Your card program provides your company with innovative payment capabilities that transcend plastic. Companies often start with plastic cards that enable employees to shift their travel, entertainment and purchasing to a single program. At the backend, payment processes then shift from inefficient paper processing to electronic formats. This enables you to gain insight into your payments, streamline your processes, and improve savings and control over use of your cash.
That is just the beginning. Many companies make their card program a core engine for payments, extending those benefits of efficiency, control, insight and savings across the enterprise. A company may start with traditional plastic cards, and then move on to ghost cards or virtual cards to address new opportunities.
Individual employee card for routine payments
Virtual accounts rolling up to a single account
Unique single- or multi-use numbers generated on demand
One solution available with any Silicon Valley Bank commercial card is the use of “ghost cards.” These virtual accounts can be assigned permissions and controls and established for entire departments, entire categories, and even for suppliers, that roll up to a single account. This safeguards the main account number from misuse, while providing spending flexibility that the organization needs, with control and reporting for each account number. Marketing, for example, can be given the resources to carry out its mission by making payments from its account without having to issue a credit card to each employee. The travel department is likewise able to purchase airfares for authorized trips.
Through the use of virtual card numbers, a large enterprise gains even greater flexibility for managing purchasing and payments. Virtual card numbers are single- or multi-use numbers that are typically used by companies with a high level of spending, as part of their SVB Corporate Multi Card program. Companies can enable purchasing card spending by all employees who need this capability, letting them request limited-use numbers for purchasing activity, with approval granted or declined for each individual request, managing the process through their Web-based Purchase Control system. Companies also are able to simplify their account payables process, leverage unique limited-use numbers for vendor and supplier payments, and make multiple payments to multiple suppliers at the same time, with simplified tracking and reconciliation through SVB transAct Gateway, which integrates with their Multi Card program.
Beneath these capabilities is Silicon Valley Bank's solution for managing your company's payment data. MasterCard® smartdata.gen2™ is a high-performance global solution that will consolidate, analyze, and manage financial data from just about every aspect of your credit card program.
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