Qbit, a global fintech company, announces the successful optimization of its Employee Card, ushering in a new stage of enhanced financial control and efficiency for businesses of all sizes. This strategic enhancement underscores Qbit's commitment to providing cutting-edge solutions tailored to the evolving needs of modern enterprises.
According to research conducted by PYMNTS Intelligence and sponsored by Visa, approximately 14% of North American marketplaces used corporate and virtual cards solution. Virtual cards appear to increase operational efficiency for growing businesses, as survey data shows a strong correlation between high operational efficiency for companies and industries that use this solution. The study also noted that nearly one in three North American middle-market firms intend to adopt virtual cards in the coming year, with these cards set to serve as the primary working capital solution for about 5% of these companies. There is no doubt that corporate and virtual cards will work as a pivotal strategy employed by CFOs and treasurers in managing the day-to-day needs of their businesses while ensuring sufficient cash flow for sustainability, growth, and expansion.
Qbit, an all-in-one payments solution for online marketplaces, is among the firms embracing the virtual card trend. It first launched Virtual Card solution in 2020, which is mainly used for business expenses, especially for the e-commerce sector. Last April, Qbit officially rolled out the Employee Card program to help companies better control expenses across the board. And this May, Qbit's latest offering of corporate cards further combines cutting-edge technology with user-friendly features to provide businesses with a powerful tool for expense management, enhanced security, and insightful financial analytics.
"We want to deliver an employee card which is more than just a payment method; it's also a holistic financial management tool," said Michael, founder and CEO of Qbit, "Our team have designed this product to eliminate the inefficiencies and frustrations associated with traditional expense management. By providing real-time insights, enhanced security, and customizable controls, we empower businesses to take full command of their financial operations."
Late employee expense reporting has been a challenge for companies, but according to Qbit, they have provided an excellent solution to address this issue. Their Employee Card allows companies to monitor expenses as they occur, providing instant visibility into transactions. This feature helps maintain accurate budgets and forecast financial needs, ultimately leading to better financial planning and resource allocation. Detailed, real-time reports allow managers to track spending patterns, identify anomalies and make informed decisions quickly.
Another functional feature of Qbit Employee Card is the customizable spending controls. Companies can tailor spending controls to meet their unique needs. Administrators have the flexibility to set individual spending limits, restrict certain merchant categories, and pre-authorize specific transactions. This level of control ensures that company funds are used appropriately and reduces the risk of overspending.
One of the main issues that was bothering both the finance team and employees was that members had to pay out of pocket first, especially when traveling on business. Qbit Employee Card also addressed this issue. After joining the expense management program, each employee can be issued their own card with customized spending limits and permissions. This eliminates the need for out-of-pocket expenses and lengthy reimbursement processes. Employees can make necessary purchases quickly and efficiently, enhancing overall productivity and satisfaction.
When it comes to the paramount question in today’s digital financial landscape, security, the Employee Card from Qbit comes equipped with advanced security features such as instant card freezing, and real-time transaction alerts. These features significantly reduce the risk of fraud and unauthorized transactions, giving businesses peace of mind and safeguarding their financial assets.
"Our mission at Qbit is to empower businesses with the tools they need to thrive in today’s dynamic market," added Michael. "The optimization of our Employee Card is a testament to our dedication to innovation and our understanding of the evolving needs of modern businesses. We are excited to see how our clients will leverage this product to streamline their operations and drive growth."
About Qbit
Qbit is a leading neobank providing global cash management services to businesses through digital finance. Our innovative core products include acquiring, global pay-in and pay-out, card, supply chain finance, and API solutions.
Leveraging cutting-edge technology, we digitize cross-border payment and banking infrastructure to power the future of customer experiences and financial services.
Qbit has raised $10 million in Series A from ZhenFund and served more than 15,000 brands and enterprises expanding internationally. We have also established localized service centers in 7 cities globally and developed strategic partnerships with top banks and financial institutions worldwide.
