Expend, the digital platform for business expense management, has reported a remarkable uptake of its innovative product, Card Connect™. This platform is the first in the UK to offer instant processing of business expense data from Mastercard and Visa transaction feeds directly into its expense management capabilities.
With Card Connect, Expend clients can enjoy real-time expense settlement, enhancing financial management and efficiency.
CEO Johnny Vowles explains, “Card Connect has two key features. First, it allows companies to connect all their business cards to a single platform that supports multiple card types. This enables users to view and submit all their expense claims in one app, whether they used a corporate Barclaycard or a business HSBC card.”
“The second feature is the instant visibility of card payments in the app as they occur. There’s no delay between making a payment and seeing it reflected in the Expend app.”
Vowles elaborates, “Employees can charge business expenses to their Visa or Mastercard business cards. By linking their preferred cards to Expend, transaction information is processed quickly and seamlessly. Users can add receipts, categorize expenses, and submit them for approval via the app, often while still making the purchase. For example, an expense for team coffees can be completed and submitted before the coffee is even ready.”
He adds, “Managers and finance teams can view submitted expenses from multiple cards in one place, streamlining the approval and accounting reconciliation processes. This eliminates the hassle of managing multiple logins and banking apps for expense data collection.”
Vowles continues, “Traditional expense management is often frustrating for firms and their employees. Paper receipts, cumbersome claims processes, and lengthy sign-off routines can create significant delays for finance teams. With Expend’s Card Connect, we are revolutionizing the expense management landscape.”
Clients appreciate the flexibility in card choice. Many have preferred business cards that accrue travel points or loyalty benefits, making the transition to Expend smoother. As a card-agnostic platform, Expend allows managers with significant travel and entertainment needs to continue using their existing credit facilities effortlessly.
Typically, managing payments on business credit card balances is a centralized task for finance teams, consuming valuable time in processing each purchase and verifying transactions against bank statements. Expend’s Card Connect alleviates this burden and reduces the risk of errors from manual data entry.
Vowles explains, “Whenever a linked Mastercard or Visa Business Credit or Debit card is used, a notification is sent to the recipient, prompting them to record the receipt on their smartphone and submit it for processing via the Expend app.”
He concludes, “Expend Card Connect aligns with our mission to enhance real-time visibility and automate the processing of personal expenses, addressing a critical need for our customers.”