How spend limits can transform your card product for both consumers and businesses
As an issuer, it’s crucial to keep innovating to meet your customers’ ever-changing payment needs. Take business customers, for example—they might be looking for better ways to manage fraud through enhanced expense policies or offer personalized benefits to attract and retain top talent. On the other hand, consumers are often after a seamless payment experience with strong safeguards against scams.
In a world where limitless boundaries are often seen as aspirational, we talk a lot about freedom in various sectors, including payments. But, like most things in life, there are pros and cons. Sometimes, too much freedom can create challenges, like difficulty in properly protecting consumers and businesses. That’s where spend control comes in, offering a range of benefits.
On the business side, only 21% of organizations provide expense fraud awareness and prevention training for employees, and just 28% of accounting professionals fully understand what constitutes a fraudulent expense claim. That’s why implementing spend controls can help protect employees and enforce expense policies, ultimately keeping costs under control. For consumers, spend controls can ensure that, for instance, under-18s can use their payment cards safely and responsibly.
Technology can provide comprehensive spend controls that benefit both individuals and businesses far beyond their current uses. For issuers, these controls create a more competitive offering, allowing customers to spend in line with their brand values. Read on to discover how.
Personalise your employee benefits to empower individuals
Today, more than ever, employees are seeking personalized experiences and benefits that speak to them as individuals.
Imagine an employee whose values and lifestyle revolve around the environment and healthy living, and who owns a rescue greyhound. Instead of offering them a petrol fuel card and a fast-food lunch pass, why not provide EV charging options, lunch passes for a health food restaurant, and a budget for a trusted pet sitting service? Tailored benefits can make a real difference, but of course it’s essential to implement spend controls to ensure that employee benefits cards are used appropriately.
Watch the use case
Learn more about other use cases in our Advanced Spend Control page
Now, imagine a business hiring construction contractors driving vans to different job sites. These workers need to handle road tolls, fuel up, park, and grab lunch. To make things easier and fair for everyone, the company can set up payment cards to cover specific tolls, limit usage to certain countries, or restrict spending to particular fuel station brands with a set spending limit. The company can also allocate a budget for parking near the job sites and provide for lunch allowances at a nearby sandwich bar. What’s more, while offering the same benefits to all contractors for fairness, the company can also adjust the cards to meet individual needs when necessary.
Learn more about other use cases in our Advanced Spend Control page
Keeping consumers safe
When it comes to protecting consumers, there are plenty of ways to use spend controls. For example, an issuer bank might want to offer payment cards to under 18-year-olds but with specific safety measures. Parents can set limits themselves, like restricting spending to bus and train travel, certain local supermarkets, or even blocking transactions in other countries. Check out our kids card page to know more!
Want to explore more ways to use advanced spend controls in your payment products? Check out our pages on expense management, and government benefits. The key thing is to get creative. With Enfuce’s technology at your fingertips, it’s time to start imagining what could benefit your customers and employees, help fight fraud, and improve their spending experience. The opportunities are broad. The limits are your imagination.
Interested in learning more? Visit our Advanced Spend Control page.
