Visa Inc.’s new Visa Payment Controls allows small-business owners to manage how, when, and where transactions and payments are made on employee business cards. This online service can improve record keeping and reporting, and provide insight into where company dollars are spent.

“Today, many small businesses use cash or checks for everyday work-related expenses, which requires employees to submit individual receipts and detailed reports for reimbursement,” says Janet Zablock, head of global small business at Visa. “This manual process makes tracking and managing expenses for both the employee and the employer a cumbersome and time-consuming task. With Visa Payment Controls, business owners can ease the process by replacing inefficient and costly cash and check systems with secure, reliable, and convenient employee cards and automatically take greater control over employee spending.”

Small-business owners can manage how employees use their cards based on location (international and domestic travel blocking), spending limits (purchase limits, cash-access restrictions, ATM withdrawal limits), and categories (channel, transaction type, merchant category restrictions).

For example, the owner of a construction company could restrict driver card use to fuel purchases and foremen card use to construction materials purchases. Business owners and employees also can be notified when transactions are blocked.

Visa Payment Controls will be offered to account holders by participating financial institutions.

 

 

[This article was posted on July 10, 2012, on the website of ABA Banking Journal, www.ababj.com.]        

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