Implementing virtual card accounts in your corporate travel process can offer better travel data collection, prevent fraud, and improve your existing expense management processes. In the world of corporate travel and expense reports, it’s the next big thing.
Today, many businesses have employees book travel through a central account. Using a central or ‘ghost’ account can be problematic, since detailed data on individual transactions might be difficult to capture and report. Using individual virtual account numbers for each travel transaction – flight, hotel, and car rental – allows a company to gain more insight and report at a more granular individual transaction level.
Individual virtual account numbers can include controls based on frequency of use or dollar amounts. Merchants or merchant categories can also be limited. Compared to a traditional corporate card, a virtual account offers more protection against fraud and theft.
Implementing and aligning with existing expense processes and software should be carefully planned and tested to avoid unforeseen technology or process issues. Consider initially piloting virtual card accounts with a small department or group of regular travelers to work out kinks and gain quick insights from employees that will be regularly using this new technology. Once you have worked through glitches and smoothed out the overall process, you can roll out virtual card accounts more broadly.
Does your company use virtual card accounts? Let us know the benefits you have seen through having your employees use virtual card accounts as opposed to central accounts.
- The Cost-Control Benefits of Analytics in Expense Management
- 7 Reasons Why the Finance Team Should Push for Expense Management Software
- Business Travel in the iPhone Age: Lessons Learned and Future Strategies
- Chrome River and Lyft Launch Integration for Even Easier Business Rides
- Creating and Enforcing Expense Policies: The Happy Medium for Cost Control and Employee Satisfaction
We love you guys! Everything is going great.
Wow! This Chrome River is great. Word has spread [in our firm] and people that were not invited to be in the pilot group rollout have asked to be included!