How do corporations gain financial and operational efficiencies with a virtual card?

In recent years, EU corporations have experienced significant growth, underscoring how important it is to adopt digital solutions to increase efficiencies, minimize losses, and stay competitive in a modern business environment, according to a Statista report.

In this blog post, we'll provide a brief introduction to the key differences between business entities, the industries they operate in, their most common payment pain points, and how virtual credit cards can help alleviate these obstacles.

Common pain points corporations face with payments

Corporations often encounter several challenges when it comes to payments. 

These include: 

• manual and time-consuming payment processes 

• risk of fraud and unauthorized transactions 

• difficulty managing multiple vendor relationships, and

• lack of real-time visibility into spend and cash flow

Benefits of virtual credit cards (VCCs) for corporations

Virtual credit cards offer a range of benefits to corporations, addressing their pain points effectively. 

These benefits include:

1. Receipt capture and automated pre-accounting: By automating the pre-accounting process, Pliant helps corporations save time and effort, streamline expense tracking, and simplify financial reconciliation.

2. Cashback: With Pliant, companies can earn generous cashback rewards, giving them the opportunity to maximize savings and profitability.

3. Flexible payment terms: Businesses can now choose when and how to repay their expenses. This flexibility can be particularly beneficial for managing cash flow, as companies can align their payments with their revenue cycles and financial priorities.

4. Instant virtual credit card issuance: This unique feature from Pliant enables immediate creation of VCCs for online purchases or remote transactions. This convenience eliminates the need for physical cards and reduces the time lag associated with traditional card issuance.

5. Budgets per team and employee: This capability provides greater control over spending, ensuring that expenses stay within allocated budgets and helping to prevent overspending.

6. Two-factor authentication on each card: This provides an additional layer of security to prevent unauthorized use, avoiding fraud when purchasing from unknown merchants.
   
   

   

Use case: Pliant virtual credit cards customized for each corporation

Tech Industry

Problem: 

A software development company needs to streamline their spending.
Solution:
Each development team receives a virtual card with spending limits. This allows the company and accounting department to monitor and control spending on software tools, cloud services, and other technology resources. Now they're able to track spending in real time, helping to better manage budgets and avoid overspending.
Outcome:

Virtual credit cards give the software development company granular control over expenses, streamlining budgeting and facilitating real-time monitoring of team spending.
Learn how we’re helping other SaaS corporations here.

Financial Industry

Problem: 

A finance company has only one credit card to cover employee travel.
Solution:
The company issues virtual credit cards to its employees for business travel and client entertainment. These ensure that expenses stay within allocated limits by linking them to specific travel and entertainment budgets. 

Outcome:
Simplifying expense reporting and reducing administrative overhead, the virtual cards also provide detailed transaction data.

Learn how we’re helping other Financial corporations here.

Healthcare Industry

Problem:
A healthcare institution has a complex process for the procuring of medical supplies and equipment.
Solution:
Each department within the organization is assigned virtual cards linked to their respective budgets. Medical staff can use the virtual cards to make authorized purchases from approved vendors. This ensures seamless procurement while maintaining tight control over spending.
Outcome:
The healthcare organization now has greater control over the procurement process, ensuring timely access to necessary medical supplies and equipment within budget.
Learn how we’re helping other Healthcare corporations here.

Final Thoughts

Corporations around the world face the challenge of managing payments efficiently and securely. Luckily, virtual credit cards provide a convenient and effective solution by offering customizable spending limits, enhanced security through encryption technologies, real-time tracking and reporting capabilities, among other benefits, that improve efficiency and maximize resources.

To learn more about how Pliant is helping other companies in various industries achieve their goals, click here.