Cashback offer
Sign up for an annual plan with Volopay and get 3% cashback each month (capped at the cost of a monthly subscription), then 1% cashback for the rest of the month.
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If you're running a business, Volopay gives you a way to manage key financial transactions and tasks in one place. This fintech company was founded in Singapore 2019 and is backed by investors from brands including Google, Airbnb, Facebook and wework.
In Australia, you can choose from 3 Volopay plans, with features including unlimited virtual Visa cards for your teams, domestic and international money transfers and even cashback as you spend.
Volopay is a subscription service that gives businesses a way to manage corporate cards, employee expense claims, money transfers and accounting tasks in one place.
It's particularly useful for businesses that want a lot of cards for their employees, as it offers virtual cards you can set up quickly and manage from a central dashboard. Unlike business credit cards, with Volopay you use business funds for transactions – but there is the option of a credit facility that is similar to a charge card.
Pros
Cons
Each of Volopay's plans has a yearly or monthly fee structure, with slightly different features depending on which one you choose.
Sign up for an annual plan with Volopay and get 3% cashback each month (capped at the cost of a monthly subscription), then 1% cashback for the rest of the month.
Designed for businesses that want to manage spending and expenses, the key features for this plan include:
Annual subscription: $2,388
Monthly subscription: $199
If your business needs to make transfers and manage overseas transactions, this plan gives you all the same features as Premium Cards with the addition of the following:
Annual subscription: $2,988
Monthly subscription: $249
This custom account is designed for larger organisations with more complex financial processes. It includes the key features of All-in-one, plus:
Determined on a case-by-case basis
Volopay also gives you access to the following account features and benefits:
Volopay has bank-grade encryption and access protocols and gives you a way to set up different virtual card numbers for different payments to reduce the risk of fraud. Your funds are also stored in a Big 4 Bank account and covered by ASIC (Australian Securities and Investments Commission) protections.
Offers a simple way to track, review and manage expenses based on department or organisation-wide budgets, without having to switch between accounts or platforms.
Pay subscriptions with your Volopay virtual card and take advantage of savings through the cashback feature. Plus, you'll get insights on your spending across subscriptions and recurring payments, as well as added security by using a different virtual card for each one.
Submit invoices from anywhere and use the dashboard to manage them. This gives you and other administrators oversight on vendor payments and keeps processes to one platform (Volopay), even if you need to make payments to vendors overseas.
Send and load money in different currencies so you can manage your budgets, spending and payments all around the world.
If you want to extend your cashflow, you have the option of setting up a credit facility, with a maximum credit limit of $100,000. Keep in mind the limit can be lower than this, depending on lending criteria and assessment. You will be charged a fixed monthly fee of $50 for every $5,000 used, meaning if you used the full $100,000, you'd be charged a monthly fee of $1,000.
Adding a credit facility gives you a way to make payments when you need to, then settle your account balance each time you get a statement. So it is more similar to a business charge card than a credit card (because it does not attract interest).
Volopay offers a corporate travel booking platform that gives you a way to manage travel bookings, expenses and reconciliation in one place.
To get a Volopay plan for your business, you need to go through a 30-minute demonstration, as well as an onboarding process. Make sure you schedule time for this when you're ready to sign up.
Each demonstration is personalised to your business, with some key topics including:
To get a Volopay account, your business will also have to meet the following requirements:
After you have gone through the 30-minute demo and been onboarded, you'll be able to start using Volopay for your business.
The Volopay platform has a detailed support section with lots of how-to guides to help you get set-up. You can also contact Volopay through its online chat or email support.
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