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Best Virtual Corporate Card For Business [2024]

Vlad Falin

November 29, 2022

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In modern business, cash and checks have gone the way of the horse and buggy: they’re simply too inefficient. But even their replacements – traditional payment methods like debit and credit cards – are overdue for an upgrade.

Welcome virtual corporate cards.

These digital payment methods offer numerous perks, from faster payments and reconciliation to greater control and security. They’re quicker, safer, and easier to integrate and use for accounting and operational teams alike.

Plus, the industry is on the cusp of an explosion, which could send innovation through the stratosphere. Between 2021 and 2026 alone, virtual card spending is predicted to skyrocket from $1.9 trillion to $6.8 trillion.

Here’s what to know.

Key Takeaways

  • Virtual corporate credit cards pave the way for the future while addressing a multitude of modern business pain points.
  • They hand companies greater control over their spending, simplify accounting across the board, and even help protect employees.
  • Plus, with so many nuances and use cases, it’s incredibly easy to personalize virtual cards to meet your unique needs

First, A Brief Refresher on Corporate Cards

Corporate credit cards are credit cards issued to a business entity – not a person – as the responsible party.

In most other respects, corporate cards are like regular credit cards. They require a credit check to apply, charge a regular interest rate, and even come with reward systems. Corporate purchase cards are also unique in that the business can issue dozens of employee cards on the same account.

Pluto corporate cards come with specific controls to help your business manage spend. Real time tracking, setting limits on the go and quick reconciliations are just a few of the things that Pluto can provide.

But there is more. For companies who need to act quickly and require flexibility in their card issuing, there are virtual cards.

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What is a Virtual Corporate Card?

Virtual corporate cards, like regular corporate cards, are linked to the business’ budget. Employees can use these cards to pay for business expenses without using their own personal cards or cash.

But unlike physical cards, virtual credit cards reside solely in the digital realm. These cards are essentially unique, digitally-generated 16-digit card numbers that tie to a specific spending account. (In this case, the business’ account.) Each virtual card contains other essential card details, too, like the following:

  • Cardholder’s name
  • Company’s billing address
  • Card number
  • Expiration date
  • CVV

Virtual cards are also unusual in that they can be generated and destroyed in moments. They can be designed to permit one-off charges, expire same-day, or hold only a specific dollar amount. Some virtual cards can even be linked to a particular vendor for one-time or recurring payments, perhaps with weekly or monthly spend limits.

Virtual cards can be accepted anywhere that online payments, and even some in-store payments, are accepted. Due to their ability to generate new numbers on demand, they offer additional security and control for business accounts. Plus, they can’t be lost or stolen like a regular credit card.

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Virtual Credit Card vs. Virtual Corporate Card

A virtual corporate card is simply a digital credit card issued to a corporation. For the most part, you can use virtual cards the same way you could use regular cards. However, like corporate cards, these virtual equivalents allow the issuing firm and receiving businesses to set particular spend and monitoring controls.  

Because virtual credit cards are 100% digital and able to generate new 16-digit numbers on demand, they’re optimized for safety and flexibility. They also make it easier to reconcile books and otherwise manage spending.

What are virtual cards used for?

Virtual cards have gained significant traction due to their adaptability and security features. They are commonly used for:

1. Online Purchases

Virtual cards serve as a secure and convenient payment method for ecommerce transactions. They allow businesses to conduct online transactions without exposing sensitive primary card or bank details. This enhances security and reduces the risk of fraud, making virtual cards a preferred choice for digital transactions.

2. Subscription Management

Businesses utilize virtual cards to manage subscriptions to various software or online services. Virtual cards offer the flexibility to set spending limits and deactivate cards easily, providing control over recurring expenses. If a service is no longer required, businesses can deactivate the virtual card associated with it, preventing further charges.

3. Travel Expenses

Virtual cards are issued to employees for specific travel-related expenses, offering precise control over spending and simplifying expense reconciliation. By providing virtual cards for travel expenses such as accommodation, transportation, and meals, businesses streamline the reimbursement process and ensure compliance with travel policies.

4. Vendor Payments

Virtual cards are used to make payments to vendors and suppliers, offering a secure and efficient payment solution. Businesses can generate virtual cards with set limits for individual vendors, enabling better management of payments and tracking of expenses. Virtual cards also reduce the risk of fraud associated with traditional payment methods.

5. Single-Use Scenarios

For transactions requiring heightened security, businesses utilize single-use virtual cards. These cards are generated for one-time use and become invalid after the transaction is completed, minimizing the risk of unauthorized or fraudulent use. Single-use virtual cards are ideal for online purchases from unfamiliar vendors or for specific transactions where security is paramount.

