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Virtual Card

5 Reasons Why Virtual Cards Are The Future of B2B Spending

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Virtual cards offer added safety, reduced costs, reduced waste, boosted cash back, unprecedented spend visibility, and instant reconciliation. That’s why we partnered with Ramp to bring our customers all of these benefits and more. 

In order to explain why virtual cards are such a boon for business expenses, it’s important to first understand what a virtual card actually is. A virtual card is similar to a credit card in that it has numbers, a date, and all of the information you’d normally use when inputting your card information for an online purchase. However, unlike a regular debit or credit card, you don’t keep using the same virtual card for years until it expires. 

Instead, a virtual card is like a disposable credit card that’s linked to your actual credit or debit card. A virtual card may be good only for a single purchase, a set duration, or up to a certain spend limit. After that, it’s done. You just get a new one.  Why would you want an endless stream of card numbers for your business? Well, there are actually a lot of reasons, especially if you’re still using paper checks or paper invoices. Some of the most important reasons to use a virtual card for your B2B spend include: 

Safety

Think about this—you don’t carry around the originals of your most important documents, do you? Like your social, birth certificate, or marriage license? Usually, we just give someone a copy. A disposable version that won’t really impact our lives if it’s lost. 

Virtual cards are kind of like that from a safety perspective. Avoid having your personal information stolen as well as interruptions that are likely to occur if you have to report fraudulent activity on your account and wait for a new card. Hackers and fraudsters alike are stopped in their tracks with a virtual card, though. And if you suspect suspicious activity while the card is still active, no big deal. Just cancel it and grab a new card number, leaving all your actual accounts in tact and safely away from the outside world. 

Even outside of privacy invasions and malicious actors on the web, internal fraud also has no room to grow. Because spend can be set for a specific limit and purchases are visible in real-time, there’s not much room for internal fraud to take hold. Consider it damage mitigation and risk prevention.

Obligatory COVID-19 tie-in: 

It’s 2020. We’d be crazy not to mention how (or if) virtual cards can help during the pandemic as business processes are completely upended in the name of social distancing. While some analog businesses are stuck dealing in papers and in-person contact, businesses that use virtual cards can manage their jobs quicker, safer, and from the security of home minus all the security risks. Virtual cards are one way to boost business continuity during the coronavirus. 

Reduce Costs (And Save The Trees)

Money is expensive, am I right? Not only is it costly to have people working to collect paper invoices, print paper checks, reconcile spend, and on and on and on, the simple materials cost alone is staggering. 

“Paper checks account for $12.5 trillion of business spend every year in the US alone.” –Tracy Kellaher

I don’t even want to contemplate what that means for the environment, especially if you start looking at envelopes too. 

Make two strategic strides at once by reducing paper waste and excess spend with the switch to virtual cards. 

Cash Back

Sure, some banks offer a little cash back on purchases, but what if you could get rewarded in ways befitting to a business? Not only do you get the added benefits of ditching the expense reports and the paper piles in favor of automated accounting, you could earn 1.5% cashback and possibly even more in rebates just for spending in the same ways you already do. 

Plus, you can maximize that cashback by utilizing dozens of cards across the company, because it will no longer be such a risk to equip your employees with a little company plastic. Cha-ching! 

Spend Visibility

Spend visibility is basically a buzzword now. It’s something you need in order to accurately track your finances and make wise choices about your suppliers. Through the use of virtual cards, you become equipped with basically instant full spend visibility for every analog method you replace. Easily view the 50k foot overview or a granular, single-user, single-purchase snippet of data, all updated in real-time. No more waiting. 

This offers a major boost to spend forecasting that can now be easily viewed filtered by category—e.g. department, merchant, or employee.  You can search, get customized alerts, and even find automated savings. 

Instant Reconciliation

Tired of chasing people down? Equally tired of waiting and waiting only to spend a bunch of time reconciling invoices? If you’re doing it the analog way, then that’s good—it means your brain already knows there’s an easier way. 

With virtual cards, you can experience the efficiency of instant reconciliation. Automatic categorization and receipt-matching plus accounting integrations let the old expense report take care of itself. With cards from Ramp, modern finance teams can save 5.4 days and $15k per month. And the really cool thing about that is… 

Premikati has partnered up with Ramp to provide unlimited virtual and physical cards to make managing your spend a breeze. Earn cashback, access more than $150k in partner rewards, easy accounting integrations and no fees. Plus, Ramp boasts 10-20x the limits of traditional credit lenders thanks to their novel underwriting system and a 30 day payment schedule with no interest. We’re excited to join together to help you find strategic savings from the best suppliers, safety, spend visibility, and a big win for the environment.  

