Torpago Can Do All This and Lots More
Torpago modernizes and streamlines expense reporting, saving time, eliminating manual work, and improving compliance with full transparency.
Robust Spending Controls
With Torpago’s flexible spending management platform, you get total control over spending for categories, hours, days, and spending limits. You can block card usage for merchants and categories and enforce spending policies, such as restricting spending to only business hours or for particular purchases.
For example, delivery drivers might get cards that only work at gas stations. Sales reps might be issued cards to spend on approved travel vendors, hotels, or restaurants. Neither would be able to use their card at a big box retailer, making compliance automatic and eliminating out-of-policy spending.
Spending controls also prevent another problem where employees accidentally put a personal purchase on a company card. If they grab the company card by accident, the purchase will be denied if it’s outside policy limits. Even if it is within compliance, the company gets instant transaction notifications with real-time reporting, so you always know how, where, and what spending happens.
Such controls help foster greater accountability. Employees know you will immediately see any purchases they make rather than wait for a month-end statement, making them more likely to follow the rules and be careful about spending on behalf of the company.
Physical and Virtual Cards
Physical or virtual cards can also be issued on demand.
Virtual cards are ideal for a single transaction and can be issued instantly to grant employees immediate purchasing power. These single-use cards are pre-authorized for spending limits with specific vendors, eliminating the need for reconciliation and reimbursement. Virtual cards are also great for recurring online transactions, such as software subscriptions. Determine the amount, and cards will reset automatically each month.
Virtual cards also provide an additional layer of security as they do not require a physical card number and are no longer active once used for their intended purchase.
Physical cards can also be issued in the same way as corporate cards in the past. With Torpago, employees can spend up to the set amount loaded on the account. If balances run out, additional funds may be added. These cards can be used anywhere Visa cards are accepted, online or in brick-and-mortar stores, and are a viable alternative to traditional credit cards to avoid debt or overspending.
Card transactions are automated within the Torpago platform and visible in real time. Expense automation makes the process seamless and eliminates the need to fill out expense reports or chase down employee purchases.
Transactions are recorded instantly. Employees can capture receipts on their smartphones, so there’s no worry about lost receipts. Reconciliation happens automatically, saving everyone time while ensuring compliance with spending controls. Torpago lets you close the books faster.
Real-time integrations allow for automated repetitive manual tasks by integrating with popular enterprise resource planning (ERP) tools like Sage or QuickBooks and more than 1,000 HRIS, accounting, banking, and productivity tools.
Eliminate Fees and Earn Cash Back
With traditional bank cards, there are often significant management fees or service charges. Fees may be tax-deductible, but they are still cash out of pocket and add up over time. With Torpago, there’s a flat fee of just $33.99/month for up to 10 cards plus only $4/month for every additional card.
Your business also gets 1.25% cash back on every purchase, so the more you use your credit card is used, the more cash back you earn. Spend $100,000 a year and get $1,250 back. Spend $2 million and get $25,000 in cash-back rewards.
Depending on your policies, you can either require all spending to use the Torpago solution or a combination. For example, some employees may prefer to use their cards and get points or perks. If you choose to allow them to continue to do so, that’s an option. Customized usage, spending limits, policies, and application to each individual in your organization is also possible.
Benefits for Employees and Employers
For employees, Torpago makes submitting expenses simple and fast, eliminating the need to use personal credit cards or file reimbursement requests. It relieves employees of the burden of paying for legitimate business expenses out of pocket or using their personal credit. According to Conferma, the amount of money employees “lend” their employers every month is $1.6 billion.
If reimbursement is needed, the Torpago platform can also review and approve purchases, and disburse funds directly into an employee’s bank account without waiting for the next payroll run.
For employers, Torpago significantly streamlines the processing of expenses, paying bills, and tracking spending. By eliminating expense reimbursement requests and verifying purchases, accounting teams can focus on higher-level tasks. Real-time dashboards allow for greater cost controls than ever before.
There’s no more waiting for month-end statements and reconciling every purchase.
A Faster, Simpler, More Secure Way to Do Business
Torpago represents a faster, simpler, and more secure solution that fosters accountability and transparency.
The business reimbursement model is dying and Torpago is leading the way with modern tools for business. Torpago’s flexible spending management platform empowers companies with easy-to-use solutions that provide greater visibility into company spending.
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