Many companies have their employees use their private cards for company purchases online. And it’s not unusual that they share the only corporate card. “A virtual card is both safer and smoother,” says Patrik Nilsson, Eurocard.
The need to make online purchases is growing – both private and work related. But how do you take care of company purchases when employees are working from their home office?
Patrik Nilsson is Key Account Manager at Eurocard. He is often told that employees would rather not use their private cards for work related expenses. And sharing a plastic card is close to impossible when it comes to remote work.
"It’s not only impractical, it’s also unsafe," he says.
Instead, his suggestion for a considerably smarter solution, is for the company to have one or several virtual cards. You could for example have one per department or project.
"With a virtual card the company doesn’t have to worry about the card disappearing and being abused. Besides, it is easier for the employees if they for instance need to work from home."
The virtual card works just like an ordinary plastic card. With one important difference. It is only for online purchases. An ideal solution for marketing-, human resources-, and IT departments who purchase ads, campaigns or upgrade software licenses on Facebook, LinkedIn, Google and Microsoft, for example.
Administration made easier
But it’s not only the purchases that are made easier for the marketing and IT-department. It also makes administration of receipts and invoices so much easier.
"With a virtual card you will have all your purchases in one invoice. This is much appreciated since companies traditionally receive separate invoices from a lot of different suppliers."
In this case however, your billings are gathered in one monthly invoice. And if you wish, you can receive an e-invoice sent directly to the company expense management system.
"This of course saves the company a lot of time, as they don’t need to enter all of the invoices manually," says Patrik Nilsson.
Companies who wish to have even better overview and control over their payments have the option to sign up for the digital tool Eurocard Portal.
"Through Eurocard Portal you can set purchase limits and view all of the invoiced transactions. It is an excellent way to gain even better control of company expenses."
Three benefits of virtual cards
- No risk for card being lost
- Every purchase from different suppliers gathered in one invoice
- No need for employees to use their private cards