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Corporate credit cards for Web3, simplifying the spending
March 24, 2023
Businesses walk the tightrope every day in the form of controlling expenditure and maintaining compliance. Controlling their business expenditure becomes increasingly complicated as they expand into multiple locations and increase the number of employees. This has led to the emergence of corporate credit cards, which primarily serve traditional businesses.
However, most conventional banks still refuse to onboard Web3 startups – any project that is associated with crypto. On the one hand, Web3 companies use crypto for most of their payments. They raise funds in crypto, get paid in crypto, make payments in crypto. On the other hand, they also typically need to use traditional currencies such as US dollars, euros, etc. for routine business expenses where crypto are not accepted, such as hotel stays, flights, subscription fees, and marketing. It is important for Web3 startups to choose a financial product that best suits their needs.
iPeakoin is a licensed FinTech platform which frees from legacy systems, bringing crypto-to-card payment solutions to the real economy and helping Web3 to thrive. The Quantum Virtual Card is a robust product from iPeakoin which offers a suite of features for small-and medium-sized Web3 businesses, including detailed spend control and vendor management.
The card can be linked to companies' decentralized wallets, and there's no need to convert crypto to fiat anymore before making payments. Companies are able to issue unlimited credit cards to employees for fiat expenses. This can help to save Web3 employees from using their own credit cards for business expenses and experiencing the long reimbursement time and the risk of late fees.
iPeakoin offers an all-in-one card solution on its platform - setting up spending limits, approval processes, adding a manual expiration date that the card gets deleted automatically, access to finance automation tools, accounting integrations, automated receipt reconciliation - all with a few clicks. In addition, cardholders not only don't pay an annual fee, foreign transaction fees or even card replacement fees, they can earn cash back on all spending.
The finance manager can validate expenses without paper receipts, and has excellent visibility into employee spending on the dashboard. They get in-depth details about each transaction, so much so that if a receipt is lost, the finance team can easily pull up information on any transaction from the expense management system. Meanwhile, the finance manager can always refer to the monthly spending of each department using the iPeakoin dashboard to adjust and forecast each department's budget.
Another major benefit that the iPeakoin card can bring to Web3 projects is that the cards can be used for company payroll and employee benefits. Web3 entrepreneurs usually have offices located across the globe, and and processing payroll via wallets one at a time is usually more time-consuming and it's not convenient for reimbursement. In this way, employers can create a payroll card for each employee. Salaries or perks are directly added to their payroll cards in bulk, thus giving them instant access to their pay. As iPeakoin supports the payment network of Visa and Mastercards, it means that the card is accepted at millions of merchants worldwide. Most importantly, the iPeakoin card supports both fiat and crypto currencies, saving time and money for Web3 teams.
With features of crypto-backed, unlimited users and cards, customizable budgeting, smart reconciliation, iPeakoin aims to offer innovative corporate cards for Web3.
If you have any needs, please feel free to contact us at support@ipeakoin.com.
For details on our service, visit ipeakoin.com
