How smart virtual cards can benefit your company spend
Managing your corporate spend isn’t always an easy task, but there’s one thing you can do to ensure the smoothest, most efficient, and accurate way of handling your finances:
Incorporate smart virtual cards into your company.
We’ve put together this article to show you what smart virtual cards are, and how they can help you optimize your corporate spend.
What are smart virtual credit cards?
Smart virtual cards are advanced credit cards that can be used to execute payments in your business. These virtual corporate cards work in an almost identical way to your standard, physical cards, except they exist digitally.
Rather than being stored in a physical wallet, these cards are kept in a digital wallet, which is an application on your device where you can access your cards, along with various other data and features. This includes which cards you have active, how much is on each card, topping up your card, and reviewing transaction history.
Just like your standard cards, these virtual credit cards can make a wide range of payments, such as transactions over the phone, online, in store, or on a mobile app. The only thing you won’t be able to do is make withdrawals from an automated teller machine (ATM).
Along with your smart virtual cards, you should also implement spend management software, which gives you an even better way of managing your cards. Not only will you have access to your cards, but you can also receive extensive data and insights into your entire corporate spend, as well as gain access to features which help you customize and control how your cards are used.
How can these virtual cards help optimize your corporate spend?
By incorporating smart virtual credit cards into your business, you can fully optimize your corporate spend in a wide variety of ways, which include:
● Complete visibility and accuracy
With smart virtual cards, accompanied by expert spend management software, you’ll have total visibility over your entire corporate spend.
Every payment that’s made with your virtual cards will be tracked, recorded, and analyzed by your software. This will include data on the amount that was spent, which area of the business used the card, and what was purchased.
As well as this, all the data is collected in real-time, with automated receipt collection, payment reconciliation, and many other features. There’s no need for any long-winded expense reports, manual payment recording, or paper receipts.
This ensures you’re continuously receiving the most accurate data from your corporate spend, providing you with a complete picture of how your company is spending money.
● Expert spend controls
Your virtual cards can also have a range of spend controls applied to them, which helps you keep your corporate spend more closely aligned with any budgets or business goals you’ve established.
For instance, one of the controls available is the use of spend limits on your cards. This means any payments where the value is more than your specified limit will be prevented from completing.
When it comes to setting these controls, you can also fully customize how each card is used by setting different limits for different cards, for various teams within the business, or for certain vendors.
This gives you full control over corporate spend throughout every area of your company, where you can design a unique process of spending for each card, to keep your business on track for its financial goals.
Now you know the benefits of using smart virtual cards in your business, make sure you choose the best provider for your cards, as well as your spend management software, to begin fully optimizing your corporate spend.