Virtual corporate cards open up a whole new world of payment possibilities. ”It is time to see the card as something more than a way to pay for business trips and representation”, says our expert.
Some thing, like coffee for the office or business trip expenses, are paid for with the corporate credit card. While other thing, such as a spare part for a machine in the factory is billed by invoice. This is a simplified way to look at payment solutions at most Swedish companies today.
When it comes to payments, every business has its own set of requirements
- Corporate card
- Travel Account
- Purchasing Account
Kristian Hovden is Sales Manager at Eurocard in Sweden. He believes many people think this is the only way, since it is the standard procedure, and it looks so simple at first glance. But what tends to be forgotten, is that it requires a very extensive financial systems to handle all the various transactions.
The alternative option to the traditional procedure, is virtual corporate cards. When a company purchase is made – any purchase – a ”single-use card” for the specific transaction is used.
” It works just like an ordinary plastic card you pay with, only it doesn’t exist physically. Let’s say you need to buy something from a company in India. You can’t be billed by invoice, so you need to make a direct payment. With this solution you can make the purchase online, and guarantee the supplier gets paid immediately. And the purchase will appear on your next invoice from Eurocard, ” says Kristian Hovden.