Permission Required: Permission Required: All Users can access this feature except External Accountant
Regional Availability: Australia, India, Indonesia, Singapore, United States
Overview
Virtual cards can be issued easily and at any time, in unlimited quantities, and can easily be transferred or terminated if need be. Virtual cards can be used for any digital purchases such as advertising, online purchases, SaaS, etc.
You can also add them to Apple or Google Pay for in-store purchases at merchants that accept these forms of payment as long as the KYC process has been completed successfully. They are safer than physical cards and easier to manage.
Steps for Admins and Card Managers
As an admin or card manager, you can order a virtual card for yourself or your team by following these steps:
From your "Cards" menu, click on "Virtual card section".
Select the + Virtual card button, on the top right hand side.
The new virtual card form open, select the user for whom you're creating the virtual card, or create one for yourself.
Select the cards linkage. It can link to the cardholder's department or any additional project where the cardholder is added.
Fill in the required information and click "Request Card" once finished.
The virtual card details will be available immediately for use.
Steps for Employee
If you need to request a virtual card, please follow these steps:
From your "My Volopay" menu, click on "virtual card" in the navigation bar.
Select the + Virtual card button, on the top right hand side. The new virtual card form opens.
Select the cards linkage. It can link to your department or any additional project where you are added.
Fill out the required information on the following screen and click "Request Card" once finished.
Your virtual card details will be generated and available for use immediately upon approval.
Introducing the "Linked To" Feature for Virtual Cards
We’re thrilled to introduce the "Linked To" feature for virtual cards, a game-changing addition designed to enhance financial transparency and control. With this new functionality, you can now link virtual cards directly to specific departments or projects, making expense management more streamlined and efficient.
Key Features:
Link Virtual Cards to Departments or Projects
Easily associate virtual cards with a specific department or project.
This ensures accurate tracking of expenses against the respective budget, eliminating ambiguity in financial reporting.
Set and Manage Spending Limits
Assign dedicated spending limits to each linked department or project.
Spending limits help maintain budgetary discipline and prevent overspending.
Seamless Budget Management
Departments or projects with pre-defined budgets can seamlessly track expenses within their allocation.
For projects without a set budget, virtual cards offer unrestricted spending to provide greater flexibility.
Benefits:
Enhanced Financial Control: Link expenses directly to their source for better accountability.
Improved Transparency: Gain clear insights into departmental and project-specific budgets and expenditures.
Streamlined Processes: Minimize manual efforts in tracking and reconciling expenses.
Flexible Card Management: Adapt card allocations to suit the evolving needs of your organization.
Steps to Use the "Linked To" Feature
Follow these simple steps to link a virtual card to a specific department, project, or budget:
Access Virtual Cards
Navigate to the Virtual Cards section of your account.
Select the Virtual Card
Choose the virtual card you wish to modify.
Open the "Linked To" Options
Once selected, a slider will appear on the right side. Click "Switch", and another slider will open, displaying all existing departments, projects, and budgets.
Choose the Appropriate Link
Select the department, project, or budget to which the virtual card should be linked.
Save Changes
Click "Save Changes" to confirm your selection.
And that's it! Your virtual card is now successfully linked to the chosen department, project, or budget.
Important Notes:
Cards linked to departments or projects must have an assigned spending limit to process transactions.
Unrestricted spending is only available for projects or departments without a predefined budget.
This feature empowers organizations to take full control of their spending while ensuring financial accuracy and efficiency.