The Pocketcurrency Corporate Program: Employee Expenses

Our new PocketCurrency prepaid Mastercard is not just for those jetting off on their holidays. We also tailor corporate programmes to help businesses streamline and reduce the costs of foreign expenditure. This month we take a closer look at how the corporate programme can be used for cutting costs on employee expenses via the pre-paid card programme. How does the corporate programme work? The PocketCurrency corporate program allows each employee to be issued with an individual pre-paid Mastercard. All cards are managed internally by a central portal issued to the company. This allows the FD or whoever is responsible for overseeing expenses to view expenditure in real time, run reports and top up cards instantly. The program creates a better relationship with employees who no longer have to spend personal finances and await expense refunds and enables the business to control budgets.

What are the cost savings involved?

Cost savings are generated in two areas. Firstly, for businesses with employees who travel internationally, PocketCurrency offers vastly preferential rates of exchange and card fees compared to an individual either withdrawing cash from an ATM or using a debit or credit card overseas. Many banks charge extortionate fees for example between 3 and 5 % on the total of the transaction fee every time someone CHIPS and PINS with a debit card overseas - that is on top of the already poor ‘variable’ exchange rate. With the PocketCurrency Euro or US Dollar card for example, there are no CHIP and PIN fees and the rate of exchange is known at the time that the card is loaded with funds. Secondly, the central portal removes the need for receipt collection as all transactions are listed. This will generate savings on the time of both the employee and the accounts department as well as encouraging better budgeting. All transfers can be viewed instantly via the central portal making reporting on employee expenditure very simple. The system also encourages budgeting in advance for employee expenditure which can be used to encourage cost savings for the business rather than re-paying employees for amounts spent over budget. What are the other benefits? PocketCurrency is a much safer way for employees to take currency abroad. It removes the need for employees to carry large amounts of personal foreign cash with them being vulnerable to theft. It also avoids the employee exposing their own debit or credit card or a company card linked to an account being swiped abroad with increasing amounts of card fraud. Should a PocketCurrency card be lost or stolen, it can be instantly blocked by SMS text and the balance transferred. What type of businesses use the PocketCurrency Corporate Programme? Any business with employee expenses to handle can use this programme but some of our existing clients are: Legal firms Accountancy Firms Businesses with an internationally travelling sales team Media and Film Companies Foreign student placement firms International construction companies Universities Publishers How do I find out more? Speak to the PocketCurrency corporate team on 0207 740 0000 to discuss how the corporate programme can meet your requirements or to request a demonstration of the technology involved. The type of card that we recommend depends on where your employees typically travel and spend money or whether expenses payments are typically made in the UK. We set up corporate programmes for businesses with anything from one employee requiring foreign expenses to thousands, so feel free to get in touch with your queries.