Simplify CFO Responsibilities with Virtual Cards

Running a business, no matter its size, can be a demanding and challenging endeavor. It often feels like an endless series of obstacles, even with a skilled team in place. Chief Financial Officers (CFOs) and their financial teams in SMEs bear a significant portion of these challenges, serving as the cornerstone of a company's financial health. Leveraging technology to streamline CFO responsibilities can greatly enhance a company's chances of success. In this article, we delve into how virtual cards can transform the role of CFOs and improve financial management for SMEs.

Virtual cards are best described as a financial instrument that a business can safely use to make purchases online. They are entirely virtual but work just as a physical card would, each with a unique 16-digit number that is associated with the individual card. Virtual cards can improve cash flow, reduce fraud risks and provide transaction visibility by combining the benefits of physical cards, the functionality of checks, and the efficiency of bank transfers such as SEPA, ACH, and SWIFT. These benefits all add up to significantly reducing the workload of CFOs when it comes to monthly book closings and being able to easily track transactions throughout the company. Let’s delve into some key features to not miss out on.

Physical cards are typically handed out to different departments or employees within a company to make purchases they deem appropriate. Unfortunately it’s not uncommon for employees to lose a company card. A misplaced card is not only a hassle to find but it poses a financial risk. Any unauthorized individual who comes in contact with the card has the power to commit fraud and use the company funds. Stolen money will be hard to retrieve and the business may need to account losses. Once the company becomes aware of the missing card, which may take some time, they must then take immediate action to freeze it and remove it from the cards on file within the business. A new card must then be issued and replaced within active subscriptions and merchant accounts that may have it saved on their end.

Virtual cards remove this pain. Making and cancelling virtual cards is fast and easy as they are controlled through a website or app. Your SMEs employees will never lose their virtual card as it is not a physical object that can be left behind or hidden in unseen places. If an employee forgets the necessary information to access their multi-use virtual card, it can easily be deleted and a new one can be created. Your SME can create an unlimited amount of virtual cards for all of your employees to use, even your most forgetful ones, without any additional fees. This not only saves time but adds an extra layer of security for the business as a whole.

Online payment methods like PayPal, Apple Pay, and Google Pay, although available, may not be as universally accepted by vendors, especially for services like subscriptions. Consequently, your SME might encounter limited choices when selecting a payment method for vendors and other service providers. In contrast, the four primary card networks, Visa, Mastercard, American Express, and Discover, enjoy widespread recognition globally. Physical cards issued by reputable banks are universally accepted, ensuring a reliable payment option that won't be declined.

Our virtual cards function just like any traditional card and can be used anywhere Mastercard is accepted. This allows your SME to continue conducting normal transactions with businesses that accept MasterCard without any disruptions. In fact, the transactions made with virtual cards appear to merchants the same as those made with traditional cards so there isn't a need to further explain how your employees will be paying for necessary materials.

In a technology-driven world, having instant access to bank accounts and other necessary information is not only preferred but expected. While most banks already provide some online services through phone apps or websites, they are often limited and may still require you to make a trip to your local bank. This is not only inconvenient but it takes you away from more important matters that need to be handled within your SME.

Since virtual cards are already an online service, all of their capabilities can be accessed through any device with internet access. This means you can view account activity on a stationary computer or on a mobile device if you find yourself on the go and in need of important information. By logging into your online account, you'll be able to manage expenses, control spending, and track online subscriptions.

It’s hard to come by something that is actually free nowadays. Hidden fees and additional charges that may be tucked away within a lengthy contract often pop up unexpectedly and at the worst times. By the time you become aware of these additional costs, it is already too late to back out of the contract and you may be stuck paying undesirable fees every time you make a transaction. Though you may already be used to these nasty surprises, you and your SME can rest assured knowing that virtual cards do not come with any additional fees.

With Fyorin, there are no costs when applying for virtual cards. There are no hidden fees or additional charges that will creep up on you at any time while using this service for your SME. As an added benefit, Fyorin’s debit virtual cards can increase the bottom line of your business since for every card spend transaction Fyorin will provide you with a cashback.

Moreover, should you wish to link your virtual cards directly to a multi-currency account or sub-account, your SME can pay and receive foreign currency by continuing to pay the small and transparent fee for the best exchange rate on the market without additional fees for using a virtual card.

If virtual cards seem like the right fit for your SME, partnering with Fyorin will provide your business with the best features virtual cards have to offer.

Fyorin provides digital businesses with virtual cards that are capable of tracking expenses and subscriptions, simplifying reconsolidation, and controlling company spending. By opening up a multi-currency account, your business will have access to unlimited virtual cards that can easily be linked to it, giving your company the freedom to use virtual cards anywhere MasterCard payments are accepted.

If you want to find out more about how Fyorin can help your business, please do reach out to us at [email protected].