With the Spenmo card, you are better able to manage the card spend within your company as you can allocate specific budgets to card users to control their spending. The add-on features for the cards also help with this.
1. Allocating specific budgets to users
As an admin/team manager, you can control card spending by allocating a specific budget to an employee/ team member.
An employee can have as many virtual cards as they want, but they can only spend up to what you have allocated to them in their 'Available User Fund".
Thus, this function prevents your employees from overspending. Learn how to send money to employees here.
If you do not want your employees to have a sum of money sitting in their user wallet at their disposal, you can make use of the 'Request Money' function.
This lets you only allocate funds to an employee when there is a valid reason for it. Employees have to first submit a fund request to you, stating the reason they need the money. As an admin/team manager, you can then check the request and approve or decline it.
Only when a fund request is approved will the funds be sent to the employee. This gives you control over what the employees are spending on
1. When an employee needs to make a business expense, they can click on 'Request Money' in their dashboard or app.
2. They can then proceed to choose who to request the money from and fill in the details.
3. As an admin/team manager, you will be able to see this request under the 'Requests' tab.
4. After checking the request, you can approve or decline it. Only when a request is approved will the funds be sent to the employee's wallet.
2. Add-on features for cards
Setting merchant lock on card
To ensure that cards are only used for specific business needs, you can make use of the merchant lock feature. This means that the cards will only work for merchants enabled in the merchant lock and cannot be used elsewhere. Learn how to set merchant lock here.
Setting a default expense category on card
Setting a default expense category on a card helps categorise your card spending better. This is because all transactions charged on the card will be tagged under a specific category.
You can then view the transactions according to the category in the 'Transactions' tab on your dashboard. Learn more about how to set a default expense category here.
Setting spend limit on card
When creating a card, you can set a spend limit for the specific card in the settings. This feature helps prevent merchants from overcharging. Learn how to set a spend limit here.
With these features, you can have more control over your employee's card spending and help manage your company expenses more efficiently.
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