Last Updated on: 22nd December 2023, 02:37 pm
To be competitive in the marketplace, businesses need to adapt quickly to new market conditions and maximize innovation to expand their capabilities. If a company wants to optimize its finance department and take corporate finance management to a new level, it simply needs to use corporate cards. If it was earlier necessary to go to a banking institution and fulfill many requirements, now it is enough to access a special Wallester Business platform.
Scope of corporate cards
Cards for corporate spending can be virtual or physical. They can be debit, credit or prepaid cards that can be used to pay for the following purchases:
● one-time purchases;
● regular payments;
● media buying;
● online shopping;
● subscriptions, etc.
Employees with a corporate card at their disposal may make any purchases authorized for their position within the limit allocated to them. He can pay for a hotel on a business trip, buy an airplane, bus and other transportation tickets, and various goods and services needed to perform his job duties.
Advantages of corporate cards
Corporate cards for employees are issued instantly, as the company can do it independently rather than going through all the bureaucratic steps in a banking institution. They can be managed through a special mobile application and pay for corporate expenses instantly. Corporate cards have other advantages:
● you can create an unlimited number of physical and virtual cards;
● can be used anywhere in the world where the VISA payment system is active;
● it is possible to set individual spending limits on cards, which helps employees not to worry about budget overruns;
● it is possible to pay for purchases in any currency without commission; conversion is performed automatically at the most favorable exchange rate;
● cards can be connected to the contactless payment system. It will allow you to quickly and safely make payments using mobile devices or smart watches;
● there are premium offers for Platinum-level cardholders.
The main advantage of corporate cards for businesses is the ability to manage finances much more efficiently.
How do corporate cards help businesses?
Corporate cards help with the following tasks:
● To sort expenses quickly. The card program management platform centrally generates all necessary reports on cards. You can make selections by transaction amounts, individual cards, and many other criteria. It greatly simplifies and speeds up the work of the finance department;
● Control expenses. Information about transactions on all corporate cards is displayed online on the platform. Funds are credited to and debited from employee cards instantly. Expenses are easy to control, eliminating excessive cash decisions. Cards can be set limits, issued, reissued, blocked and unblocked online;
● Save employee time. Employees don’t need to spend time on lengthy approvals and authorizations to use corporate finances because they already have a card with the amount allocated for their needs. They also don’t need to prepare cumbersome expense reports, as all transaction information is available online.
Modern platforms for issuing corporate cards and managing the card program integrate perfectly with the financial software the company already has. It is easy for an accountant to track and analyze individual employee purchases.
Corporate card management
Corporate cards are completely secure. Since they cannot access the company’s main account, employees can only use them up to the amount allocated. To further protect them from employee misuse and to reduce potential waste, the following steps can be taken:
● spell out all user rules and responsibilities in the card agreement;
● analyze employee spending, especially paying attention to suspicious purchases not related to company activities;
● set spending limits for corporate cards, taking into account positions and job descriptions;
● set alerts to report suspicious transactions planned by employees.
A corporate card program management platform allows you to quickly and easily detect suspicious transactions and block them. Such options help to reduce company costs and identify unreliable employees significantly. A corporate card can also become an incentive for well-performing staff. For such employees, the limit on the card can be increased. Corporate cards help optimize any business’s financial processes due to the automation of reporting and the availability of cost-control services.
