How Do Reloadable Prepaid Cards Simplify Expense Management and Payouts?
The expense management and payouts function is important in sustaining business operations. However, companies struggle with several challenges while managing this function, especially as they scale.For instance, according to reports, the top concerns of 70% of businesses leveraging business travel expense management software comprise safety and data security (67%), level of functionality (56%), training (53%), and the cost of tech solutions (53%). They also grapple with consequences such as over budget, time-consuming and manual efforts by team members and employees, fraudulent practices, and delayed reimbursements. Introducing reloadable cards has great potential to solve many key challenges businesses face.
What are Reloadable Card Solutions?
Reloadable card solutions are an effective tool for helping businesses simplify the corporate expense management and payout workflow. Employees who incur recurring business-related expenses can be offered a dedicated card to fund and manage all expenses, which can range from travel and fuel to groceries and meal allowances.
In turn, businesses, their employees, and other user profiles can preload or reload funds onto the card as per the budget allocated for the relevant expense. The entire workflow is automated and trackable via a unified online interface.
3 Benefits of Reloadable Prepaid Card Solutions for Businesses
A snapshot of advantages delivered by reloadable card solutions:
1. Delivering Convenience
Reloadable card solutions eliminate several steps that consume employees’ and businesses’ time and effort. For instance, employees no longer have to spend out-of-pocket funds, submit their expense reports, and wait long periods for reimbursements.
They can leverage reloadable cards for their expenses, which businesses can track directly. If an executive runs short of funds, the process of requesting more funds, getting approvals, and reloading the card is streamlined, convenient, and timely.
2. Boosting Expense Control
Businesses have more control over employee spending. They can add funds to reloadable cards according to the budget allocated for a specific expense and use this approach to fund cards for all expense categories.
Additionally, they can cover all expenses, such as entertainment, travel, medical, meals, and business expenses. With reloadable cards, employees are also more mindful of spending. They tend to stretch the funds longer, per the budget allocated for the cost.
3. Ease of Tracking
The usage of reloadable cards can be tracked in real-time. Thus, businesses have comprehensive visibility into daily expenditures and can harness data to strategize and manage cash flows.
The software generates detailed reports, helping the business plan and execute operational expenses more effectively. Thus, adopting this solution marks a shift to a culture of transparency in expense management.
Introducing Qwikcilver by Pinelabs’ Reloadable Prepaid Cards
Qwikcilver’s Reloadable Cards are ready-to-use, plug-and-play solutions for businesses of all sizes and skills. Here’s a snapshot of key features of Qwikcilver’s solution:
- Businesses can issue physical or virtual cards with reloadable facilities with ease.
- Configure denomination, card validity, Merchant Category Codes (MCC), and redemption rules per their needs.
- Take care of last-mile fulfilment, such as instant activation, tracking, and delivery.
- Create and set up programs with seamless onboarding, Know Your Customer (KYC) process, and card lifecycle management.
- Generate basic and detailed reports using the in-built Management Information System (MIS).
By adopting the use of reloadable card solutions, businesses can reduce manual interventions, reduce operational costs, and be strategic in allocating resources.
The Conclusion
Businesses are continually attempting to streamline expense management and payouts. Reloadable cards offer a promising opportunity to drive more value through automation without sacrificing quality, flexibility, and convenience for their workforces.
If your organization seeks to optimize expense management and payout workflow, consider leveraging Qwikcilver‘s reloadable cards.