There are numerous ways to optimize corporate spend and one of the increasingly popular ways is through virtual credit cards – is this something your company is missing?
They are a great way to control spending, giving full visibility and control over payments and options depending on the type of card that suits specific company expenses. But, how do you decide which card is best for you?
Here are some things to consider when deciding how to choose the best virtual credit card for your business expenses.
Security
One of the most important considerations when choosing virtual credit cards is how much security they can offer your business.
It’s best to do extensive research on the credentials and security features the company issuing virtual cards has, deciphering whether they take security seriously.
This first step will ensure that you are better protected against potential security breaches and can cancel cards quickly if needed.
Real-time visibility
Another breach of security to think of is fraud. This is often the result of poor visibility into business expenses, making it difficult to make employees accountable.
With virtual corporate cards, you can receive notifications every time an employee uses a card, in real-time.
Depending on the card, your finance team can gain even more information, like the person who approved the expense and receipts to match the payments.
How many cards will you be using?
Depending on your business, the virtual corporate card you opt for should meet its growing needs based on all types of expenses.
If necessary, it should be possible to issue unlimited cards for as many employees or expenses as you want – ideally at no extra cost.
Necessary robust controls
There are many possible spending controls when it comes to virtual corporate cards, making it easier to manage company budgets and prevent overspending.
Some of the controls that you should be most aware of are setting card behaviors, so you can decide whether it’s a one or two-time use card and defining expiry dates.
Look out for rewards
Many corporate card companies offer additional incentives that include rewards programs and cash back, which can be redeemed for certain business expenses, or put towards the balance on cards.
These bonuses look great, but it’s good to be aware that some companies may offer generous rewards to hide concerns about their service.
Integrate with other solutions
Your business will likely utilize various accounting and payment tools, so it’s important to look for cards that can easily integrate with them.
This enables a seamless and automated service, compared to entering data across several tools, creating inefficiencies – making it easier for both your business and finance team to control.
Your company might be missing out on utilizing corporate spend with virtual credit cards, especially as they’re becoming increasingly popular and it’s evident why.
They provide a service that is easy to use, whilst encouraging accountability, as long as extensive research is done to choose a card provider that is best for your business’ success.
