The Diners Club has been a mainstay among corporations for some time now, but this week, the card is going virtual.
News from South Africa’s Gadget on Tuesday (Oct. 13) said the company has launched the Diners Club Virtual Card, directed at corporate travelers. According to Diners Club, the solution eases the friction of assuring compliance with National Treasury rules, which make it difficult for businesses to issue their own corporate credit cards to traveling employees.
Diners Club said that the virtual card tool wants to fill the gap for these businesses, which have until now been forced to require that their employees use personal cards for business travel.
“Much like we pioneered the virtual lodge card, Diners Club continues to provide new and innovative solutions in the corporate travel industry,” said Diners Club South Africa Managing Director Ebrahim Matthews in a statement. “The Virtual Card allows all players in the industry to better control their travel and entertainment spend and is a complete travel supplier payment solution that facilitates immediate supplier settlement, enabling cost-savings and improving cash flow.”
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The Diners Club Virtual Card allows businesses to implement their corporate travel and spend policies on the payment tool, the firm said. It also enables data capture at the point of sale, a feature Diners Club said is “crucial in the reconciliation process.”
“This impacts positively on the efficiency of reconciliation, matching of transactions, consolidating spend on the lodge card or corporate card, and of course, general reporting,” the company stated in its announcement.
Diners Club added that the virtual card provides an added layer of fraud protection for corporate travel managers, and lessens the risk of unauthorized employee spending.
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