When we talk to CFOs about virtual cards, many of them mention that they are still unclear on their application and how this will benefit their organisations. When we designed our first (BaaS) Banking-as-a-Service product, our virtual cards, we envisaged a few use cases that were easy to identify, like issuing advances to staff. However, we stumbled upon a situation that sparked another tremendous real-world example of how to apply virtual cards to businesses.
This story is not just about a technological solution but about how ProSpend offers solutions to others and actively uses them for its benefit - we, as they say, "drink our own champagne."
The Backstory: Sharon's Dilemma
Our CEO & Founder, Sharon Nouh, was enjoying a regular day at work when she received a notification. Her corporate card had been compromised.
For many, this could just be an inconvenience. But for a company like ProSpend, with around 30 different subscriptions tied to that single card, it was a potential business disruption.
These subscriptions were vital. Each was integral to our day-to-day operations, from software tools to client management systems. Replacing the compromised card would take days, maybe even weeks; in the meantime, any subscriptions could bounce due to failed payment. The domino effect would have been devastating.
The Solution: Embracing Our Own Technology
It was then that we turned to our very own solution: ProSpend's virtual cards. We issued multiple virtual cards in mere minutes instead of waiting for a physical card replacement.
Each card was allocated to a specific subscription with its own set limit. In no time, all our subscriptions were updated, ensuring no disruption to our services.
Not only did this experience prove the speed and efficiency of our solution, but it showcased other advantages, too. Here's how our internal use of virtual cards highlighted their multiple benefits:
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Rapid Response: When a card is compromised, time is of the essence. Virtual cards can be created instantly, eliminating waiting periods and potential service disruptions.
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Spend Control: By allocating a card to each subscription and setting its limit, you gain granular control over expenditures. This ensures no subscription exceeds the agreed-upon spend, offering spend control and a clear financial overview.
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Enhanced Security: Virtual cards are secured with advanced encryption. Even if one is compromised, the potential damage is limited to that card's set limit, ensuring broader financial security.
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Flexibility and Convenience: No more updating multiple subscription services every time a card is lost or compromised. With virtual cards, you can simply issue a new one and update the specific service tied to it.
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Streamlined Expense Management: With each subscription having its dedicated card, tracking and managing expenses become straightforward. No more sifting through statements to match payments with services.
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Environmental Benefits: Virtual cards are paperless and plastic-free. By reducing the need for physical cards, we decrease environmental impact.
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Instant data feed: Because our virtual cards were designed from the ground up, our expense management solution automatically reflects the transaction feed to make the month-end reconciliation a breeze.
Conclusion: Walking the Talk with ProSpend
Our experience reinforced our belief in our product. We don’t just offer virtual cards; we now also rely on them, exemplifying their efficiency and reliability. It’s one thing to talk about the benefits of a product, but when a company actively uses and benefits from its offering, it speaks volumes.
About ProSpend
At ProSpend, we're not just providers; we're active users. Our journey from a compromised corporate card to a streamlined, secure, and efficient payment system has only solidified our trust in our products. We invite businesses to not just take our word for it, but to experience firsthand the benefits of ProSpend's virtual cards. After all, we drink our own champagne, and it tastes exceptional.
Learn more about virtual cards
At ProSpend we strive to build next-generation finance tools that empower businesses to make proactive financial decisions while also enabling their people to be more productive.
About the Author
I am Leo Dreyer, Sales Director at ProSpend. I started my career in Finance and Computer Science in the UK while studying for a Marketing degree and also became a SAP Certified Consultant in 2007. After a few years, I became the Managing Director of South Africa's most successful SAP Partner. I joined an ERP reseller in Australia in 2016, where I set up the Cloud ERP business unit and, within two years, won the Excellence in Business Development award in 2018. I joined ProSpend in 2022, bringing with me over 15 years of experience in the ERP sector, an education in marketing, a certified AWS practitioner, a history of building businesses and high performing teams, to ultimately help bring intelligent automation and complete spend management to ANZ's mid-market.
