Visa Payment Controls Platform Helps Small-Business Expense Management
Visa's Web-based Payment Controls platform lets small-business owners track employee spending on company cards.The proliferation of wireless payment options and Web-based banking applications is changing the ways small and midsize businesses handle their company finances, and Visas Payment Controls online platform, designed to enable small-business owners to manage how, when and where transactions and payments are made on employees' business cards, is aimed at reducing unnecessary paper and boosting efficiency and financial transparency. The online management controls for the platform allow small-business owners to track the use of employee business credit cards based on location through international and domestic travel blocking, as well as setting spending limits, cash-access restrictions and ATM withdrawal limits. Payment Controls also allows card use management by categories such as transaction type or by deploying merchant category restrictions.
"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," Janet Zablock, head of global small business at Visa said in prepared remarks. "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."