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Friday, 4 July 2014

A company credit card you can't lose

You know that heart-sinking when you realise you can't find your credit card?

Even worse when it's your company credit card and you are miles away from home and about to pay your hotel bill. You know life is about to get a whole lot more complicated.

Telephone calls to cancel the card and let your company know are difficult to manage, especially if you're in a different time zone. To say nothing of how this loss affects your employer.

As well as dealing with all the practical aspects of your missing credit card, you also have to cope with the extra stress that this creates for the remainder of your business trip. Hardly an ideal set of circumstances if you're about to go into a key meeting with a customer, where you need to be completely focused and at the top of your game.

So wouldn't it be wonderful if your company could give you a credit card that simply couldn't be lost or stolen?

Magical as this sounds, here at Conferma, a FinTech company, we have created such a card, aimed at the corporate travel market.

In partnership with the major banks and credit card schemes we have created Virtual Card Number (VCN) technology, details of which can be stored securely on apps available on your desktop, smart phone or tablet.

Not only does this free up valauable space in your wallet, you will never again experience that sense of dread when you discover your credit card has vanished.

However, the advantages of using VCNs whilst you are working away from home extend far beyond their 'unloseability'. For each individual expense, a unique single-use card number is generated, which can only be used by you to settle a single, pre-authorised expense, eliminating the risk of third party fraud on your card in an instant.

For example, if your company have booked you into a hotel in New York for three nights whilst you attend a conference, a VCN will be generated which is only valid for use by yourself, on those exact dates and at the specified hotel. Should your plans change, the VCN can be updated to reflect these changes via an authorisation process within your company.

So VCNs are easy to use, secure and flexible.

But there is more. The final benefit of using a VCN is that it removes the need to complete a manual expenses sheet. Because each VCN acts as both a unique booking reference and a unique means of identifying a payment, all purchases made using a VCN are posted automatically to your company's purchase ledger and are automatically matched to the booking or purchase data. The quality and amount of data captured on the VCN vastly improves your overview of corporate expenditure, whilst enhancing process efficiencies by streamlining accounts payable processes.

At Conferma, we believe that Virtual Card Numbers are set to revolutionise the life of you, the corporate traveller, leaving you free to get on with doing your job.

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