.
The different aspects of SaaS subscription payments that you should be aware of are 1. Cancellation of subscriptions 2. Renewal planning based on your organization needs 3. User allocation and management 4. Payment frequency.
1. Strengthen business credit management within the organization, 2. Collaborate and integrate, 3. For small purchases and employee travel, use a corporate card, 4. Maintain accurate accounting records and stay audit compliant, 5. Process your data in batches.
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