Visa Payment Controls, a credit card management service developed for small businesses is now being offered by U.S. Bank. With this new service, business owners can track the activity of their company credit cards, and also control how their employees use their cards.
This service provides businesses with an alternative to using cash and checks to make purchases. Visa Payment Controls was initially released by Visa in 2012. U.S. Bank is the first bank to offer it to small business customers.
Visa Payment Controls comes with an online management system which allows users to set parameters for employee spending in five different areas:
• Approved Transaction types, which can include cash advances or withdrawals
• What time of day or which days of the week employees can use their card
• Retail and merchant types they can make purchases at
• Geographic locations they can charge in
• Spending limits per card
Visa Payment Controls can be set up ahead of time, but they can also be changed in real time, giving the business owner total control over the credit cards they have given to employees and how they are used.
The system will automatically block transactions when they occur outside the parameters set up for a particular credit card. The main account holder will be notified when this happens via email or text message. This is a fee-based service.
Free U.S. Bank services
U.S. Bank offers small business customers additional free options to monitor cards, including FlexControl and ScoreBoard, which allow them to manage and track payments and spending. Both these tools are free once members sign up on the website.
FlexControl is a payment management system giving members several cash management and payment options. Businesses can opt to pay monthly or weekly, set accelerated payments to pay down debt faster, and pick a payment date that works best for them.
ScoreBoard is a reporting tool that allows a company owner or bookkeeper to keep track of their corporate credit card spending on a monthly or annual basis.
U.S. Bancorp is the 5th biggest commercial bank in the U.S. Currently it has over 3,000 offices in 25 states.