Today, we are thrilled to announce the launch of the new ScaleFactor Visa Card, a corporate card that works like a charge card. This has been a labor of love for several months, and we’ve been waiting patiently to share it with our customers and the small businesses we serve.
I founded ScaleFactor with one goal in mind: to make managing business finances easier on business owners. Most small businesses I know don’t have a team of accountants or a CFO they can call on for advice. They’re staying up late, figuring it all out on their own. They’re learning about the intricacies of sales tax when they should be focusing on running their business—or seeing their families.
Something else they’re doing? Managing expenses through a patchwork of cards and expense management tools, wasting energy on mundane tasks and sacrificing control of their spending. If our goal is to make dealing with business finances easier, we realized that also means streamlining the way small businesses handle their outgoing cash.
Enter the ScaleFactor Visa Card.
The ScaleFactor Visa Card was designed with the small business owner in mind through a partnership with WebBank, our issuing bank partner. It’s actually more than just a simple card, it’s a card system that is fully-customizable, allowing you to tailor your expense management workflow to your business needs. This ultimately lets business owners move faster, get rid of expense management headaches, and gives them more control over where and how their money is spent.
Not Just a Card—A Card System
So what makes it a card system, you ask? First, it’s totally integrated into ScaleFactor. The card system links directly to your books and records in ScaleFactor, eliminating the need to download and sync spending reports across systems.
Second, business owners are not limited to one card or even one card type. With the card system, they can create as many cards as they need through a combination of physical, temporary, and virtual cards. Here are just a few examples of how that delivers more control over spending:
- Physical Cards: When your personal card floats around the office, accountability is sacrificed. Receipts get lost. Miscommunication ensues. You can issue cards to individual employees with unique spending limits and change those limits easily to keep your team’s spending in check.
- Virtual Cards: They’re simply digital versions of cards. Most people use them for recurring spending, online shopping, or to set up online subscriptions, but the number is valid—just like a physical card would be.
- Temporary Cards: If an employee or contractor who doesn’t typically make purchases needs a card for a specific event, you can issue them a temporary card with its own limit on the spot.
A combination of cards based on your specific business needs gives you unmatched flexibility and control overspending.
Finally, the card system simplifies expense reporting and management. Because everything is integrated, employees can easily upload receipts and business owners can see spending as it happens, all via the mobile app.
Virtual Cards Make Expenses Easier
One of my favorite features of the new system is the ability to create virtual cards on the fly. It’s been fun to watch the different uses that customers have come up with during our beta rollout. Here are just a few examples of how virtual cards can be used.
Customers running digital ads through Google AdWords can set up a virtual card unique to Google to keep better tabs on their ad spend and make sure that it doesn’t snowball. Companies with multiple team members making purchases from Amazon can set up Amazon-specific spending limits, compelling their teams to work together to stay under their limits each month. Other companies have recurring software subscription payments, and they want to simply “set it and forget it” without reviewing and approving the expense each month.
Virtual cards introduce a new level of flexibility for business owners and allow them to closely monitor spending with specific vendors throughout the month. And if they need to change the limit or shut down spending to a specific vendor, they can do so without turning any individual’s card.
What’s In It For You?
As you can tell, this card is not like all the others you’ve heard of. It’s a complete spending system built around small business needs. And there are a few other aspects to this card that business owners will appreciate.
The biggest is that this card is not linked to your personal credit score. It’s scary to hand a credit card to your employees, knowing that your credit score is tied to it. We’re of the opinion that you’ve risked enough to start your business. We’re not asking you to put even more on the line here. In fact, we want to reward you with 1% cash back on all spending across the board.
We’re proud of this card because we really believe that it will help business owners. Now, and in the future, we’re on the side of small business in everything that we do. And there’s more to come.
If you’re interested in learning more about the ScaleFactor Visa or about ScaleFactor in general, we’d love to talk to you.