6. Employee Expenditures

Instead of issuing physical corporate cards, businesses provide employees with virtual cards for business-related purchases. Virtual cards can be customized with predefined spending limits, allowing businesses to control and monitor employee expenses effectively. By using virtual cards, businesses streamline expense management processes and reduce the administrative burden associated with traditional reimbursement methods.

Why Use Pluto Virtual Corporate Cards?

Pluto virtual cards offer tons of perks and use cases. With more control and yet unparalleled flexibility, your business can remain nimble as you grow.

At the same time, department heads can keep an eye on expenses, spending, and accounting practices.

1. Flexible Setup and Spending

Modern companies need to be nimble, able to make purchases on the fly and reconcile their books in minutes, not days. Virtual cards let your business do so –without breaking their budgets.

Virtual cards provide unprecedented levels of flexibility to businesses of all sizes. After signing up, cards can be generated and issued to individuals with just a few clicks.

They also permit companies to limit available vendors, set a specific spending limit, expiration dates, and even the specific department budget the card should link to.

2. Unlimited cards

One of the biggest perks of Pluto's cards is that you can create as many as you need in a matter of seconds.

The times when an employee had to wait several days for the approvals and the card details to arrive are over.

For example - at 9:00, we had a team discussion about additional performance marketing activities.hile we were on the call, the department head created 3 virtual corporate card numbers for us to use.

It took him roughly 2 minutes to create them. All that without missing a beat on the call itself.

Right after we finished the call, we could start setting up ads.

3. Spend Control

Once you’ve generated a card – either for your team or by employee request – you can quickly personalize them for added constraint.

These controls are admittedly extensive, allowing your business to:

  • Lock cards to a particular merchant or vendor
  • Ensure cards can only pay to specific accounts
  • Generate cards with set one-time, monthly, or recurring expenditure limits
  • Institute purchase approval practices for individual cards, persons, or teams

Companies can use these various limits to prevent overspending, surprise fees, and unnecessary surcharges. Plus, with specific cards linked to individual employees or vendors, compartmentalized spend management becomes even easier. For many businesses, this is a welcome alternative to issuing high-limit cards to every employee that requires one.

In the example above, you can see one of the popular uses of Pluto virtual cards - employee benefits.

When a new employee joins, how much time does it usually take your HR department to get wellness or children's educational benefits to that employee?

With Pluto, it’ll take you leess than 2 minutes.

4. Higher Accountability

Another perk of virtual cards is that they can be generated for and linked to a single individual or team.

That makes purchase tracking easier, which increases personal and departmental accountability.

By using built-in accountability and analysis tools, your business can better track how and when money is spent at every level.  

5. Streamlined Accounts Payable

Enhance your finance team's efficiency with Pluto, featuring virtual corporate cards and integrated accounts payable software.  Pluto can integrate with your accounting software, making it easy to sync your chart of accounts, automate mapping your GL accounts, and bulk verify & export your expenses so you can close your books 10x faster.

From there, settlements can happen immediately rather than taking days or weeks. This eliminates the slow, potentially error-riddled manual accounting process with a faster, cheaper, and more efficient digital alternative.

6. Better Security

Pluto's virtual cards can help greatly reduce your overall card risk profile. Their increased security is due to their unique design, including their:

  • Digital nature, which precludes them from being physically stolen.
  • Set spending limits to prevent overcharging.
  • Ability to block vendors and retailers from storing personal or card information long-term, helping to prevent fraud
  • Ability to include one-time or vendor-specific expenditures and other spending controls, limiting financial hemorrhaging
  • Auto-lock features to freeze cards instantly
  • Ability to delete and regenerate virtual cards in seconds rather than days

7. Real-Time Reporting

Pluto's virtual cards feed their data directly into a centralized interface, allowing all data to show up in real-time reports, simplifying the analytical process. The spend management systems also offer real-time notifications.

Together, these features offer companies greater real-time visibility over their expenditures. This level of transparency can inculcate a healthier spending culture within a company beyond merely increasing accountability.

Plus, real-time reporting means that accounting teams and department heads can immediately respond to budget requests, verify receipts, and manage card limits.

Pluto expense management dashboard allows you to see everything and makes spend control a breeze.

8. Simple Reconciliation

Virtual credit cards provide an easy approval system to allow finance teams to take advantage of automatic reconciliations whenever possible.

Accounting teams can set codes for recurring transactions and tag controls to identify transactions before posting them to the general ledger. Each card can be linked to a specific employee to link specific transactions to each employee.   

