Our last few entries have given you pointers about controlling costs driven by your business travelers. Even if you are only able to get one of the ideas rolling, we know that it will impact your bottom line. So, give it a try.
Another way to help you manage expenses is to use a controlled corporate prepaid card, like PEX Card. What we mean by ‘controlled’ is that you control where, when, and how much your employees spend. You can limit the amount available on the card, the amount they can spend per day, or restrict the merchant categories where they can make purchases.
Here’s an example of how it works:
You have an employee who is headed off on a 3 day business trip. They let you – or your PEX Card Administrator – know they will need $190 per day for lodging, $20 for personal meals, and $200 for client lunches and dinners. That comes to $410 per day or $1,230 for the three days.
Now, you log onto the administrative website, load the card with $1,230 and set the daily limit to $410. You can now restrict their card usage to travel/transportation and restaurants. Everything happens in real-time.
When they return from the business trip you can remove the excess funds from their card, and have a detailed account of all their transactions in one place.