Step up your expense management game with virtual cards
Hands up if you love filling expenses. Anybody?
I didn’t think so.
Let’s face it — claiming expenses is no fun.
In fact, the process of filing reimbursements manually is a nightmare. While employees & finance teams lose out on precious time keeping a tab of receipts, businesses on a whole approximately on every claim that’s manually processed.
Don’t worry — we’ve got your back.
Expense management is a cake-walk with Open’s expense cards. With every swipe, your employees get a WhatsApp ping to upload their receipts & the expense is filed just like that. No more stuffing of wallets with receipts anymore.
But with everything going virtual, the question that remains is — ‘ Do you actually need a physical card ?’
No, you absolutely don’t — the future is virtual cards . And we are on top of it already. 😎
What is a virtual card?
Let’s get down to the basics. A virtual card is basically a prepaid debit/credit card that comes with all the uber-cool features of a physical card & none of its complexities. With your virtual card, you get a proper card with a card number, CVV & an expiry date. It is even linked to your mobile number like a physical card would be.
So, you can use it in the exact same way, just that you don’t have to worry about carrying it anywhere. J ust save it on your mobile & use whenever needed .
It’s literally the smartest way to pay for things digitally & manage subscriptions like a pro. You can load the card & assign multiple cards to your teammates in minutes & it’s ready to roll. Your teammates can start using the card instantly.
Yes! No more wasting time on shipping or activating the card.
The best part?
There’s no maintenance fee whatsoever on your virtual card. You can’t damage it anyway, right?
So let’s get it straight — you save both time & money with your virtual card. I think we’ve got a winner.
How do virtual cards really work?
Say you head the marketing team at your firm. I’m sure month ends are no less than a horror movie for you, when you are swamped with receipts to match your teammate’s reimbursements.
The scenario of managing digital expenses is pretty broken right now. Allow me to paint a picture for you.
You’re getting late for a very important call & suddenly you get a ping from one of your teammates reminding you to pay off those multiple SaaS subscriptions. You think you’ll get to it later, but as we all know, life gets in the way. Or well, some other important work. 🤷♀️
Now, as a quick fix, you share the credit card details with your teammates — hoping that it will smoothen the process of paying for digital ads, subscription renewals, travel bookings, etc. Sadly it solves nothing because now everyone is running behind you for that very precious OTP.
Enter virtual cards.
With virtual cards, you can assign multiple cards to your teammates & set dynamic spend limits . So everyone’s on their own, acing their work & not held back for that one credit card detail.
If the marketing team needs to pay off expenses for running digital ads, blog hosting, content management system etc., go ahead & assign them multiple cards for each activity for better categorisation of expenses. Same goes for every other team at your firm — Tech teams needs 5 different cards — Done! ✅
Now, that won’t ever be possible with physical cards, would it?
Virtual cards are the smartest for a reason!
You can get greater visibility on your team’s spend, track who is spending on what & your teammates can pay for subscriptions & renewals with ease.
What’s more, you ask?
You also have unprecedented flexibility with virtual cards — you can add or cancel a card as the need arises , in just a click. There’s no waiting time there too.
Virtual cards for the win
It’s no secret that virtual cards are the future of expense management.
We at Open are thrilled to be the forerunners in driving this change. Follow us on Twitter & Linkedin to stay in the loop & be the first ones to get your hands on the virtual cards.
Until then, try our business expense cards & explore other exciting features on Open — right from bulk payouts to automated accounting & everything in between.
Originally published at https://open.money on June 11, 2020.
