What is the Card fund approvals feature all about?
This approval feature would ensure that any funds added on Volopay cards goes through different levels of approval before finally getting actually added.
Why is this important?
Approval systems in organizations are important to exercise as it provides transparency and helps control unnecessary spending.
How do we activate this feature on Volopay?
To enable this feature please contact your account manager.
How does this work?
Once the feature is available, the right approval policy needs to be created. Please check how a policy could be created here.
After this feature is enabled, all ways to add funds to any physical/virtual card will be disabled, even for Admins. Also while creating a Virtual card, the initial balance will be 0.
Funds could be requested by the Card holder to the Approvers and once approved, the balance will get added.
Also funds can be sent to the Card holder by an Admin or Budget Owner which will be again routed through the Approval matrix.
Let's see how this works.
Once the policy is created, the Admin can select and apply the policy for the company to ensure all requests follow this approval matrix. To do so, go to Manage→ Settings → Cards→ Approval Policy
The policy selected here will be applicable to all new budgets incase of budget accounts and to all Fund Requests for no budgets by default.
The company can also apply specific Approval policy w.r.t to the budgets. It would mean that any fund requests for Cards belonging to the particular budget will go through this particular policy. To do so, please go to Budgets→ Settings/Edit-->Card
2. When the card holder requests for balance in Virtual/physical cards, the request first goes to the first level of approvers. If anyone of them approves, the request moves to the second level (if any). When approved by any one of them, the request gets granted and the amount gets added to the card.
Appropriate budget needs to be selected and the card to be funded. The request page will also display the Approver list.
An alert will be sent both on the account and email to approve the request.
3. Funds could be sent by the Admin/Budget Owner to a user’s card and the request would be received by the Approvers in the policy.