What software are you using in your company? For many, the answer to this question is likely to be “We’re using several pieces of software.” But how do you keep track of fee payments for all this software?
This question is becoming incredibly important as more and more software is moving toward payment models with periodic fees. At the same time, the software market is fragmenting, which means there is a proliferation of vendors being used.
Fortunately, we have the solution.
We have developed AirPlus Virtual Cards Procurement as a centralized online payment system that is ideal for paying both “one-shot” and periodic subscription fees associated with software and cloud services – a market that is set to grow further over time.
Below we’ve highlighted a few cases where Virtual Cards Procurement can help companies make their lives easier.
1. Market surveys
In an increasingly competitive marketplace, information can make all the difference. To this end, many companies use SurveyMonkey, an online tool that allows different departments to conduct surveys and polls. Since this tool is not used company-wide but rather through individual accounts or departmental accounts, a personal subscription must be paid for by card.
2. Cloud storage
Everything seems to be moving to the cloud, including storage. This makes sense, as it makes it much easier to share files and save them between different devices and have them available at all times. That's why in some companies, some employees or departments may find themselves in a situation where they have to purchase cloud-based storage and saving systems or simply more space. Let's use Google Cloud Storage as an example. At the level of individuals and based on the space needed, this service requires monthly payments. Since it is based on volume of space, there is also the option of making individual payments by card as needed throughout the year.
3. Translation services
Who in this global scenario does not use multilingual translation tools? The services available for free are not suitable for the professional sphere, and therefore more and more companies are subscribing to online multilingual translation services and platforms such as DeepL Pro.
Some of the available programs to choose from charge the company monthly or annually. Unless an enterprise solution is available, different teams or individuals will need to have a card available to purchase them online.
The department or individual requires approval for purchase from their manager before ordering the tool or more cloud space online. The department manager or individual will have to pay personally and then submit a claim.
In addition, these types of payments mainly require payments through periodic monthly fees that will have to be settled each month with a credit card.
Even if the organization does not purchase the service centrally, it must then in any case process the payments centrally.
This puts a strain on the purchasing and finance departments because the vendor is not in the corporate database, and neither an approval process nor vendor onboarding occurs. In addition, the purchase will be visible only after it has been entered for reimbursement.
With Virtual Cards Procurement, occasionally used suppliers are no longer a problem. This is thanks to the data quality offered by the cards. For each purchase, various fields can be added to supplement the data on the statement.
This data not only helps with reconciliation and cost allocation, but also offers full transparency and a real-time overview of every payment that is made. This makes it much easier to identify the supplier, from which department the purchase was made, and for which cost center.
The organization can also allow the team or individual to create an AirPlus Virtual Card and define the amount needed for the purpose. After approval, it will be possible to pay with a Virtual Card as a centralized payment method, which means that it will no longer be necessary to pre-pay.
Do any of these scenarios sound familiar?
With our Virtual Cards Procurement solution, you can easily cope with the growing demand for the subscription and purchase of cloud licenses and services. What we have discussed in this article are just a few examples we see in real business scenarios that help reduce the time and costs associated with these types of purchases.
Are you ready to adopt a digital payment solution that supports you in coping with the subscription economy? Then talk to us about AirPlus Virtual Cards Procurement and how it can be adapted to your business case.