A new generation of game-changing innovations is rapidly transforming commercial payment programs. Acknowledging that AP professionals need access to their accounts from a variety of places, not just their office computers, these three features make monitoring online commercial payment activity easier and more efficient, while making commercial cards – especially virtual card – a more attractive product than ever for banks to offer their treasury clients.
1. Mobile Account Access and Expense Reports
Innovation in commercial card programs is necessary precisely because people now work in many different settings – in the office, at home and on the road. In fact, your employees might require remote access on a 24/7 basis. For corporate buyers and management, this is the best way to monitor all activity that occurs in your account, so that you’re aware of any irregularities.
Mobile apps that are connected to your commercial payment platform allow you to monitor your account activity with rich insight, including remote access to expense reports. Flexibility is the key to this innovation. As noted earlier, you no longer have to be at your office desk in order to monitor your account and spending. You can now log in from your car, a bench at the airport, your hotel room, or any number of national and international locations. You’ll have the peace of mind of being able to see which amounts are coming out and when, and you may immediately dispute a debit if needed.
2. Innovative Spending Controls
One of the most reassuring features connected with using a commercial payment program like virtual card is that there are definite limits that can be placed on the spending activities that are executed with them. For example, modern virtual card programs feature spending controls that ensure that a vendor won’t be paid more out of the account than they are owed. Other controls prohibit vendors from turning a one-time payment into a recurring expense. These controls are essential safety devices that protect the account holder from fraud and theft.
3. Electronic Communication with Vendors
Real time electronic communication with your vendors will put you in the driver’s seat when it comes to price negotiation and troubleshooting. You and your vendor can discuss and establish an agreement for immediate implementation. Before the ink on your deal is even dry, you can receive instant payment notifications the second the money leaves your account. These notifications make you immediately aware of any strange or unusual transaction that doesn’t align with the terms of your vendor agreements.
Help Navigating the Commercial Payment Waters
It’s good to have a reliable guide to lean on for advice and counsel when you are faced with the prospect of having to make sense of all these new commercial payment innovation. Cost Control Team can help you get the most out of your payment program, including understanding the most reliable payment mix for your needs. Contact us to discuss ideas for starting or upgrading your organization’s commercial card program.