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Business Control for new or existing portfolios

One of our important products is Business Control. You can find more information about this solution under the following link -  Business Control

Our customers are asking us from time to time if it is possible to use Business Control for the existing portfolio of customers and cards or if it is aimed for new customers. Let me clarify this topic in this article. 

Business Control is a platform or set of functionalities targeted at business customers that should give them more control over spendings, company expenses, cost and invoice management and more. Verestro offers it to banks and fintechs as a technology platform or we also can deliver it directly to corporations in connection with our partnering payment institutions in various parts of the world.

It offers several important benefits for business customers:

  • super easy issuing of virtual cards for various company expenses - imagine that your manager can issue a virtual card to you when you go to a conference in another country. Card will be valid for 2 weeks, will have various limits etc.
  • invoice management - instead of collecting pictures or doing photos you just scan an invoice and it lands directly in finance or accounting department for approval and further processing
  • employee benefits - you can use cards with multiply visuals to give Christmas gifts or Valentine Cards or Thank You Gifts to your employees
  • all the money is held in one or a few payment accounts which means that you do not need to pre-paid every card. You keep money and deliver "limits" to your users. It is a very important benefit vs pre-paid cards.

Let's imagine that you already have a portfolio of business customers because you are a bank or fintech partner and you would like to offer such a platform to your customers. Quick answer is - of course it is possible to offer Business Control to your existing customers.

After some integration and implementation projects you will give your existing customers an opportunity to issue new virtual cards for their employees, manage invoices and expenses etc. However, take into account that if you would like to enable it for already issued cards, actually you are using just part of the functionalities. The card already exists, it is in hands of the user, so in fact it means that you will not issue a new card for this person but you can:

  • manage limits of cards
  • manage invoices
  • have new interface for company / employee
  • and additional possibility to issue new virtual cards for this company or business customer

Feel free to contact us and discuss details of such implementation.

Regards, 

Krzysztof

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