 

CFO Spend Visibility in Procurement

3 Ways for CFOs to Increase Spend Visibility

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Summary: Premikati Marketplace bolsters the efforts of CFOs by offering an easy-to-use consumer-style B2B purchasing platform with deep, enterprise-grade spend controls and analysis tools. Premikati offers trusted suppliers with steep discounts on repeat purchases, supplier importing, rebates, automatic approval workflows, pricing thresholds, and money – and time-saving process cost reductions.

If you’re a CFO, you care about your company’s bottom line. If the health, wealth, and profitability of your business is being hindered by less-than-ideal procurement practices, then a marketplace, like Premikati, that offers deep spend visibility and approval controls while also reducing hours needed to manage purchasing tasks may be right for you.  Read on to find out how Premikati Marketplace can increase spend visibility and cut costs in your business.

Know Your Sources

Suppliers are the lifeblood of any business, so it’s important to know that you’re using the right ones. What that means will be different for every business. Sustainability, cost, quality,  relationships, and contract terms all play a role in maintaining a healthy, visible spend and supply chain.

Because Premikati is underpinned by SAP—a leader in sustainability—CFOs can help ensure a healthy supply chain in terms of social and environmental impact as well efficiency via streamlined processes. What does this mean for your bottom line?

“…the majority of Generation Z (54 percent) state that they are willing to spend an incremental 10 percent or more on sustainable products, with 50 percent of Millennials saying the same.” –Greg Petro on Forbes

Plus, Premikati offers new sources of savings across the board through a high-quality, trusted list of suppliers. Many companies see up to 35%  savings on frequently-bought products.

Do you already have a supplier your company trusts? Premikati supports custom catalogs with suppliers you already know with very little overhead to get started.

With Premikati, you not only gain access to a list of reliable suppliers, but also an interface that allows your procurement team to quickly compare prices and aggregate suppliers in one simple, easy-to-use platform.

Reduce Time And Costs

Clunky, outdated buying processes can become time-consuming and burdensome. Every hour wasted on reinventing the proverbial procurement wheel is a billable hour from an employee or contractor, hours that can quickly cut into profitability. Premikati helps you streamline the entire buying process and simplify vendor management, saving you time and money.

Gone are the days of needing a password for every single supplier. Premikati lets users access the entire marketplace from a single user account. That and process automations such as automatic spend approvals can reduce the ad-hoc buying process down to hours instead of days or weeks. Controlled spending also limits costs in predetermined ways that keep spending from spiraling out of control.

Plus, Premikati lets your team quickly and easily see which suppliers they are utilizing for which products and at what price point—this helps reduce buying things you don’t need because procurement wasn’t able to locate a pre-existing contract with a supplier. Easily search product categories and types to see where your money is going or view an automated report at a schedule set by you.

Beyond the 35% savings seen by most companies on products they use often, most also receive a typical rebate of 1% on all Premikati purchases made with your P-card—a system which, itself, reduces unexpected costs.

Control Your Spend

Spend controls with Premikati are as simple as ever. The P-Card lets you set exactly how much can be spent ahead of time. Automated approval workflows and reporting, user access controls, the ability to control specific commodities as well as create price thresholds make spend control and analysis easier than ever before.

Premikati balances the ease of a consumer-grade platform such as Amazon with deep, enterprise-grade control, analysis, and automation tools. This makes for a fast, reliable, and truly visible purchasing experience that increases profitability by cutting costs and heavily reducing time expenditures over analog processes and disparate toolsets.

About Premikati

Get what you really want from your purchasing software. The Premikati Marketplace offers procurement that is as intuitive as online shopping with the robust data of Fortune 100 companies and extensive customization options, all with no IT required and no commitment.

You can order what you want—where, when, and how you want it. Diversity filtering? Sure thing. Support local? Absolutely. We even support custom catalogs and customer-specific vendors.

Merge that with full spend control and visibility, real-time reporting and analytics, custom approval flows and automation, and you’ll find a best-in-class software that’s tailor-made for small- and medium-sized enterprise businesses.

Premikati scales seamlessly with your business with no impact to end-users and no additional training required. We have prices to fit every budget, and we can have you up and running in hours.

All of this with white-glove customer service included at no charge, so you can always trust you can talk to a real person when you need them.

Don’t settle for anything less. Contact us today!

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