It can be challenging to keep up with the latest trends in a benefits world that constantly changes and evolves. But one trend that stays here is the use of virtual cards for team member benefits.
Virtual cards or cloud-based cards are becoming increasingly popular to distribute team member benefits and for a good reason. It’s an online account that allows you to purchase or store funds electronically and securely. This card is similar to physical debit or credit cards, but they don’t have a physical form. You need to download the card provider’s app, sign up for an account, give the necessary information, and you’re ready to go.
So, how can you use a virtual card for employee benefits? Here are some ways:
1. Reimbursement Tool
Reimbursement is a typical team member benefit, and a virtual card can make the process easier and more efficient. With this digital card, you can quickly and easily reimburse employees for travel, business meals, and office supplies. Just load funds onto their virtual card account, and they’re good to go.
Furthermore, you can use virtual cards to track and set limits to ensure that your team members are only spending within the guidelines of the reimbursement policy. Since exceeding those limits can be costly and lead to unnecessary headaches, this added control layer is a valuable feature.
This innovative approach helps to minimize wasted time and money, making reimbursement a breeze. In other words, it serves as your assistant benefits manager—and who wouldn’t want that? It can reduce administrative tasks so you can focus on more important things. Thus, it’ll save you time and money in the long run.
2. Employee Loyalty And Rewards
You may offer loyalty and rewards programs as you want to keep your best employees. But if you’re still using paper gift cards or physical vouchers, it’s time to upgrade. And this is where virtual cards come in. It’s one of the ideal ways to give rewards and incentives quickly and effectively.
With ease, you can load, manage, and distribute funds onto your staff’s virtual cards. And since these cards are digital, employees can quickly redeem them online or in-store. Simply put, they have the flexibility to use their rewards in the way that works best for them. And since virtual cards come with a host of features, you can personalize the staff reward program to fit your company’s unique needs.
For instance, you might want to give employees a bonus for hitting certain sales targets or reaching a specific milestone. Or perhaps you want to offer a discount on your company’s products or services. No matter what you have in mind, virtual cards can help you make it happen. The possibilities are endless. After all, happy employees lead to a productive and successful business.
Additionally, you can track redemption data to see how well your loyalty and rewards program performs. This valuable information can help you make necessary adjustments to ensure that your program is truly functional and worthwhile.
3. Payroll Management
Generally, payroll is processed through direct deposit or paper checks. And if you’re still using this method, you’re probably missing out on a significant opportunity to streamline your payroll process. So why not embrace this digital age and switch to virtual cards?
Giving salaries and wages through a virtual card account is a growing trend for a good reason. It’s a secure system to pay your team members while eliminating the need to print and distribute paychecks. On top of that, this digital solution offers staff several benefits such as fraud protection and purchase security. In other words, they’re a safe and handy approach to receive their hard-earned wages on time.
With that said, digital cards are helpful for your teams who may need access to their compensation outside of regular banking hours. There’s nothing better than being able to use your hard-earned money right away instead of waiting for the next business day. So, if you’re looking for a more efficient and safeguarded way to process payroll, virtual cards are your go-to solution.
There’s no question that virtual cards are a powerful tool for businesses. Whether you’re looking for a way to streamline team member reimbursement and payroll or offer loyalty and rewards, this innovative solution can tangibly benefit your bottom line.
This approach won’t improve your team’s work ethic, but it’ll make their day a little brighter—and that’s what it’s all about. So why not give it a try? You might be surprised at how much of a difference it can make.