One of our major products is Business Control - a business expense management platform. Our customers ask us from time to time if it is possible to use Business Control for the existing portfolio of customers and cards or if it is aimed at new customers. Let me clarify this issue in this article.
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What is the Verestro Business Control Solution?
Business Control is a platform or set of functionalities aimed at business customers to give them more control over spending, corporate expenses, expense and invoice management and more. Verestro offers it as a technology platform to banks and fintechs, or we can deliver it directly to businesses in connection with our partner payment institutions in different parts of the world.
Key Functionalities for Enhanced Control & Effective Expense Management
Effortless Virtual Card Issuing
Super easy issuance of virtual cards for various company expenses - imagine your manager can issue you a virtual card when you go to a conference in another country. The card will be valid for 2 weeks, have different limits, etc.
Streamlined Invoice Management
Invoice management - instead of collecting pictures or taking photos, just scan an invoice and it goes directly to the finance or accounting department for approval and further processing.
Employee Incentive Programs
Employee Benefits - You can use cards with multiple images to give Christmas gifts, Valentine cards or thank you gifts to your employees.
Centralized Funds Management
All money is held in one or a few payment accounts, so you do not need to prepay each card. You keep the money and provide limits to your users. This is a very important advantage over prepaid cards.
Existing Customer Integration: Unlocking New Possibilities
Let's say you already have a portfolio of business customers because you are a bank or fintech partner and you would like to offer such a platform to your customers. The short answer is - of course it is possible to offer Business Control to your existing customers.
After some integration and implementation projects, you will enable your existing customers to issue new virtual cards to their employees, manage invoices and expenses, etc.
However, keep in mind that if you want to enable this for cards that have already been issued, you are actually using only part of the functionality.
The card already exists, it is in the hands of the user, so in fact it means that you will not be able to issue a new card for this person, but you can:
manage card limits
manage invoices
have a new interface for the company/employee
and additional possibility to issue new virtual cards for this company or business client.
The Future of Business Spending: Start Today
Business Control is more than just a platform – it's a strategic investment in optimizing your financial management. Contact us today to discuss a customized implementation plan and unlock a world of control over your business spending.
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