For a business to function successfully, many conditions must be observed. One of the main ones is competent financial management. This can be ensured by using innovative technologies and modern payment instruments. We are talking about corporate cards. If used correctly, they can become powerful tools that can increase the efficiency of an enterprise in any sphere.
How to use corporate cards correctly?
If you want to use corporate cards as an effective tool for financial management, more than simply distributing them to employees is required. You need to perform several other actions with them:
- Separate them by functionality. Each employee is assigned certain responsibilities according to their job description that involve access to corporate finances. Employees may have different access levels to the company account, but their cards should be divided into different levels. They may have different limits and service levels. Categorizing cards in the future makes it easier to monitor budget usage and analyze spending.
- Limit cards and track spending on them. Set different limits for each group of cards. Use increases in corporate card limits as an incentive for well-established employees. Limit limits as a punishment for negligent staff. Limiting and monitoring expenditures prevents overspending. It is also one of the levers to prevent rash spending.
- Automate routine payments. Employees should have their working time allocated for creative tasks. All routine processes should be automated, including payments. If an employee is responsible for paying for office rent, vehicles, utilities, communications, and other services regularly, their payments can be automated.
- Conduct a thorough analysis of all company expenses. It will allow you to find expenses the business can do without and save money on them. You can analyze data using bank statements or a special card program management platform. The first option is only sometimes convenient, especially for large corporations with hundreds of corporate cards. Using a special platform that collects centralized information about all cards, their holders and every transaction is much easier.
If a corporate card project is organized in a bank, it isn’t easy to manage it, as all actions must be coordinated with bank employees. It is much easier to use Wallester’s multifunctional platform, which allows you to issue cards for any purpose and independently perform all the above actions with them.
Expenses on the Wallester platform are monitored in real-time, greatly simplifying their analysis and comparison with planned expenses. Thanks to easy access to transaction data, you can quickly prevent irrational spending and adjust and optimize your money management.
Wallester – the best assistant in financial management
The Wallester Business card issuing platform allows you to issue physical and digital cards for any purpose. These can be credit and debit, reward, discount, and gift cards. For business purposes, the platform can launch payroll projects, issue e-cards for media buying and, most importantly, it can be used to issue corporate expense cards. Apart from the variety of financial products, using the Wallester platform, you get several other advantages:
- Save your time. If you apply to the bank with a request to create a card project, it will take a month to six months to realise it. Using the platform, you can issue cards immediately after signing the contract and getting access.
- You get a completely safe and reliable product. Wallester corporate cards have the same level of protection as Visa cards. All information about the cardholder, finances, and transactions is encoded with multi-level encryption and protected by security protocols. One of the most reliable protocols is 3D Secure. It provides an additional authentication step to confirm the person’s identity using the card. This protection reduces the likelihood of corporate card fraud.
- Track and analyse all corporate card transactions online. All data can be seen on the platform. If necessary, you can quickly approve the purchase you need for your business or prevent unnecessary spending.
- Manage your expenses with comfort. You don’t need to contact third-party organizations to block a card if it is lost, unblocked, reissued, or set limits. All these actions are available through the Wallester platform.
Wallester corporate cards can be used anywhere Visa cards are accepted. This is very convenient for business trips abroad, as you do not need to look for an exchanger, and the conversion is carried out automatically at a very favorable rate.
To increase the security of contactless payments, you can also tokenise your corporate card. It can be linked to any digital wallet.
A corporate card is a means of payment and a tool to improve the company’s image. You can use a White Label solution and issue cards with individual corporate designs to popularize your brand. The platform and mobile application will also be designed in the same style. Corporate cards are a unique tool that simplifies financial management and strengthens brand image.