With the right card and accounting integrations, it’s possible to automate the bulk of manual data entry and reconciliation out of the gate. Plus, you’ll increase the accuracy of your data and insights.

9. Efficient Vendor Payment and Management

You can also use virtual cards to simplify vendor management.

You can link specific cards to particular vendors, allowing you to track which teams use them regularly and how their prices change over time.

By setting limits and expiration dates to your specifications, you can prevent teams from “forgetting” about upcoming auto-renewals.

10. Reward Options

Pluto virtual corporate card offers a wide range of perks and benefits!

Instead of giving you Starbucks gift cards, we formed partnerships with some of the most critical services for the day-to-day operations of your business.

11. Reduce the Risk of Fraud

When multiple employees and vendors share a high-limit physical card, you run the risk of operational problems and fraud.

The more people who can access a single 16-digit number, the more likely unauthorized expenses can slip through the cracks.

Virtual credit cards don’t come with the same fraud and data loss risks that physical cards do.

  • They’re impervious to hacks that come with swiping physical cards at in-person terminals.
  • You can create cards for a particular purchase, vendor or project.
  • You can easily link cards to specific employees and/or vendors, offering full control while minimizing risk.

Virtual Corporate Card Use Cases

Due to their innate flexibility and unprecedented control, virtual credit card programs offer multiple potential use cases. There are too many to go over here – but we’ll address a few of the most common or impactful.

Agencies

Digital agencies need to be able to make payments on behalf of their clients. This can be done using virtual cards, which allows the agency to keep track of spending and ensures that funds are used for the intended purpose.

With Pluto, you can create virtual cards for every PPC campaign or bigger project and keep track of your agency's spending in one place.

Not only does this allow you to scale the clients' performance marketing efforts, but the spend control dashboard shows you exactly how much was spent. You can go as far as naming and tagging your virtual cards, so you can see how much was spent per PPC channel on individual clients.

Event Organizers

Catering, lights, music, production, venues, drivers so many things that even organizers have to keep in the air! If you are an event organizer, chances are you understand how important it is to keep your spending in one place. That way when the time comes to file taxes or show ROI, everything is itemized and accounted for.

With a virtual card, all your charges will be automatically filed under the right categories. You can also set limits on how much can be spent per vendor, so you don't have to worry about overspending.

And if you have a team working on the event with you, you can give them each their own virtual Pluto card (or physical) with their own spending limits. That way, you can see at a glance who is spending what and where.

Startups

When you are a startup, your want to fully focus on your product and leave the rest to someone else. With a virtual card, you don't have to worry about setting up a corporate credit line or dealing with complex expense reports.

Just set up your team with Pluto virtual cards and let them manage their own expenses. You can see what they are spending in real-time and track progress against your budget.

Also, when you are at your early phase, there is no time for lengthy approvals. SaaS, ads, tools, plugins - virtual card can service them all.

E-Commerce

You business is digital and so should be your payment tools. With a virtual card, you can make payments online without ever having to worry about the security of your information.

Worried about that Alibaba supplier? Create a virtual card with a limit just for that vendor and you're good to go. Put a spending limit on it, and you limited any potential risks as well.

  • Need your team to buy TikTok ads? -> Done. TikTok Ads Virtual Card
  • Need to pay an Upwork freelancer? -> Done. Upwork Specific Virtual Card

You see where we are going with this. Create as many virtual cards as you need for as many occasions as you need.

Consulting

Consultants are on the road most of the time, and when they are not - they are seated in the client premises, helping to grow the business.

Employee travel is one of the most commonly-cited reasons for individuals requiring their own corporate cards. Travel expenses may include hotel rooms, a food allowance, or additional budgeting to purchase essential materials while they’re away from home, so to speak.

However, even in your own teams, it’s possible for employees to get carried away. An expensive dinner, unexpected expenses, and hotel room upgrades may all be well within your budget. But if you want to prevent excessive spending on your dime, virtual card controls hand you that power.

Fleet Management

Any company that have a vehicle fleet knows that a lot of time can go into fuel cards management.

Pluto can provide both virtual and physical corporate cards which makes it a perfect solution for efficient fleet management. 

You can issue fuel cards to the drivers as needed, and scale up and down depending on the current business situation.

In addition to that you see the fuel expenses real-time and can set limits and approvals where required. 

Find out how much your business can save with Pluto

Discover your savings with Pluto's Cost Saving Calculator and take control of your expenses. Unlock cost-efficiency now!

