SAN FRANCISCO--()--Visa Inc. (NYSE:V) today launched Visa Payment Controls, an online platform designed to enable small business owners to effectively manage how, when and where transactions and payments are made on employees’ business cards. The new service brings enhanced efficiencies and transparency to traditionally paper-based payment systems, thus improving record keeping and reporting while providing valuable insight into where company dollars are spent.
“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”
With easy, online management controls, Visa Payment Controls gives small business owners the flexibility to manage how employees can use their cards based on location (i.e., international and domestic travel blocking), spending limits (i.e., purchase limits, cash-access restrictions and ATM withdrawal limits), and categories (i.e., channel, transaction type and merchant category restrictions). For example, the owner of a construction company could restrict drivers to only use their cards to purchase fuel and foremen to only purchase construction materials. Business owners and employees will also have the option to set-up notifications for when transactions are blocked.
“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,” said Janet Zablock, head of global small business at Visa Inc. “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.”
Visa’s suite of small business products and services are designed to increase efficiency and support small businesses as they grow. Small businesses can choose Visa cards for spending control and visibility, tools to improve cash flow, purchasing convenience and access to money saving offers and rewards.
Visa Payment Controls will be offered to account holders by participating financial institutions. For more information on Visa’s full suite of small business products, visit www.visa.com/smallbusiness.
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks—VisaNet—that is capable of handling more than 20,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit www.corporate.visa.com.