How virtual corporate cards disrupt the way not-for-profits manage funds
March 17, 2021
By Adriana Amato
Virtual Corporate Cards: The Technology Rapidly Disrupting Not-for-profits
Weel is solving one of the most significant issues impacting not-for-profit organisations throughout their daily operations: fast, secure, and compliant distribution of funds. For charitable and not-for-profit organisations, attracting donations is just the beginning. Once funds arrive, the hard work starts as they consider how best to get funds to those who need to access them the most. Previously, not-for-profit organisations used unreliable, ad-hoc methods with poor visibility to distribute funds. The best solutions available ranged from shared corporate cards to cash hand-delivered in envelopes and reloadable cards that obscured spending visibility. Now, virtual corporate cards are changing the way funds are distributed forever and ensuring that donations land where intended.
Weel has addressed this critical, business-impacting issue with a flexible solution that allows funds to be distributed anywhere they are needed, at the click of a button. Finance teams or managers can now create virtual corporate cards in seconds. Once created, team members can install individual cards immediately on their smartphone, ready for use. Organisations can easily restrict payments to specific categories or merchants to ensure that spending aligns with approved budgets and entirely eliminates misuse. For ultimate peace of mind, virtual corporate cards can be cancelled with a single click if lost or no longer required. Weel was custom designed from inception to meet the unique needs of not-for-profits and charitable organisations from funds distribution to reporting and beyond.
Real examples of Weel in action across the not-for-profit sector:
Uniting AgeWell - 91% of admin time saved a month
The Uniting AgeWell team was spending almost 480 hours per week managing their expenses using prepaid debit cards before they were introduced to Weel. Every transaction had to be manually entered and receipts forwarded to their finance team for approval. Now, as soon as a purchase takes place the transaction can be immediately reconciled with a few taps. More than 100 hours saved each week can be redirected to providing additional caring for United AgeWell’s clients.
Autism Association of Western Australia - Achieved 66% reduction in transaction processing time
Before the Autism Association of Western Australia introduced Weel their finance team was pain-stakingly withdrawing cash from ATMs and delivering it by car to over 60 different locations across Perth, every week. Caregivers were required to collect receipts and manually complete expense reports each week. The entire process was a time consuming logistical nightmare for the team. Weel revolutionised the Autism Association of Western Australia’s cash based processes and reduced the time taken to process expenses by 66%.
Weel is used by many of Australian's leading not-for-profit organisations for their class-leading funds distribution and expense management platform. Talk to us today about streamlining your expense processes.