More and more companies are choosing payment solutions with corporate payment liability. It’s a positive development that everyone benefits from, says expert Beate Svendsen at Eurocard.
Beate Svendsen is Key Account Manager at Eurocard with more than 20 years’ experience in payment solutions. She believes corporate payment liability is the logical option, since it’s the company that’s sending employees on business trips. But there are great advantages for everyone involved.
– When the company uses solutions where they own payment liability, control is increased, because they then own the transaction data too. After all, they get to choose where the card can be used and also set the maximum limit.
In many European countries, offering employees a payment solution with corporate payment liability has been common for quite some time. This is now becoming increasingly more common in the Nordics, mainly due to EU legislation like Open Banking, but also because companies have identified an opportunity to streamline their processes.
– We can see Norway and Sweden following. Efficient administration is a clear benefit for employees as well as the company. Employees end up having more time to spend on their main tasks, while the company sees reductions in costs.
Some managers may be concerned about the risk of credit card abuse among their employees. But Beate Svendsen says there’s no reason to worry.
– In our experience, not surprisingly, your employees are to be trusted.
She says most companies experience many benefits from solutions where they own payment liability.
– It’s an easier way to gain control, while making processes less of a hassle for your employees.
Five benefits from payment solutions with corporate liability:
- Increased security when the company owns its own data
- Increased control and a better overview of company data
- Reduced costs thanks to a complete solution for expense management
- Easier to incorporate new solutions, like digital receipts
- Happier employees