Working from Home 🏘️ – the new reality
The transition to the work-from-home environment hasn’t been easy for anyone. With teams becoming distributed overnight, many businesses didn’t have a chance to adjust their internal processes to the new reality. One such process is managing and sharing corporate cards.
What most companies do right now
Today, many of the companies share their cards online via slack or other messengers without thinking about the repercussions… Is this a familiar sight?
Why is this bad?
- This is not secure – recent reports show that an average credit card credentials are sold on the black market for as little as $8.50
- Once you share the credentials, you can’t un-share them
- If an employee leaves, what do you do? Cancelling the card sounds like a horrible idea.
- You probably don’t even know who made a purchase on your card!
Solution – password managers
Some companies have created a process around card credentials sharing with password managers like 1Password or LastPass. However, this approach doesn’t guarantee that your employees won’t overspend or keep the password credentials after they are done with the purchase! Do you often go over budget on credit card spend? This might be the reason why!
In addition, it’s still a pain to reconcile expenses when you don’t know who is making transactions on your cards and who has the receipts to them.
A better solution – Approval workflows with Virtual cards 💳
Have you heard about Virtual cards?
Virtual Cards are like Visa credit cards that you have in your wallet but they only exist online. The merchant doesn’t know this, they think it’s just a credit card. What’s the benefit, you might ask?
- Every time you create a new virtual card, Visa generates unique new card number for it
- You can create unlimited virtual cards and don’t have to wait for them to be shipped – you can spend instantly!
- You can set independent limits on each virtual card
- Virtual cards can be issued and cancelled in seconds – without having to deal with a bank
Moreover, when paired with a smart approval process, you can essentially eliminate personal reimbursements in your company. Instead of your employees paying out of pocket just to be reimbursed later – create a one time virtual cards with a limit and let them spend from that card. Employees will never overspend and you won’t have to deal with reimbursement paperwork!
Where to get virtual cards?
Hmm… this might be the million dollar question. This must be your lucky day though, because Float has them!
Float virtual cards come with:
- Robust access controls for each card
- Smart, fully digital approval workflows
- Accounting integrations to help you keep track of all your expenses
- Reporting to get real-time visibility into your expenses
With Float you can eliminate out of pocket expenses in your company, saving time and money.