Payhawk, the only end to end financial system that combines credit cards, payments, expenses, cash management and pre-accounting automation into one integrated experience, today announced the launch of a NextGen company card.
The new cards empower finance teams to implement spend rules directly on company cards based on locations, budgets, merchants, spend categories or days and times when cards can be used. The increased granular-level control on cards enables finance leaders to run a fully digital spend policy enforced on every payment in real-time. The NextGen cards recognize unauthorized spend on every swipe and prohibit usage that doesn’t comply with the company spend policy.
“The inability to control company cards and easily collect outstanding receipts are the main reasons why finance leaders prefer employees to spend personal funds and then wait for reimbursements. On the other hand, according to our recent survey in Germany, 55.1% of employees would prefer to have access to a company card instead of spending personal funds. We take the pressure off by providing cards with built-in spend rules, and we fully automated the collection of outstanding receipts from the company cards.” said Hristo Borisov, Co-founder and CEO of Payhawk. “Finance teams will also benefit from our AI-assisted data extraction algorithms that read receipts and invoices in more than 60 languages to simplify the manual data entry for pre-accounting purposes.” continues Borisov.
The NextGen company cards also bring the novel concept of team cards. Instead of sharing a company credit card around the office, risking security and making the process of collecting outstanding receipts impossible, finance teams can now issue team cards. Each team card comes with a shared budget and a name (SaaS purchases, Sales tools, Marketing spend etc.) while every team member receives a personal card linked to the team card. This way, employees have the autonomy to make payments, but are also held accountable for every payment and receipt out of the team budget. All spend rules and policies can be configured on team cards too.
Payhawk is one of the most recent innovators part of the Visa Fast Track program where global companies speed up the process of deploying innovative solutions to the market. The new cards will start shipping in December.