Virtual business cards: custom controls, cashback without caps and low fees

Traditional banking and manual processes present multiple issues to digital commerce. These  include: 

• Frozen cards
• Delays to inventory and media buying
• Slow and costly financial transactions
• A lack of visibility across your business

Virtual business cards with tools that are tailored for fast-growing digital operations give you the control, efficiency and strategic insight you need.

Learn what to look for in a virtual business card and see how four businesses used Juni Mastercard® Corporate cards to resolve their cash flows issues and optimise their finances.

What problems do virtual business cards solve?

Manually managing finances while relying on restrictive, traditional banking tools and processes is challenging and time-consuming. 

Virtual business cards help solve multiple common problems:

• Expensive and slow international payments.
  Traditional international payment methods often incur high fees and lengthy processing times, straining cash flow.
  
  
• Excessive time spent on manual payment processes.
  Manual invoice, payment and receipt management workflows are time-consuming and prone to error, reducing overall efficiency.
  
  
• Spend limits on cards requiring manual resolution.
  Slow processes for adjusting card spend limits can delay transactions.
  
  
• Difficulty tracking cash flow across different departments.
  Complicated, cross-departmental methods for expense tracking increases the workload of your finance team and makes errors more likely.
  
  
• Increased complexity in financial operations and planning.
  Without a clear, up-to-date view of your financial operations, your decision-making isn’t properly data-driven, which heightens the risk of mismanagement.
  
  
• Financial tools that aren’t flexible or customisable.
  Digital commerce businesses are agile, so you need flexible financial tools that adapt to your processes and investment needs.

What to look for in your virtual business cards

Utilising virtual business cards that are designed for digital commerce will significantly enhance your finance management and operational efficiency. 

Here are seven key features to consider:

1. Easy card creation and assignment.
   You need a simple process for issuing cards to team members so they can be responsible for their spending.
   
   
2. Flexible spend limits and controls.
   The ability to quickly set up customised limits for different team members, helps you manage expenses efficiently and prevents the misallocation of funds.
   
   
3. Comprehensive expense tracking.
   An at-a-glance, consolidated view across all your virtual business cards makes it easy for you to track media buying and spending on inventory.
   
   
4. Automated receipt management.
   A streamlined workflow where employees upload receipts or have them automatically collected from their email will reduce manual tasks across your business.
   
   
5. Integration with storefront and accounting platforms.
   Data synchronisation across multiple platforms allows you to automate essential processes like invoicing and gives you real-time visibility into your financial operations.
   
   
6. Multiple solutions for cash flow management.
   Prioritise a solution that supports flexible credit lines and financing with cashback so you can pay for ads and inventory without delays.
   
   
7. Fast international payments with low FX fees.
   Look for transparent low FX fees so you can easily switch currencies and move money in the same currency at zero cost. 

Juni in action: virtual business card case studies   

See how virtual business cards helped these four businesses stop getting declined, increase cash flow, gain control over their spend and scale their operations.

‍

Waldor & Co. gained control over ad spend and eased their cash flow

“We were inefficiently tracking our marketing spend from multiple advertising platforms,” Andreas Christensson, CEO of Waldor & Co.‍

Waldor & Co., founded in 2012, design and manufacture watches and jewellery, which they distribute to customers across the world.

They ran marketing campaigns across multiple platforms but the team struggled to track their spending.

They also experienced issues with cash flow, which created problems for their financial department.

‍The Juni Mastercard® Corporate card gave Waldor & Co. cashback on eligible spend and centralised their spending on marketing. 

In addition, Juni’s other financial tools enhanced the team’s ability to understand their business performance and latest financial data.

As well as having a clearer view of their financial operations, Waldor & Co. could save time on essential tasks like receipt management.

‍Juni’s solutions enabled Waldor & Co. to:

• Improve cash flow.
• Simplify daily tasks for the finance team.
• Efficiently track and manage marketing spend.
• Oversee performance and metrics in real-time.‍

Read the complete Waldor & Co. case study

‍

Pom Pom London added multiple users and streamlined financial management

“Not having a relationship with our previous bank was a huge thing, they were hard to contact,” Ben Boon, Co-Founder of Pom Pom London.‍

Pom Pom London, established in 2015, create leather bags and underwent a period of accelerated growth in 2020.

Digital ads are essential to how Pom Pom London market to their international audience, but their traditional bank wasn’t tailored to their needs as a digital commerce business.

For example, Pom Pom London’s accountants couldn’t be added as users to the bank account, so the co-founders had to perform additional administrative tasks, such as updating them with monthly financial statements. 

Transactions sometimes didn’t go through, which meant there were issues with paying suppliers and partners.

‍Meanwhile, the bank’s points system didn’t offer as much value as Juni’s cashback, which strengthens their bottom line and improves cash flow.‍

Pom Pom London can now add as many users as they need with customised roles and permissions for better financial controls.

They can streamline how they manage ad spend to platforms like Meta and Google, as well as payments to UPS.

And they get the attention their business needs:

‍“I’ve got my account manager at Juni on WhatsApp, and get replies within a minute.”‍

With Juni, Pom Pom London have:

• Multi-user accounts with custom controls and permissions.
• No more unnecessary admin for accounting and financial management.
• Streamlined ad spend of £4.2million a year.
• Attentive, responsive customer care.‍

Read the complete Pom Pom London case study

‍

Hang Eleven could invest more upfront on Google, Meta and TikTok ads

“We knew we had cash flow problems – but we didn’t know how to solve them,” Rens van der Schoot, Founder of Hang Eleven.‍

Hang Eleven, an Amsterdam apparel brand established in 2019, wanted to scale internationally to build on their pop-up shops and physical store. However, they faced a number of challenges to their plan for rapid growth.

For example, their traditional banks had extensive requirements to provide the credit the young company needed for their digital marketing investments. These included years’ worth of statements, which they simply didn’t have.

With Juni Capital for cards, though, Hang Eleven have a flexible solution to increasing their liquidity and media buying power.

‍“We wouldn't be able to spend as much on marketing and see the results we've seen up to now. Our growth would definitely have been slower without Juni Capital.”‍

Hang Eleven also gained better insights into their sales and spending via Juni’s integration with Shopify.

Overall, moving from a traditional bank to Juni’s tools for digital commerce has allowed Hang Eleven to:

• Have a flexible credit solution that understands the demands of ecommerce.
• Invest more on their ad platforms.
• Have a clearer, more accurate view of their latest financial data.
• Grow their customer base and scale their business.‍

Read the complete Hang Eleven case study

‍

‍

Virtual business cards: fuelling operational efficiency and business growth

With Juni Mastercard® Corporate cards, you can have: 

• Low, transparent FX fees.
• Flexible credit lines for cards and invoices.*
• Custom spending controls.
• Automated processes.
• Real-time financial visibility.

Instead of manual data entry and complex workflows, you can integrate your virtual business cards with your accounting and storefront software.

And, rather than dealing with cumbersome banking constraints, you can be agile as you finance your spending and focus on strategising growth without obstacles.

*Capital for cards is available for companies registered in UK, NL, SE, DE, FR, ES, IT, NO, and FI, upon eligibility. Capital for invoices is available for companies registered in SE, DE, NL, FR, ES, IT, NO and FI, upon eligibility. Fees, terms and conditions apply.