For more information about the Qbit Employee Card and to sign up, visit www.qbitnetwork.com/virtual-card or contact our team at bd@qbitnetwork.com
According to research conducted by PYMNTS Intelligence and sponsored by Visa, approximately 14% of North American marketplaces used corporate and virtual cards solution. Virtual cards appear to increase operational efficiency for growing businesses, as survey data shows a strong correlation between high operational efficiency for companies and industries that use this solution. The study also noted that nearly one in three North American middle-market firms intend to adopt virtual cards in the coming year, with these cards set to serve as the primary working capital solution for about 5% of these companies. There is no doubt that corporate and virtual cards will work as a pivotal strategy employed by CFOs and treasurers in managing the day-to-day needs of their businesses while ensuring sufficient cash flow for sustainability, growth, and expansion.
Qbit, an all-in-one payments solution for online marketplaces, is among the firms embracing the virtual card trend. It first launched Virtual Card solution in 2020, which is mainly used for business expenses, especially for the e-commerce sector. Last April, Qbit officially rolled out the Employee Card program to help companies better control expenses across the board. And this May, Qbit's latest offering of corporate cards further combines cutting-edge technology with user-friendly features to provide businesses with a powerful tool for expense management, enhanced security, and insightful financial analytics.
"We want to deliver an employee card which is more than just a payment method; it's also a holistic financial management tool," said Michael, founder and CEO of Qbit, "Our team have designed this product to eliminate the inefficiencies and frustrations associated with traditional expense management. By providing real-time insights, enhanced security, and customizable controls, we empower businesses to take full command of their financial operations."
Late employee expense reporting has been a challenge for companies, but according to Qbit, they have provided an excellent solution to address this issue. Their Employee Card allows companies to monitor expenses as they occur, providing instant visibility into transactions. This feature helps maintain accurate budgets and forecast financial needs, ultimately leading to better financial planning and resource allocation. Detailed, real-time reports allow managers to track spending patterns, identify anomalies and make informed decisions quickly.
Another functional feature of Qbit Employee Card is the customizable spending controls. Companies can tailor spending controls to meet their unique needs. Administrators have the flexibility to set individual spending limits, restrict certain merchant categories, and pre-authorize specific transactions. This level of control ensures that company funds are used appropriately and reduces the risk of overspending.
One of the main issues that was bothering both the finance team and employees was that members had to pay out of pocket first, especially when traveling on business. Qbit Employee Card also addressed this issue. After joining the expense management program, each employee can be issued their own card with customized spending limits and permissions. This eliminates the need for out-of-pocket expenses and lengthy reimbursement processes. Employees can make necessary purchases quickly and efficiently, enhancing overall productivity and satisfaction.
When it comes to the paramount question in today’s digital financial landscape, security, the Employee Card from Qbit comes equipped with advanced security features such as instant card freezing, and real-time transaction alerts. These features significantly reduce the risk of fraud and unauthorized transactions, giving businesses peace of mind and safeguarding their financial assets.
"Our mission at Qbit is to empower businesses with the tools they need to thrive in today’s dynamic market," added Michael. "The optimization of our Employee Card is a testament to our dedication to innovation and our understanding of the evolving needs of modern businesses. We are excited to see how our clients will leverage this product to streamline their operations and drive growth."
About Qbit
Qbit is a leading neobank providing global cash management services to businesses through digital finance. Our innovative core products include acquiring, global pay-in and pay-out, card, supply chain finance, and API solutions.
Leveraging cutting-edge technology, we digitize cross-border payment and banking infrastructure to power the future of customer experiences and financial services.
Qbit has raised $10 million in Series A from ZhenFund and served more than 15,000 brands and enterprises expanding internationally. We have also established localized service centers in 7 cities globally and developed strategic partnerships with top banks and financial institutions worldwide.
For more information about the Qbit Employee Card and to sign up, visit www.qbitnetwork.com/virtual-card or contact our team at bd@qbitnetwork.com
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