Barclaycard Payments Launches New Platform to Power Digital Business Payments
- 15.12.2020 11:11 am
Barclaycard Payments has launched phase one of Barclaycard Precisionpay Go, a new online platform which allows companies to issue virtual cards, powered by Visa, to employees for business payments online. The functionality will also help support workforces to continue operating smoothly during an era of remote working.
Available to both new and existing Precisionpay customers, the platform will allow companies to issue virtual corporate cards and manage corporate spending through a mobile app, instead of online or via the traditional means of bank transfer.
The new offering enables employees to create their own cards or request cards to be issued to them via their mobile phone, enabling staff to make business payments instantly, without needing to go into the office or even be at their desk.
With Barclaycard research showing that 63 per cent of employees are responsible for filing their own expenses*, Barclaycard Precisionpay Go will help save employees value time. The Platform replaces systems that rely on manual processes, with a streamlined and user-friendly alternative that gives both employees and employers increased flexibility.
The cards will be powered by Visa and, crucially, can be issued for just the amount required, and for a specified period of time, while spend controls can be added to manage user activity on a daily basis.
Barclaycard Precisionpay Go will allow businesses to:
- Resume control whilst working remotely: Instead of issuing a physical corporate card to everyone in the company, Barclaycard Precisionpay Go allows employers to deploy a different virtual card for each payment made, or a group of payments for a specific trip – ideal for those working from home.
- Increase visibility of business payments: Traditionally, businesses don’t have view of company spending until after the expenses have been submitted. By implementing Barclaycard Precisionpay Go, businesses will have visibility of spending as soon as a payment is made.
- Save time and increase efficiency: On average, it takes eight days to deliver a physical card to an employee, and even longer with staff working from home. Barclaycard Precisionpay Go will save valuable time, as a virtual card can be issued within just two seconds from being requested.
- Capture valuable data: Businesses can add custom data fields to be populated by the employee each time a card is requested. Users can also upload receipts via the mobile app, which can be viewed alongside transactional information in the accompanying reporting platform SNAP.
- Reduce environmental impact: By implementing virtual cards and digital processes, companies are able to reduce plastic and paper usage by removing unnecessary plastic and making their transactions virtual.
Marc Pettican, President, Barclaycard Payments, said: “As the world becomes more digital, so too must payment processes. The pandemic has reinvented the way businesses operate, with remote working now the norm for millions of staff across the UK. Yet, many firms still use outdated systems that rely on paper-based reimbursement which is hugely time-consuming and often frustrating to use too.”
“Barclaycard launched corporate cards to the UK more than 50 years ago and Barclaycard Precisionpay Go marks the latest in a long line of innovations in payments designed to save companies time and resource – which is more important than ever as we go into 2021.”
Precisionpay Go supports GBP, USD and EUR currencies, and is exclusively available with Visa.
Cathy Dargue, Client Director, UK & Ireland, Visa, said: “Now, more than ever, businesses need tools that provide an efficient, flexible and convenient way to manage their finances. We’re proud to support Barclaycard with the launch of Barclaycard Precisionpay Go, a new solution that will enable businesses across the UK gain greater visibility and control over employee spending whilst improving the payment experience for their workforce.”
The first phase of Barclaycard Precisionpay Go could bring virtual cards, powered by Visa, to every home office in the UK. The second phase of the launch, in the first part of 2021, will enable virtual cards to be issued into a digital wallet, for tap and go contactless payments via mobile.
Barclaycard Precisionpay Go is now available to download from the UK app store. Find out more about Barclaycard the Precisionpay Go online here.
* Research was also conducted from 06/07/2018 – 26/07/2018 surveying 2057 UK working adults (25-65) who incur expenses: https://www.home.barclaycard/media-centre/press-releases/Mad-Men-era-of-business-expenses