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Learn how Pluto is helping Keyper        to eliminate petty cash spending and optimize spend management

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At Pluto Card, our mission is to assist businesses of all scales make well-informed choices. To uphold our standards, we follow editorial guidelines to guarantee that our content consistently aligns with our high-quality benchmarks.

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SaaS Procurement: How to Optimize SaaS Purchases and Streamline Workflow

One of your teams discovers a SaaS tool and makes a quick purchase using the company credit card, thinking this software solution will simplify processes and increase efficiency. It seems straightforward at this point—a hassle-free process.

However, this purchase workflow shadows the IT and legal departments. None of them are involved in the decision-making process. As a result, the chosen product never undergoes the risk assessment for security threats and legal regulations. What appears as an elementary and frictionless process becomes a breeding ground for chaos and potential operational disruptions.

This blog post is for procurement teams that wish to understand the SaaS procurement process and streamline the purchases for efficiency. We will discuss the challenges with the traditional approach and how you can overcome these to create a secure and cost-effective tech stack.

See a Demo

What is SaaS Procurement?

SaaS procurement is the acquisition and management of cloud-based software solutions through a subscription model.

As a member of the procurement team, you assess organizational software needs, evaluate vendors, negotiate contracts, and oversee the entire lifecycle. You aim to ensure cost-effectiveness, compliance, and optimal performance of SaaS applications.

Challenges With Traditional SaaS Procurement Process 

The most significant loophole in traditional SaaS procurement processes is the lack of proper approval workflow. Employees purchase suitable SaaS tools by themselves based on self-assessment. While this approach is flexible and saves time, it leads to operational bottlenecks in the long run.

Here is an overview of what happens when the relevant stakeholders aren’t involved in the SaaS procurement process:

Absence of Procurement Team

When teams proceed without involving the procurement team, they introduce several challenges, impacting the following aspects:

  1. Cost-Optimization: Without a centralized team overseeing SaaS subscriptions, different departments independently select similar plans, leading to redundant expenses. For example, two teams might unknowingly invest in the same SaaS product for $ 12/month/user plans. However, when consolidated under an enterprise plan, they could get added security features more cost-efficiently.
  2. Vendor Management: Vendor management becomes fragmented without a procurement team, as various teams engage with multiple vendors independently. Hence, It becomes challenging to negotiate favorable terms, track performance, and ensure consistent service levels across the organization. This absence of centralized management hinders the organization's ability to leverage its purchasing power effectively.
  3. Inconsistent User Experiences: Different teams choose diverse tools for similar tasks, resulting in variations in workflows and collaboration. This lack of standardization hinders overall efficiency and employees' ability to work seamlessly across different projects.
  4. Renewal Management: The decentralized approach of SaaS procurement makes it challenging to track and manage subscription renewals effectively. Unintended renewals for underutilized or obsolete SaaS subscriptions ensue, leading to unnecessary costs and potential inefficiencies in resource allocation.

Absence of Legal Team

Legal professionals evaluate and ensure that the chosen SaaS solution adheres to data protection and privacy laws. Also, they help craft and review contracts to protect the enterprise’s interests.

The absence of legal scrutiny leads to inadequate safeguards, exposing sensitive information to security breaches. Moreover, without their input, contracts with SaaS vendors lack clarity, leaving room for misunderstandings, disputes, or unfavorable terms. There's a high risk of violating laws, regulations, or contractual obligations, leading to legal consequences and financial penalties.

Absence of IT Team (Also Known as Shadow IT)

IT professionals assess the security measures of SaaS products. The absence of IT involvement results in security compromise and operational inefficiencies. Let's say the sales team, without prior knowledge of the IT team, independently procures a SaaS product for inbound leads, integrating it swiftly into their workflow. This incident is also known as shadow IT.

But after a few weeks, a technical issue arises. Unaware of the product's existence, the IT department struggles to provide immediate support or resolve the issues promptly. It disrupts the sales team's workflow and raises broader concerns for the organization, exposing the company to potential data breaches or regulatory non-compliance. Moreover, fixing this issue involves potential legal ramifications and additional unplanned costs for IT intervention.

6-Step SaaS Procurement Process 

Each relevant stakeholder reviews and gets an overview of the purchase cycle — this is what a collaborative SaaS procurement process looks like.

1. Identify Need

saas procurement summary

This step involves identifying the specific software needs of the organization. Departments communicate their requirements to ensure the chosen SaaS solution aligns with overall business objectives. They fill out custom forms that become the procurement team's base to select the right vendor. 

