While a corporate card won’t always grab the attention of your colleagues, a “Smart” corporate card can create a buzz that all businesses want to be a part of.
With a large-scale shift towards digital payments, 82% of business owners are changing the way they send or receive payments, with finance teams quickly adopting smart virtual and physical cards as a means to pay for business expenses. These smart corporate cards offer unique solutions to managing your business’s digital payments, changing key industries and improving their spending and risk management.
What is a “Smart” Corporate Card?
Corporate cards have always been a convenient way for senior-level staff to make purchases on behalf of a company. However, these cards have always had limitations to their use. The difference between corporate and smart corporate cards is the smart chip embedded in them, and the software behind them, allowing for improved storing and processing of information.
They provide safety, security, and even contactless payment for financial transactions, becoming the standard for many organizations worldwide. These cards help improve the spending management of your company and revolutionize your spending and budgeting. These cards provide a spending management solution with greater visibility and control so all employees can spend responsibly on behalf of your business. And as TripActions explains, Smart Cards are just the beginning, and are a crucial part of a cutting-edge Smart Procurement system that can give your business the competitive edge.
Advantages to Using Smart Corporate Cards
- Painless enforcement of spending controls. No more awkward conversations with employees about rejected spending. With a smart corporate card, you can easily enforce your spending controls. Embedded policies are rule-based but flexibly built according to expense category, role, or other criteria.
- Automated expense tracking. Data entry errors are the Achilles heel of any manual process; taking human error out of the equation improves efficiency and outcomes.
- Eliminates the need for expense reports. Expense reports are time consuming, error prone, and highly subjective. Let’s be honest — no one will miss having to complete or approve these; a better way is at hand.
- Rewards and perks. Many personal spending cards have reward systems in place, from miles and loyalty points or cash back; corporate smart cards are no exception.
- Generate real-time data. Smart cards collect company expense data, making it possible to satisfy audit requirements while identifying patterns and trends. When this data is used over the long term, it can help provide insights, identify efficiencies, and generate cost savings for your company.
- Smart cards integrate with innovative platforms. Having the ability for your purchasing and procurement to interface with today’s cutting edge technology is important. What’s even more important? Being prepared for the platforms that are just around the corner.
Modern Payment Methods For Modern Organizations
If you want to join the discussion or learn more about the benefits of Smart Corporate cards, watch our session on how to Leverage the Benefits of Corporate Smart Cards in 2022, featuring TripActions’ Liquid Senior Operations Manager, Meredith Ahlberg and Sr. Product Marketing Manager, Thomas Long. This session will explain how this new payment method is changing industries, improving spending and risk management worldwide, and further explain the benefits of smart corporate cards for business spending.