How Can Virtual Payment Cards Help Your Business?
In today’s competitive business world, staying on top of finances and controlling spending is more important than ever. That’s why many businesses are turning to virtual payment cards as a convenient and efficient way to manage company spending. Let’s take a closer look at how this technology can help businesses save money, receive cashback on every purchase and receive consolidated invoices with considerable time savings for accounts payable teams.
Cut Out Unnecessary Spending
Virtual payment cards are a great way to reduce unnecessary spending because they allow companies to keep track of employee purchases in real-time. Ideal for relatively low value, ad hoc transactions and subscriptions for everything from online software to travel expenses. Companies can set limits on card usage and restrict purchases by date, amount and merchant category at any given time, providing them with complete control over all expenditure associated with the card. This feature also helps companies stay within budget so that core costs don’t spiral out of control — resulting in greater cost efficiency and visibility into internal financials.
Enjoy Cash Back On Every Purchase
Virtual payment cards also provide companies with opportunities to earn cash back on every purchase – eliminating the need for complicated reward programs or additional fees associated with their use. By using virtual cards, businesses can ensure they always get the best deal while simultaneously making sure that their team’s expenses are already taken care of when they make purchases. Furthermore, these cards offer fraud protection as well as automated account settlement processes which help drive down administrative costs even further.
Receive One Consolidated Invoice For All Expenses
Another benefit of virtual payment cards is that they enable companies to receive one consolidated invoice for all expenses associated with them — reducing labor hours required for accounts payable processing by up to 60%. This means that teams don’t have to waste time reconciling individual invoices from multiple vendors; instead these payments can easily be tracked via one central platform thanks to virtual card capabilities. It also allows for better internal oversight of company spending since all transactions are immediately logged so that it’s easy for managers to determine how much was spent on each item or service category – allowing for more accurate budgeting decisions going forward.
Summary of The Benefits of Virtual Payments Cards
In summary, virtual payment cards offer businesses an opportunity to cut out unnecessary spending while simultaneously enjoying cash back rewards and receiving one consolidated invoice per month — resulting in considerable time savings for accounts payable teams while improving internal financial oversight and ultimately driving down costs overall.
If your business struggles to keep control on employee spending and as a result your Accounts Payables team are over-run with processing a high volume of low value transactions and hard to reconcile credit card transactions – then take a look into Virtual Payment Cards.
Let SaaSrooms Help You Set Up Virtual Payments Cards
If you are interested in implementing virtual payment cards in your business you can reach out to us directly and book a free 30 minute call with one of our experts.
SaaSrooms helps finance and procurement to save up to 40% on SaaS subscriptions and cloud services. Our cloud based platform and expert services give users a single view of all of their SaaS products and services including vendors, products, pricing, contracts, users and even utilisation. SaaSrooms clever data analysis capability uncovers more opportunities to save money, reduce risk and improve service levels. Clients can save up to 40% on their SaaS and cloud service spend and lock in savings with virtual purchase cards.
SaaSrooms also provides alerts and reminders for contract renewals and provides our expert negotiators to achieve great savings with all major software, SaaS and cloud service vendors. Additionally, SaaSrooms has a marketplace of pre-approved vendors and pre-negotiated deals – so your employees can access and buy from trusted vendors at great prices.
See our How It Works page for more information.
