With credit cards available is various forms, businesses need a clear way to manage them
Keeping control of the company’s travel and expense account is a tricky job, but there are ways to do it
There's a tendency to think of business banking relationships as functional, this shouldn't be the case
Companies should embrace digital when it comes to managing the procurement process
What do bots mean for business banking?
Combining company credit card use with your expenses management system boosts cash flow
Apps are popular with consumers, but businesses require greater detail than they provide
Banks are starting to see the benefits of blockchain: speed of transactions and the data it provides
The infrastructure that underpins Bicoin could be of big use for the banking sector
The changing nature of payments technology only serves to show the necessity for visibility of payments
In the world of payments AI could have an important part to play
Moving to an Expense Management System can greatly reduce the time it takes to process expenses
Delays in reporting expenses is the principal obstruction to employees getting reimbursed
No one likes dealing with expenses, and it’s no wonder really. They’re a pain for all concerned, and if you could solve the problem you’d be in for some serious brownie points…
Virtual payment cards are the future for businesses. They provide an innovative payment vehicle that lets businesses easily and safely pay suppliers in seconds with no paperwork, manual reconciliation or cumbersome processes but with all the checks and controls they need. But is this payment method as well received as it should be?
A simple action such as purchasing a cup of coffee on a business trip has multiple steps involved, many of which are after you've paid for it! What if you could eliminate these steps and replace them with one really simple action?
Suppliers say that they haven’t been asked to accept card payments and haven’t put anything in place proactively. Buyers assume that suppliers don’t want to pay the merchant fee so they don’t ask. Everyone is second guessing what the other side wants but, as the latest research clearly shows, everyone’s jumping to the wrong conclusions…
The new wave of banking products are rapidly gaining pace and every day we’re having conversations about virtual cards, single use cards and dynamic payments. The banks are working out how to fit these into their portfolios to give customers more choice in how to pay, which for them drives more spend onto cards - ultimately driving more revenue. However, in their haste to come up with these new products that will allow more and more spend to be moved online, I believe they are missing a fairly fundamental point - people don’t care that it’s a card. In fact, people can actually be put off by the notion of a ‘card’.
One of the key challenges that we see time and time again is how can businesses manage their travel and expenses (T&E) more efficiently. Often their goals are very similar: reduce the amount of time spent on admin; cut down on processes; and save money. Here are five of the key T&E challenges we see on a regular basis, and some suggestions for what can be done to overcome them.
In the travel world the term ‘leakage’ refers to any travel spend that happens outside a company’s policy. Whilst the news headlines often make it seem like there are thousands of rogue employees out there, all enjoying Caribbean holidays at their employer’s expense, in fact this is rarely the case. More often it’s just well meaning staff trying to do the right thing and save the company money.
I realised the other day how lucky I am that here at Fraedom we have a fantastic tool for managing our business spend. Of course you’d expect nothing less, but I do take it for granted. I forget other companies don’t have it this easy.