The lingering pandemic has brought inconvenience to the locals. However, it has also contributed to the spread of digitalisation at the same time. Mobile phones have now become the identity symbol for individuals, and the trends of networking and mobility in the business world are unstoppable.
When it comes to which digital transformation brings the most convenience to the business environment in the new era, the virtual credit card is definitely the jewel in the crown. For medium-sized businesses, in particular, a virtual credit card is not just an alternative to a physical card but a change that brooks no further delay. Not only does the use of a corporate virtual credit card enable timely and accurate control of staff expenditure, but it also automates and simplifies the traditionally cumbersome expense application and processing process, making it all the more time-efficient and cost-effective.
Benefits of Reap corporate credit card: unlimited virtual credit cards for enhanced convenience
In addition to the existing benefits of a conventional physical credit card, using a virtual company card issued by Reap is more convenient and secure. Furthermore, especially for companies that often need to make payments online, a virtual card can be used with an unlimited number of employees, which is easier and more flexible.
Applying for a corporate bank account is never an easy feat, whereas applying for a corporate credit card is even more difficult. Endless challenges await, such as collateral requirements, approval time, as well as flat and inflexible credit limits. Not to mention that it often requires a visit to the branch in person. However, the Reap Card application can be processed entirely online with no fees, no cash collateral or personal guarantee required. Different employees can then use the Reap Card immediately after activation. Moreover, compared to a physical card, a corporate virtual card has a more straightforward application process. There is no need to wait for approval and delivery.
In addition, a supplementary virtual card can be set up as a one-time stored value card or a fixed credit card for long-term use. Finally, the company's administration or finance department can flexibly monitor both means, controlling each regard of expenditure, including "to whom", "how much", "when", and "where".
Efficient expenditure management
There is an inevitability that employees may need to pay various expenses on behalf of the company in advance for different tasks. Still, whether claiming in advance or reimbursing afterwards can be outdated and time-consuming- a corporate credit card can simplify this process.
For instance, the Reap Card, available as both a virtual and physical card, can be used to create company supplementary cards for employees in different departments with suitable spending limits. By way of illustration, companies can place a transportation limit (e.g., Uber) and an advertising limit (e.g., Facebook ads or Google AdWords). What's more, companies can even assign expiry dates for the relevant transactions so that different employees and different types of expenses are always under control.
Streamlined staff reimbursement procedures
The Reap Card serves as a multi-purpose financial bridge between the company and its employees with its humanised design. For example, for regular or recurring business trips and catering expenses, the company can manage the recipients and the relevant company supplementary card's spending limit at any time, thereby conveniently and handily enabling "pre-approval" within the budget. The corporate card can also be used for occasional or one-off holiday rewards for the designated staff or new equipment purchasing. Using Reap Card, in gist, saves the company and its staff much time and effort in reporting expenses and processing reimbursements, ultimately making its financial budgeting more manageable.
The accounts department is always happy to see real-time and transparent book-keeping, and the virtual card is even better at this. For example, with Reap Card, the company can set advance limits and automatically generate expenditure reports, offering clear accounts at a glance. These functions save much time entering, recording and reconciling your accounts. Furthermore, personnel concerned can create a one-stop web-based financial management system in combination with the Xero accounting software or other useful tools such as Reap. It takes only a few clicks to complete the tedious and complicated book-keeping work while composing account reports of the company in ways that are convenient, precise, and professional.
Secure and reliable
The security of a virtual card lies in the flexibility to set sending or receiving limits and authorise relevant personnel to avoid the unrestricted use of a physical card. In addition, in the event of a theft, the virtual card can be safeguarded by network security, whereas physical cards generally offer less and possibly delayed protection in this regard.
Apply for a Reap Card today
Want to learn more before making a move? Visit the Reap Card Home Page to find out more, or book an appointment with one of our customer service representatives to go through everything about the Reap Card.