Incorporating Virtual Cards Into Your Employee Benefits Program
How virtual corporate cards strengthen your company culture and delight your team
In a competitive hiring market, it can be a challenge to recruit and retain top talent. With remote and hybrid work on the rise, businesses are looking for innovative ways to build an enticing company culture, improve their employee benefits package, and attract promising new hires.
Virtual corporate cards offer the perfect solution. Not only do they enhance your employee experience by creating a collaborative workplace based on trust, accountability, and some pretty amazing perks, they also have the power to completely transform your finances.
In this post, we explore how virtual cards allow your team to take ownership of their expenses as they enjoy the unique benefits of real-time, frictionless finances.
A quick recap
Why are virtual corporate cards so handy? To start, they can do anything a physical corporate card can do—except get lost.
Additionally, with virtual solutions like the Rho Card, you can issue a new card in seconds, assign individual cards to different employees, departments, and expense channels, and set customized controls and auto-enforced spending limits for each card holder. Plus, you can start spending right away with a virtual card either online or by adding to your digital wallet like Apple Pay or Google Pay.
How virtual cards benefit your employees
Here are just some of the ways you can use virtual cards to enrich your work culture and create a dynamic environment for your team.
Allow teams to make business purchases without paying out of pocket. Companies often subsidize learning and development opportunities, home office supplies, and wellness programs for employees. But to get those perks, employees first have to pay out of pocket, fill out a form, and wait to be reimbursed. Virtual cards make it easy for employees to get what they need when they need it—with proper controls in place to ensure only authorized charges are made.
Support your Employee Benefits program You can use virtual cards to help employees make the most of your benefits programs, like wellness and home office budgets. By creating specific cards with merchant category controls and spend limits for employees, they know what they can spend on things like team lunches or office supplies with ease and confidence.
Bridge the gap between in-person and virtual experiences. When everyone works together in an office, it’s easy to build a sense of camaraderie and boost morale by buying snacks, inviting your team to lunch, or sponsoring events. But now that many companies are dispersed, it’s harder to share these sorts of experiences. With custom spend limits on virtual cards, you can instantly enable remote employees to treat themselves on the company’s dime and feel like they’re part of a community.
Make work occasions a bit more human. Instead of giving the same standard gift from HR for every personal or professional milestone, why not extend a budget and allow team leads and departments to get creative with their festivities?
Make reporting a breeze. No one loves being hounded for receipts at the end of every month, and cumbersome approval chains and expense reports may make employees hesitant to spend. The best virtual cards report all charges in real time, offer instant receipt capture and automated approvals so purchases are transparent, efficient, and completely hassle-free.
Build a culture of empowerment and accountability. When you give team members a virtual corporate card, you’re letting them know you trust them to make responsible and reasonable decisions.
How virtual cards benefit your business
In addition to being great for employees, virtual cards also make managers’ lives a little easier and ultimately boost your company’s bottom line. Among other things, they allow you to:
Save time and resources. Since your finance team and supervisors won’t be chasing receipts, manually entering and coding expense data, and signing approval forms, their time and efforts will be freed up to focus on more impactful tasks.
Fuel your finances. As more employees put more charges on their corporate cards, you’ll benefit from greater rewards. The Rho Card, for instance, offers up to 1.75% cash back on qualifying business purchases that could be reinvested in your company’s growth.
Streamline onboarding. Unlike traditional cards, which take piles of paperwork and weeks of waiting before a physical card arrives in the mail, virtual cards can be issued, customized, and used in moments.
Track your expenses. With all transactions reported and categorized in real time, it’s easy to analyze the data and gain insight into company-wide spending across budgets, vendors, and channels.
There are many virtual corporate cards on the market, and it’s essential to spend some time finding the right fit for your organization.
If you’re unsure where to start, the Rho Card offers effortless setup, consistently high credit limits, flexible payment terms, fee-free services, and dedicated support to meet growing companies where they are.
Our specialists are always on hand to help you explore your options and learn what a virtual corporate card can do for your business.