2. Vendor Selection

The procurement team researches and evaluates various SaaS vendors to find a solution that meets the identified needs. At this stage, it aims to find the best vendor that offers functionality and security at reasonable pricing. Factors such as vendor reputation, integration capabilities, and contractual flexibility shape the selection process.

3. Approval Process

Relevant stakeholders, including IT, legal, and finance, review the selected vendor and approve the procurement. This collaborative approach ensures that the desired SaaS solution complies with legal standards, aligns with IT strategy, and fits within the budget.

However, this collaborative approach can quickly become a root cause for internal resentment if you don’t lay out proper approval workflows. A lack of workflow makes departments wait for weeks, while none of the stakeholders has visibility over the process. There is unnecessary back-and-forth communication, and eventually, teams move to the traditional, flexible, yet risky SaaS procurement process.

saas purchase request

If delays and friction in approval workflows disrupt your SaaS procurement process, centralized SaaS procurement software helps teams collaborate with minimal friction.

You can create proper approval workflows that define who needs to approve what. You get a no-code workflow builder, where you add if-then rules and make the desired workflow. You can have multiple workflows for different kinds of purchases, including parallel approvals as well.

For instance, a purchase request goes to the line manager, then the finance team, and after that, for a combined legal and IT review. You can have intricate workflows as required to suit your hierarchical structures.

 

purchase request details

With proper workflows laid out in a procurement automation platform, you simplify approvals. Moreover, a centralized dashboard makes it easier for each stakeholder to get an overview of the process without getting stuck in long email threads. 

4. Purchase and Deployment 

After approval, the procurement team finalizes contractual agreements with the chosen SaaS vendor. They negotiate on pricing models, licensing terms, and any customization requirements unique to the enterprise's needs.

Also, the procurement team ensures that the purchase aligns with the organization's budgetary constraints and financial policies. This step involves securing the best possible pricing and managing payment structures through one-time transactions or recurring subscription models. Further, the procurement team develops and finalizes contractual agreements with the vendor. This step involves clarifying terms and conditions, specifying service-level agreements, and addressing legal or compliance-related aspects.

With the procurement formalities completed, the deployment phase starts. Firstly, the SaaS solution has to be configured to align with the specific needs and processes of the company. This step ensures that the SaaS solution seamlessly fits within the organizational framework.

Secondly, the deployment team collaborates with IT and relevant departments to ensure that the SaaS tool integrates effectively with other applications to have a unified data ecosystem. Moreover, they establish and maintain robust access controls by defining user roles, permissions, and authentication mechanisms to safeguard sensitive data and maintain compliance.

5. Onboarding and Training

Once deployed, the onboarding and training phase ensures employees use the new SaaS tool effectively. This step is crucial for optimizing usage and ensuring that the software contributes to increased productivity. 

Training sessions, documentation, and support materials are provided to familiarize end-users with the features and functionalities. This step minimizes the learning curve and maximizes user adoption.

6. Monitor and Renew

Once users are onboarded and the SaaS solution is integrated into the organization's workflow, the focus shifts to post-onboarding and ongoing management. This stage involves the following:

  • Encouraging ongoing user engagement and collecting feedback, where regular communication channels help gather insights into user experiences and identify areas for improvement.
  • Monitoring the SaaS solution's performance to identify and address issues promptly. The IT and support teams collaborate to resolve technical glitches, ensuring uninterrupted functionality and a positive user experience.
  • Assessing functionality, user satisfaction, and alignment with business objectives to make renewal decisions. Simultaneously, compliance with legal and regulatory standards remains a significant consideration to avoid potential risks.

Collaborative Effort for Efficient SaaS Procurement

While SaaS procurement seems like a small piece of the puzzle, choosing and implementing it requires attention to detail to avoid operational and financial shocks. Each team needs to work together and help create a secure and cost-effective tech stack for the organization. 

However, collaborative efforts demand a centralized platform to overcome two core challenges — delay and friction. We have shared the top nine procure-to-pay software for enterprises for you to find solutions that transform the SaaS procurement process.

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Corporate P-Cards: How to Use Them for Maximum Advantage

P-cards can replace your corporate credit cards. 

If you rely on credit cards, you would have 2-3 cards issued to the executives, which are shared with the employees. Though it seems a great method to ensure approval and budget control, it has many loopholes.

The finance teams are running after employees for receipts, employees are waiting on OTPs and approvals, and the CFO is not satisfied with the numbers.

You look for alternatives and land on p-cards. 

P-cards (or purchase cards) are corporate cards you issue to your employees for business expenses. Then, be it purchasing a SaaS or making vendor payments, employees use it for all work-related spending. 

