Barclaycard aims to simplify employee expenses with latest virtual card
Barclaycard Precisionpay Go is designed to support those remote workers responsible for their own finances
Barclaycard Precisionpay Go offers a Visa-powered virtual bank card, allowing organisations to offer employees a means of handling their expenses entirely online.
It takes an average of eight days to deliver a physical bank card to an employee, according to the bank, and even longer with staff working from home. Barclaycard research also found that 63% of employees are responsible for filing their own expenses, which might interfere with their day-to-day responsibilities.
The platform claims to make this process far easier, allowing businesses to oversee payments as soon as they are made. The use of virtual cards also reduces plastic and paper usage, while also supporting multiple currencies, including GBP, USD, and EUR.
Commenting on the launch, Barclaycard Payments president Marc Pettican said that “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“Yet, many firms still use outdated systems that rely on paper-based reimbursement which is hugely time-consuming and often frustrating to use too.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,” he added.
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According to Visa client director for UK & Ireland, Cathy Dargue, “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,” she said.
While the first phase of Barclaycard Precisionpay Go is now available to download from the UK App Store, the second phase of the launch, scheduled for early 2021, will enable virtual cards to be issued into a contactless payment digital wallet.
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