December 11, 2023
Why Your Company Needs PayEm’s Intake-To-Card Solution
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What if there was a better way to manage your requests and approvals?
We’ll look at key ways to optimize payment requests, approval flows, control, and visibility – all while increasing employee satisfaction, eliminating bottlenecks, and driving value.
How It Currently Works In Most Organizations
The way payment requests and approvals work today is broken. Does any of this sound familiar?
- Employees dropping into the finance team’s office to request credit cards or making the request in the hallway
- Employees requesting virtual or physical cards via email, Slack, or even mobile messenger platforms
- Not knowing which employees have what cards
- Not knowing exactly what has been approved and what’s owed
- A frustratingly disjointed process
And from the employee’s perspective, the situation is just as bad:
- Employees needing to physically speak to someone to request payment approval when they just want to do their job
- Employees getting frustrated that they have to use their personal card and are waiting for reimbursement
- Having to wait way too long for approvals
- Not feeling empowered or trusted when it comes to spending
- The hassle of trying to keep receipts
Not only does this create inefficiencies that have a real cost for organizations, it also raises significant risks.
The Real Risks of Inefficient Approval Processes
A process that is not functioning effectively creates several risks. These include:
- Lack of visibility: Without a clear view of pending, approved, and rejected payments, finance and procurement teams cannot effectively oversee financial activities. This can lead to budget overruns and unauthorized expenditures.
- No audit trail: The absence of a proper audit trail makes it difficult to track the history of transactions. This hinders accountability and can complicate compliance with financial regulations.
- Unclear approvals: When the approval process is not well-defined, it can result in delays and confusion over who is responsible for approving payments, potentially leading to missed payments or unauthorized transactions.
- Increased risk of fraud: An inefficient process can be easily manipulated or bypassed, increasing the risk of internal and external fraud.
- Ineffective financial management: Inefficiencies in the payment process can lead to inaccurate financial reporting, affecting the company's ability to make informed financial decisions.
- Decreased productivity: Employees spend unnecessary time navigating the convoluted process, reducing overall productivity and efficiency.
- Compliance issues: Non-compliance with financial regulations and standards can result in legal penalties and fines.
- Increased operational costs: An inefficient process often requires more resources and time, leading to increased operational costs.
- Impact on employee engagement: such a process (or lack thereof) is likely going to lead to disengaged employees and higher turnover, lower satisfaction levels, and other negative outcomes.
The good news is that there is a way to prevent these risks while implementing a comprehensive end-to-end process using one platform.
Introducing Intake-to-Card from PayEm
PayEm’s Intake-to-Card solution enables you to simplify and streamline your financial management, and finally fix the procure-to-pay (P2P) process. From initial employee request through approval, payment, and reconciliation, the process is now a delight for finance teams and employees.
Companies can create customized intake (request) forms that can be built with dynamic logic that intuitively capture employee needs, and send it off to approval based on the approval workflow you can pre-build with PayEm – all without any coding whatsoever.
Then you can spin up a corporate card attached to the request (virtual or physical) and have complete control and visibility throughout.
Everyone benefits.
Employees get:
- Fully customized fund requests that are super easy and intuitive to complete
- Increased autonomy
- Quicker approvals
- Seamless payments including the ability to add virtual cards to their digital wallets
- Hassle-free receipt management: instead of the headache of keeping receipts, employees can take pictures or upload receipts directly
Finance and procurement teams receive:
- The ability to issue virtual or physical corporate cards in seconds
- Increased control through budget limits, usage dates, and card types
- Enhanced security with virtual cards that offer unique card numbers for each transaction or vendor
- Visibility into real-time budget management
- Complete control, including setting granular rules and limits
- More savings through optimized cashback rewards
From Intuitive Requests To Effortless Approvals and Beyond
We’ve seen that the P2P process is broken in many organizations today. This results in a real financial and productivity cost and creates significant risks.
This can all be solved with PayEm’s Intake-to-Cards solution. Finally, you can empower your employees to initiate and process payments independently using an easy-to-use, tailored request system – a system where you maintain ultimate control.
Employees and finance teams benefit from a straightforward experience when requesting funds, strong compliance and internal controls, adaptable request templates, and smooth integration with card payments. Add the flexibility of virtual or physical cards, automated workflows and a whole lot more, and you can see why so many companies are in love with the PayEm solution.
Check it out for yourself. Get in touch with us to achieve comprehensive control, from the initial request to the final reconciliation. Get ready for employee engagement like you’ve never seen it before, while automation ensures you now have more time to focus on high-impact projects.