See a Demo

What are Corporate P cards?

Corporate P cards are company purchase cards that employees can use to make business purchases without going through the traditional purchase request and approval process. Corporate P cards make it easy for companies to manage account payables & automate expense accounting while staying in complete control of their spending.

What Is the Difference Between a Credit Card and a P-Card? 

While both cards are used exclusively for business expenses, there are many differences.

Credit cards make expense management difficult, with no visibility into where the money is going. An executive shares a single card with their team, creating a chaotic financial situation. 

The card owner struggles to manage a constant stream of payment requests. Employees are left hanging with delayed payments, waiting for approvals. Especially in bigger companies, finance teams struggle with reconciliation and zombie spending (which is when a company continues to pay for something that isn’t used anymore, or when it pays for services that former employees had used).  

On the flip side, if you use p-cards, you can issue each employee a separate card for corporate expenses. Each card has a specific budget and restrictions to ensure control and facilitate approval without delays. 

For instance, you issue a card with a $500 monthly limit, restricted to office supply vendors like "Office One."

In this way, you manage budget control and approvals without losing visibility or having to micromanage. 

How can Businesses use Corporate P Cards for Employee Expenses?

Moving from a credit card to a P-card isn’t complicated. Here is a step-by-step process of how you can provide your employees p cards and start using them:

Step 1: Generate Corporate Cards

The first step is to choose the type of card you want for your employees: physical or virtual. While a virtual card can be set up in under a minute, a physical card takes about 2-3 days to get delivered.

generate corporate card

Physical cards work well for those who travel or have on-site jobs, making petty cash management easy. Contrarily, virtual cards support secure online purchases, such as buying SaaS tools or paying for digital advertising campaigns.

Once you decide whom to give a card and what type, set the budget and policies. You can incorporate the following policies to customize the cards:

  • Specify the budget and replenishment frequency of the budget on the card- daily, monthly, or yearly.
  • Define the purpose of cards by enabling only specific general ledgers (GL), labels, and tax codes.
  • Switch on/off the ATM withdrawal option.
  • Enable auto-lock for cards in case of receipt policy violation, where if the receipt isn’t attached in 7 days, the card is frozen. 
corporate purchase cards

All these customization options offer you better control without having to chase employees later. Deciding the budget, frequency, and vendors ensures that the card is used rightfully. 

For instance, you would switch off ATM withdrawal for virtual cards that are meant for buying SaaS tools. Likewise, you can establish a monthly replenishment schedule to maintain sufficient funds while preventing excess spending.   

Apart from this method, your employees can also request to activate the P-cards. They explain the card's purpose, after which the admin can approve/reject the request. 

customize corporate p cards

Now that the employees have cards in their hands, let’s see how you can better manage corporate spending with them. 

Step 2: Manage Expenses Via Centralized Dashboard

Every expense on the corporate p-card is visible in real time on a centralized transactions dashboard. You get key information such as merchant name, expense category, card information, amount, and approval status.

corporate p cards for expense management

Along with this dashboard, you get a dedicated tab for each expense where all its information is available. 

You can review the key information such as receipt, department, merchant, date/time, expense category, etc. you can also download the receipt, approve/reject the expense, and check the activity log. 

manage corporate p cards

The activity log keeps track of all the conversations that have been happening with a particular transaction. Traditionally, companies use email and Slack, which makes communication messy. With this log, they can keep all their conversations and important information in one organized place. 

Step 3: Create Approval Workflows

Approval workflows ensure that each expense follows a defined hierarchy for approval by the right stakeholders. You can customize them depending on different amounts, departments, and other factors. 

It is a simple no-code system where you create workflows based on if-then rules.

Creating financial approval workflow

A custom approval workflow ensures timely and effective approval without having to run after dedicated team members. Each of them receives a notification as soon as the expense takes place, and they can approve it easily. 

Approvals and employee reimbursement become easy with a frictionless workflow like this. 

Step 4: Report and Reconcile Expenses

Integrating your cards with your accounting systems becomes the last step to facilitate reporting and reconciliation. 

Integrate Pluto with your ERP

Once you integrate with your accounting software, you can enjoy complete visibility and control over your corporate expenses. 

You get a dedicated insights window to track expenses and identify trends. You can add custom filters and export these for further analysis. 

Get dedicated insights

To understand the entire process better, book a demo and see how you can benefit from switching to a corporate p card. 

Why Shift From Traditional Methods to Corporate P Cards?

