How do you effectively manage finances with corporate cards?
One of the main aspects of any company’s successful functioning is the effective management of its finances. Corporate cards are a rather powerful tool for achieving financial goals and optimizing business processes related to this. It is necessary to issue cards and distribute them to certain employees, and several strategies must be used to make this means of payment work to the maximum for the company’s benefit. It will help to increase the efficiency of the entire enterprise.
Strategies for using corporate cards
Corporate cards can be ordered from a bank or issued independently using a special FinTech platform. If you order cards from a banking institution, it is much more difficult to implement the chosen strategy because you will have to contact the bank every time on all the issues of card program management. When you launch your card project on the platform, you can use the following strategies for effective financial management:
- Separating cards based on functionality. By dividing cards based on each employee’s needs, it’s much easier to control budget usage and analyze employee spending;
- It is setting limits and tracking expenses. A specific budget can be set for each functional area. It allows us to avoid overspending the budget and prevent rash or unnecessary spending. Through the platform, it is convenient to control all expenses online, analyze them and compare them with the budget. It helps you to detect deviations and make timely adjustments to the strategy promptly;
- Payment automation. Automated payments help save time and reduce the risk of delinquency. Regular payments that fall under the competence of employees should be subject to mandatory automation. It can be payments for paying rent, transportation, taxes, and so on;
- Data analysis. The platform displays information on transactions and expenses on corporate cards in real-time. This makes it easy to analyze the efficiency of a particular business process and identify areas for optimization and cost reduction.
The multifunctional platform allows not only the issue of corporate cards but also their effective management. With its help, a balance between risks and opportunities is achieved, and financial processes are optimized faster.
Why choose the Business Wallester platform?
The Business Wallester platform allows you to issue unlimited quantities of physical and virtual corporate cards for any purpose. There are many reasons to choose this solution, but we will list only the main ones:
- Speed and convenience. To launch your card program, you don’t need to wait for months; you need access to the platform, and the financial product can be launched on the market. Corporate cards can be issued instantly, and access to corporate funds is available as soon as the card is issued;
- Reliability and security. Visa corporate cards have high protection for data and all transactions. One of the main protective tools is the 3D Secure protocol, which provides an additional authorization step for any transaction. All transactions on such payment means are processed in compliance with modern security standards to minimize the probability of fraud;
- Transparency. The Business Wallester platform allows you to monitor and control spending on all corporate cards. Information on spending is displayed online, which helps you to pre-empt unnecessary spending or, conversely, to coordinate the necessary purchase for the company quickly;
- Convenient management of the card program. Through the platform, you can issue cards and set limits on them, reissue the card in case of expiration, and block or unblock in case of loss/theft.
Business Wallester corporate cards can be used worldwide, where Visa cards are accepted for payment. It is very convenient for employees on business trips abroad. There is no need to think about finding an exchange office. When paying by card, the conversion is done automatically at the most favorable exchange rate. At the same time, there is no commission fee when making payments in euros or another currency convenient for the holder.
Business Wallester cards can be connected to the contactless payment system, which allows you to make purchases much safer and faster. In this case, all the cardholder needs is a mobile device or a smartwatch.
The Business Wallester corporate card is an image tool. White Label Solutions can create a unique corporate design for the cards and a mobile application with a self-service platform. Plastic carriers with individual designs attract attention to the brand. Corporate cards can help manage a company’s finances and improve its image effectively.
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