Blogs and best practices from the world of Fintech
We are happy to announce the availability of two key features Fund Requests and Spend Policies! We hope to minimize the number of times employees are left without budgets by building the requests for additional funds and approval process directly within the Payhawk mobile app. We are also introducing the ability to manage multiple cards with a group spend policy so that you can set different spend policy levels for Executives, Managers, and Employees and assign it to cards.
Company spending policies follow the same rule as any other corporate process: build as much as needed when you need it. This means different things for different companies. We will share our observations of how different companies tackle the rules around their business expenses. Building on this knowledge, we have summarised the objectives the organisation needs to consider when defining a spending policy.
When we think about virtual cards’ first use case we might think of online transactions like marketing campaigns or subscriptions. However, the travel sector has used virtual cards for more than 20 years now. The accessibility, ease of issuance, and control have made this payment method almost indispensable for travel managers.
Easier to obtain than a regular loan, the credit card is a tool widely used by businesses nowadays. Its prevalence can be explained by the level of comfort and security it guarantees business owners, and the side benefits it can offer. Credit cards are common among companies which want to improve their cash flow management practices, as well as startups and small businesses, which are not always liquid enough to cover large purchases. With the use of credit cards on the rise, it is essential to know which one to pick. Here is how.
Start-ups face different challenges when growing their businesses. By choosing the right expense categories they can make it more easier to oversee the departments and keep control of the budgets. Here is a brief introduction of expense categories and why they are important.
What would be the future of work? When will companies give every employee access to a company card rather than ask him to spend personal funds? What are the hurdles financial teams need to overcome to deal with distributed teams and increasing employee autonomy?
As business trips are on the verge of a comeback, the topics of buying plane tickets, renting cars or booking hotels are getting relevant again. So, the real question is: can businesses use virtual cards to accommodate their business travel needs?
Even though we are in the digital era, paper checks are still the preferred payment method for B2B payments. Virtual payments are picking up thanks to regulations such as PSD2 directive, high internet penetration, and growing smartphone adoption. Virtual cards are becoming a crucial payment method especially for online payments, but why is that?
Companies overwhelm their engineering teams with features and never invest any engineering resources outside their roadmaps. Any technical investment not related to the product seems wasted. Often ending up building plenty of features for products that are struggling to acquire customers while trying to fix the problem with investing more in ads. Want more clicks? Spend more.
Virtual credit cards have become a popular payment tool for businesses who want to keep control of expenses and enable employees at the same time. But are they the right choice for bigger corporations when it comes to security?