Industry Insights

Still Sharing Credit Card Details over Slack?

Sharing corporate card credentials creates admin overhead, security concerns and makes reconciliation harder.

August 10, 2021

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?

Sharing cards over slack is NOT good!

Why is this bad?

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?

  1. Every time you create a new virtual card, Visa generates unique new card number for it
  2. You can create unlimited virtual cards and don’t have to wait for them to be shipped – you can spend instantly!
  3. You can set independent limits on each virtual card
  4. 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.

Written by

Ruslan Nikolaev

All the resources

Float News

New! Bill Pay and Reimbursements

Float is the first business finance platform in Canada to offer an end-to-end solution that simplifies all non-payroll spending.

Read More

Case Studies

How BenchSci Saved 40+ Hours a Month Streamlining Spend Management with Float

Trailblazing AI firm, BenchSci shares why they chose Float for secure spend management at scale.

Read More

Case Studies

Health and Wellness SaaS Company Practice Better Closes the Books 6x Faster with Float

How the growing startup Practice Better leveraged Float to bring their spend management and bookkeeping in-house.

Read More