The concept of using debit cards for business expenses is not new.
More recently virtual payment cards have come onto the market.
And no, we have never been big fans at Botbooks@Accross. The added features and related benefits when compared to traditional credit card payment options that never been enough to justify the change.
Please let me explain.
Modern accounting for small business has grown into a streamlined and integrated solutions environment. Automation had driven almost every aspect of this change. Payment systems, as good as they had been, have sadly lagged the field.
But probably the biggest problem that has been waiting for a solution has been the necessity of providing a credit card number to a supplier who has taken your authority for granted and has been able to continue to deduct payments even if you wanted them to cease.
We’ve been watching a relative newcomer to the payments scene, DiviPay.
Here’s what they say:
“DiviPay is an all-in-one virtual corporate card and expense management platform that enables finance teams to better manage, control and streamline spending across their organisation.
DiviPay’s easy-to-use web and mobile app comes with instant virtual corporate cards, automatic bill payments, card controls and budgeting, a real-time transaction feed, automated expense reports, powerful accounting integrations, subscription spending management and exclusive rewards.”
And yes, that’s it in a nutshell. And yes, it’s fair to say that there are occasions where the traditional credit card might still come up trumps. But the benefits overall mean that it should be a very big part, of the spending controls within every organisation.
Here’s a list of features that everybody can use from the first day:
- virtual cards -Instantly issue virtual corporate cards to your staff and use it on a mobile phone (Apple Pay or Google Pay) just like a real credit card or debit card with a MasterCard logo,
- subscription management – manage recurring payments with unique virtual cards locked to each subscription,
- automatic bill payments – extract, code, approve & pay bills from one place. Automatically,
- expense reporting – automate your expense management process. Gain real-time visibility into all transactions,
- real-time transactions – review business expenses in real-time, not two days later,
- accounting integrations – integrate with Xero, QBO or MYOB and eliminate manual data entry,
- card controls – control spending totally for each card user individually, stop spending blowouts and keep everyone on budget,
- automatic card reload – predetermined account recharge facility to ensure all authorised payments and spending are uninterrupted,
- rewards and discounts – access exclusive rewards and office for your business.
And is a legal bit. The DiviPay card is a prepaid, reloadable MasterCard issued by EML Payment Solutions Ltd, ABN 30 131 436 532, AFSL 404131. DiviPay is an Authorised Representative of EML (no 1269625).
This means the Australian Government regulator is on-the-job to look after your interests.
You will have plenty of questions, and we here to enter them and get you set on a new way to safely control your employees’ spending.
You know where we are.