How Coinflex financially empowers the team without losing control | Reap

How Coinflex financially empowers the team without losing control

Anson

1 min read

Industry

Crypto Exchange Platform

Company Website

CoinFLEX

Company Size

50-100 employees

Top Reap Card spend

Online Subscriptions

Empowering my team without losing control

'We were reluctant to share the credit card details when using a traditional corporate credit card. Since the card holds a considerable amount of credit limit, sharing the card details means we are at higher risk of significant credit card misuse. However, we can now create virtual cards for different teams and functions; the person in charge can use their unique card numbers without any security issue.'

'We can allocate different credit limits to different teams or individuals. No one will have access to the company credit card’s highest credit limit. And if anything happens, we can freeze that specific card very quickly!'

Backed by modern expense management software

'We can readily budget and allocate credits to different departments or individuals by simply creating virtual cards on the dashboard within a few clicks.'

'Since every staff is entitled to their own Reap Card, it is easy to track who is responsible for which transaction.'

Simplified reimbursement and manual processes

'I’m freeing more than 2 hours every week from doing manual reimbursement and reconciliation processes, in other words, it’s saving almost a day of my time every month.'

'Now that my colleagues have their own Reap Card to use, they no longer need to ask for the card details especially when they need to make regular payments, like paying for online subscriptions.’

Before Using The Reap Card 😥

- Only a few staff know the corporate credit card details

- Difficult to track which transaction is made by whom

- Need to log into the bank to check the remaining balance all the time to make sure there are sufficient funds for recurring spending (e.g. cloud services)

- Only one credit card with a high spending limit is available to use. If stolen, it poses a tremendous risk to company information

After Using The Reap Card🚀

- Virtual cards can be created for staff who need to be in charge of certain company expenses

- Every transaction in the statement will show the card name, which makes it easy to track expenses

- With a more flexible credit limit, the pressure to constantly check the remaining balance is lifted

- Having multiple cards with lower credit limits help mitigate risks. You can easily freeze and unfreeze your cards online.