What if we told you there was an easy and convenient way to streamline your payment process, reduce paperwork, optimize work time, and boost security for travel payments? You would be all in, no doubt. How to do it? Virtual payment cards (VPC).
What is a Virtual Payment Card?
A virtual payment card is a credit card with a unique 16-digit number created for limited use between businesses. In fact, this method of B2B payment is one of the fastest-growing options in the business world, and it is easy to see why. Not only does it help save valuable time and resources, but it optimizes your travel budget so that no money is wasted.
The Benefits of Using Virtual Payment Cards
Streamline Your Accounts Payable Process
How does your company currently pay for travel expenses such as fuel, meals, and other per diem expenditures? Many companies use multiple payment methods including company credit cards and writing checks. With each different payment option, the potential for errors and mistakes compounds.
Not only that, but each payment option requires a different billing process with its own set of issues. This often means more time and work spent by travel managers. A virtual payment card option helps eliminate much of this grunt work, saving you valuable time.
Virtual Payment Cards Are Secure
Consider all the different security risks posed by physical credit cards. They can be stolen and/or misused. However, a VPC cannot be stolen since there is no physical card. As a travel manager, you program the dollar amount on the card so that when that dollar amount is gone, the card will no longer be available.
Increased Managerial Control and Compliance
A virtual payment card allows travel managers to predetermine and set the dollar limit as well as the period it must be used on the card. This also helps with employee compliance when it comes to per diem and not wasting money on frivolous expenses. For travel managers looking for that extra bit of control over their travel program, a VPC system provides exactly that.
How CLC Lodging Can Help Manage Your Travel Program
Our comprehensive expense management solutions are designed to help you streamline your travel payments, as well as minimize the need to reimburse employees and prevent unauthorized charges. One of those solutions is our Trip Card, a virtual payment card option as described above.
The Trip Card allows you to control employee spending amounts by setting limits on the dollar amount on the card, as well as the dates it can be used and for what it can be used. In fact, you can even tie it to an existing reservation/trip in the system and assign project coding, adding multiple travelers/cards at once. Doing this empowers employees to make the purchases they need while negating the stress of using a personal credit card or having to wait to be reimbursed. This is truly a win/win for both employer and employee.
How does it work? As soon as you program and activate a virtual payment card, a text or email is automatically sent to the traveler so that they know they can begin using the virtual card immediately for travel expenses. They can view the card from any device, including their smartphone, tablet, or computer. Once the fixed dollar amount is spent or the date range passes, the card expires and can no longer be used or reloaded. Also, companies only pay for what was used. Any unused amount is recaptured by the business, making this a great option for travelers per diem.