Credit cards seem simpler, where a bank gives a few credit cards to share among the teams. But here’s why it doesn’t work:

  • It is difficult to track who spends what, how much, and why.
  • Employees wait for OTPs and approvals, delaying payments and reimbursements.
  • The chances of zombie spending increase because the same card is shared. This also becomes one of the loopholes which leads employees to misuse the cards.
  • The admins have to chase employees for receipts during reconciliation.

While these are just a few, relying on credit cards can cause chaos in expense management. Here are some reasons corporate p-cards are a more suitable option today:

No More Shared Cards

Corporate P card

You ditch the whole system of sharing credit cards, which is the root cause of limited visibility. With corporate p cards, you can issue any employee a dedicated card for specific expenses. 

So, if you issue Rashid from the marketing department a virtual corporate card for running Ads, he can not use it otherwise. He will be accountable for any unnecessary expenses beyond the specified budget.

This means more visibility and control over corporate expenses.  

Easy Receipt Management

Receipt management with Pluto

Corporate cards make receipt management easier with OCR technology in the following ways:

  • Submitting expense reports at the end of the day becomes easier as it auto-populates all the information
  • Uploading receipts in bulk upload with OCR handling the rest makes the process faster
  • Detecting duplicate receipts becomes simpler as OCR eliminates the risk of manual errors 

Apart from OCR, you also get the option to split the transactions to make the accounting process easier. Here, for each transaction, you can split the amount into a separate category, GL account, tax code, etc. 

Split transactions with ease

For instance, a $300 expense can be split into $200 for software purchases and the remaining $100 as consulting fees. Each will have a specific category, GL account, and corresponding tax code.

Budget Control

Corporate cards give more visibility and control over finances. 

Although both credit cards and p-cards can have specific budgets, p-cards enable you to set specific policies and rules. 

For instance, you give an employee a $1,000 monthly budget but restrict them to using the card only for office supplies purchases. 

Similarly, you can set a $500 monthly limit for marketing expenses and restrict the card to "Ad Campaigns" and "Promotions," ensuring focused spending.

Another benefit is to assign monthly, yearly, and weekly budgets.

For instance, you can allocate an annual budget of $500,000 for the marketing department but assign a weekly budget of $10,000 for ad campaigns. 

This facilitates flexibility for the teams to function better and gives the finance team more control over resource planning and allocation.

WhatsApp Integration

Integrate with Whatsapp

Receipt uploading becomes simpler when all you have to do is click a picture on WhatsApp and hit send. 

After each transaction, employees get a notification to upload the receipts via WhatsApp. With this simple integration, receipt capturing becomes simple and fast. 

Not only is the receipt captured, but stored under the relevant transaction tab with all its information intact. OCR makes it easier to extract key details and populate expense reports. 

Admins can approve these expenses, and reconciliation becomes a breeze. 

Eliminate Corporate Card Fraud

P-cards give you more control and security. From setting custom policies to raising alerts in case of duplicate receipts, p-cards ensure that employees don’t misuse the cards.

Additionally, the custom approvals workflows and dedicated activity logs reduce the chances of oversight. This system helps prevent unauthorized spending. 

For instance, an employee tries to use the card for a personal expense, like an expensive dinner. 

The custom approval setup will alert the admins. The active activity log with documented conversations will further ensure that no personal expense is charged on corporate cards. 

Get the Most Out of Your Corporate Cards 

Transitioning from credit cards to corporate p cards can be an exciting move. But to make the most of it:

  • Set an expense policy outlining the guidelines that will govern the corporate cards. This practice will also become the pillar for a healthier financial environment to support internal control over financial reporting (ICFR) efforts.
  • Understand the hierarchies in the company to create approval workflows accordingly. Find a balance between control and micromanagement. Managers should be informed about expenses without being excessively involved in them. 

Do this right, and you will have better visibility and control over your finances. The employees will not be left hanging for approvals. The finance team will be at peace, and the CFO will have more faith in the numbers.

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All
Corporate Cards
October 1, 2022

Leen Shami

What is Pluto Card?

What is Pluto Card?

At Pluto, we believe better expense management should be within everyone's reach. We solve MENA finance teams' pain points by replacing their business credit cards with Pluto corporate cards to help manage their expenses, saving them time and money.

How do we do that?

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Create Unlimited Corporate Cards

When multiple employees have access to one company credit card, it can be difficult for finance teams and business owners to track how much is being spent and where.

The result: everyone texting the CEO or CFO for OTPs during important meetings.

Pluto makes it easy to create and distribute virtual and physical corporate cards to each employee. Not only does this minimize fraud risk, but it also makes expense tracking simpler for finance teams, CFOs, and CEOs.

