Barclaycard Payments has launched a new service aimed at helping increasing numbers of remote workers keep on top of their expenses. Precisionpay Go is an app-based online platform that lets businesses issue virtual cards to employees, who can use them to pay for goods and services.
In turn, business owners can set allowances, manage expenses and reimburse workers through the mobile app, instead of the traditional route of bank transfer. Barclaycard expects Precisionpay Go to be popular following its own research, which has shown that 63% of employees are responsible for filing their own expenses.
Employees will be able to put in a request for a card to be issued, or can even create their own, all from their mobile phone. With fewer workers going in to offices the new platform allows quick and convenient reimbursement of subsequent expense claims.
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The Visa cards can be issued for exact amounts, or can be set to work for a specified period depending on the needs of the employee. Card administrators will also be able to monitor the amount being spent on a daily basis.
Virtual cards
Virtual cards offer business owners lots of flexibility too. While they can be distributed to all employees if needed, the digital expense cards can also be customized to suit different requirements, such as having a group of payment cards dedicated to one business trip.
With businesses having to keep a tight reign on costs being able to monitor spending dynamically will have its benefits, especially in the wake of the coronavirus pandemic.
Barclaycard says that on average it takes eight days to distribute a physical card to members of staff, whereas the virtual card can be issued almost immediately. The mobile app allows for the upload of receipts, while business owners can use the software to gather company-specific data and collate vital information on employee spending using reporting platform SNAP.
And, thanks to the virtual nature of the Precisionpay Go idea, everyone stands to benefit from the reduced use of plastic and paper.
“As the world becomes more digital, so too must payment processes,” said Marc Pettican, President, Barclaycard Payments: “The pandemic has reinvented the way businesses operate, with remote working now the norm for millions of staff across the UK. Yet, many firms still use outdated systems that rely on paper-based reimbursement, which is hugely time-consuming and often frustrating to use too.”
Barclaycard Precisionpay Go is available to download now from the UK app store. It supports GBP, USD end Euro currencies.
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