Today’s road warriors keep all their travel documents on a mobile device — from itineraries to reservations and boarding passes. Of course, they’ll have to pay for stuff along the way. And the most convenient, efficient way to help them do that is by adding a virtual payments card to their digital wallets.
After all, when shuffling along crowded airport terminals and navigating winding shuttles, the modern business traveler isn’t interested in rifling through their physical wallets in precariously packed suitcases to find the right credit or debit card.
Plus, companies still issuing only physical cards to employees are missing opportunities for greater compliance, lower fraud risk, and happier employees.
Fortunately, virtual cards are quickly becoming a staple in companies’ tech stacks, from greenhorn passengers to road warriors. Below is a breakdown of how this new payment tool continues to enhance the travel and expense industry.
Virtual cards don’t require employees to submit a purchase order or wait for procurement approvals. They offer a fast, efficient way to securely make purchases of any size, with controls and limits ensuring a secure process.
Virtual cards also free travelers from the constraints of physical cards, as there’s no need to wait for new or replacement cards in the mail. There are also no static account numbers that can easily be traced, and no real limit on the number of users, so the cards can continuously scale as the company does. Where virtual cards also shine is in:
Just like every employee has a unique way of doing things when traveling, no two virtual card providers are the same. Depending on the needs of various companies, they may want to consider:
With Navan Expense, companies can issue unlimited virtual cards for travelers across the globe. Granular policies can be carefully built into each card, and Navan provides a competitive rebate on each dollar of spend.
When virtual cards pair with the Navan's expense management solution, travel, payments, and spend can undergo analysis, reconciliation and reimbursement under one roof — so finance teams aren’t scrambling to sift through various systems for information.
Some tools have created convenient ways to capture receipts; others have added rudimentary virtual cards to their solution with basic controls. But no other modern expense solution has woven everything together to truly eliminate the legacy process of expenses.
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