With Pluto’s unlimited corporate cards, you’ll be able to:

  • Create virtual cards in seconds.
  • Receive physical cards in 1-2 days.
  • Use cards for vendor-specific cases.
  • Assign every employee a budgeted corporate card.

Spend Control

Are you running ads at a cost that exceeds your marketing budget? Are you providing new hires with an allowance to cover the costs of their office equipment and software, or do you offer employees additional perks such as a monthly gym stipend?

Pluto gives you the ability to set limits and take control of your company’s business expenses, hassle-free.

With Pluto’s all-in-one expense management platform, you’ll be able to:

  • Assign virtual or physical cards with spend limits.
  • Allocate a specific budget towards daily, weekly, or monthly expenditures.
  • Create a single-use purchase card that automatically deactivates once it is used.
  • Control spending for different departments by allotting a budgeted amount to be spent.

Goodbye overspending 👋🏼

Reimburse In Record Time 

Reimbursements can be a painful process when the end of the month rolls in. Whether you’re scrambling to find lost receipts, trying to match receipts to their expenses, or organizing them in a document, there’s no easy way.

Drag & drop receipts

Pluto makes it easy for employees to list receipts.

Once a business expense is made by an employee, they’ll be able to drag & drop an image or screenshot of the receipt onto the Pluto dashboard.

Yes, as simple as that.

Easily reconcile receipts

Pluto allows you to seamlessly submit your receipts onto the platform. With Pluto, reconciliation is a breeze.

Once a business expense is made:

  • Attach receipts to card transactions with just a few clicks.
  • Transactions will automatically be categorized.

Add a memo to every transaction.

Get reimbursed in minutes

Waiting till the end of the month to get reimbursed for out-of-pocket business expenses is no longer necessary! 

Pluto gives you the opportunity to get reimbursed in minutes.

Once a reimbursable out-of-pocket expense is made, head to the Pluto dashboard to log the expense and get reimbursed as soon as it is approved.

Get Real-Time Data

Your month-end expense report comes in—and you find that you've spent more money than budgeted. Again.

With Pluto, you can stay on top of your expenses at any given moment.  

By getting real-time data, you can view reports of your company’s spending and ensure that your company’s finances are in check.  

It's simple, Pluto helps you avoid overspending and keep track of your company's finances in real-time.

So what does this mean for you?

  • See transactions happening on your cards in real time.
  • Receive notifications about every single card transaction, if needed.
  • Collect information on which vendors your company is spending the most money with.
  • Identify which employees or departments are spending the most.
  • Get an overview of the expenses you have incurred daily or month-to-month.

Pluto allows you to adjust if spending has gone off course—and plop some celebratory balloons if it hasn't 🎊!

Integrate With Other Platforms

Every business has multiple platforms, and we know how important it is for them to talk to each other. Pluto's integrations make it easy to get started and ensure you have all the data you need in one place. 

Accounting Integration

Pluto syncs your company's transactional data to the most popular accounting platforms through direct integrations so you can automate your accounting and close books faster.

No more end-of-month mayhem! 😅 

Mobile Wallet Integration

Pluto Virtual Corporate Card

With Pluto, you can add your virtual or physical cards to your digital wallet to make transactions seamless and easy.

We support Google Pay, Android Pay, and Samsung Pay.

What Else Does Pluto Offer?

Pluto gives you the opportunity to scale your business, without having to worry about the smaller details.

No FX Fees

Pluto doesn't charge you any foreign transaction fees for using your Pluto corporate card outside of the UAE.

If your business is expanding rapidly and your team is traveling more frequently, you won't have to worry about those pesky charges eating into your profits.

Or if your company needs to pay for subscriptions, contractors, or freelancers in a different country, you can do so without racking up a bill in FX fees.

Remote teams, frequent flyers, or big spenders, we've got you covered!

Accepted Worldwide

Whether your team is distributed, travels a lot, or makes international payments, Pluto’s corporate cards are accepted worldwide.

Advanced Security & Privacy

Pluto is PCI DSS Compliant. We take the safety of your information very seriously; all your data is stored and processed following the highest data protection standards in the industry. 

Get Started in Minutes

Pluto's sign-up process takes minutes, not hours. By adopting a KYB and KYC process that can be done within a few clicks, you’ll be making transactions in no time.

  • Simple application process.
  • No credit history is required.
  • Fast approvals.
  • Instant card access once approved.

Let us take the hassle out of managing your expenses. Start Using Pluto Today - For Free.