Payhawk helps you reduce the risk involved with giving out corporate cards in a number of clear ways:
1. Establish clear guidelines and use spend management software like Payhawk to implement the policies through in-built card control features like daily limits, ATM withdrawal freezes, and per diems
2. Monitor transactions: Your cards are connected directly to your software so you can see who is spending what and where in real time - giving you the insight you need to adjust and update policies or even reach out to employees or teams directly
3. Set spending limits: Set spend limits for each card or in bulk to reduce the risk of overspending
4. Use workflows: Create approval workflows within the tool to approve spending. You can even give out cards with zero funds and ask cardholders to request funds each time they spend. Then, depending on the amount requested, the approval can be automated or go through a series of desired approvers
5. Implement fraud detection and prevention measures: Use fraud detection and prevention tools and leverage card controls like card freezes and blocks
6. Be user friendly: Give your cardholders cards and tools they love. Payhawk cardholders find it easy to stay compliant as they love using the cards and expense management tool (meaning there are instances of out-of-policy spend)
7. Implement reconciliation processes: Payhawk automatically pulls data from your receipts, helps you categorise it, and seamlessly syncs with your accounting software which makes reconciliation easy and effective