Ghost cards? Don’t worry, they’re not as scary as they sound!
For both small and large businesses, it’s important to prevent overspending and manage finances effectively. Large businesses in particular can have a hard time doing this since different departments do a lot of spending and have a lot of needs to meet.
Fortunately, ghost cards can help you manage business spending more effectively and clearly monitor expenses from department to department. In this guide, we’ll dig deeper into the main benefits of using a ghost card in your business.
What Is a Ghost Card?
A ghost card works similarly to a credit or debit card and allows you to allocate various credit card numbers to departments in an organization or business.
The numbers that are assigned to a department can be used by them to make purchases for your company. Any purchases that are made with the virtual card can be tracked easily and will be associated with the specific department.
The actual numbers on ghost cards are not usable by anyone who is unauthorized but will only allow departments to make purchases for your organization.
There are several providers of ghost cards, but many businesses find that the best ramp alternative bento is the best option to consider.
Benefits of Ghost Cards
There are many benefits of using ghost cards in a business. Here are some of the main advantages that you should know about.
1. Monitor and Limit Spending
One of the top advantages of using ghost cards in your business is that it can help you to control and monitor spending.
Ghost cards will eliminate the necessity to give individual credit cards to the people that are in charge of spending. It can also help cut down on the effort and resources that are required to process and reimburse payments.
Ghost cards also offer the ability to set limits that can prevent abuse. Limitations can be set on spending amounts, time periods, spending locations, and more.
2. Real-Time Tracking
Ghost cards also allow for real-time tracking. There will be no need to wait in order to see account activity and it’s possible to have a lot of clarity into what’s happening at any given moment.
This type of instant access to spending information can be very helpful for an organization and can help you to better control costs and manage department activities. It can help you avoid big surprises and eliminate overspending in various departments.
3. Great Scalability
While smaller businesses may benefit more from using P-cards, ghost cards are the ideal solution for businesses that are larger or that are growing fast.
Ghost cards are a very scalable solution that can allow for excellent tracking across departments. Expenses and transactions can be monitored in real-time and plenty of controls can be set to enable greater protection from risk and abuse. Ghost cards allow you to see spending within each department and can help you better understand spending at the departmental level.
As opposed to P-cards and other purchasing options, you’ll be able to manage all of this easily, even as your business grows larger.
Final Thoughts
If you want to get a strong handle on corporate spending, making use of a ghost card can be a huge help. Offering great scalability, real-time tracking, and improved monitoring, using ghost cards can be well worth it.
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