Swipe Expense Card: A Game Changer for SMEs

In Nigeria, an SME is said to be managed by “God’s strongest soldiers”. According to UNDIO, it was stated that only 20% ?of SMEs survive beyond 5 years. Managing your business expenses as an SME in Nigeria can be tough, but it's not impossible. It's a common challenge that can be handled.

Imagine running a logistics business with 6-7 employees (riders) who use their personal funds to buy fuel every time they have to deliver goods. Now imagine trying to track all incurred expenses from 7 different employees using the receipts they got from the fueling station, that would be a hassle for the employer.

Or, imagine you run a small consulting firm with 10-15? employees who frequently travel for client meetings, conferences, and project-related expenses. If each consultant uses their personal debit card or cash to cover expenses, such as flights, accommodation, meals, and transportation, racking and reimbursing these expenses can be hectic.?

As an SME, there are better ways to optimize business expenses, with the use of an expense card.

What is an expense card??

As the name implies, an “expense” card is one of the significant parts of an expense management solution often referred to as a corporate or business expense card. This card is issued by a company to its employees for the purpose of covering business-related expenses. It works similarly to the normal debit issued by commercial banks but it's specifically designed for business use.

The expense card allows you to track all your expenses and ensure that your employees are spending your business money for the specific purpose they are designated for. If we look at the example above, if you run a logistic business you can give your riders? (employees) the expense card that allows them to buy fuel without asking for reimbursement or you requesting a receipt for the fuel purchased.?

Why do business owners need Swipe expense card?

1. Easy disbursement of approved funds: As a small business owner, with the Swipe expense cards your employees no longer have to wait for a long period of time before getting reimbursements for things like fuel,? data allowance, fuel, or bonuses. You can easily fund the Swipe card with the exact amount needed.?
2. Tracking all expenses with ease: On the Swipe dashboard, you can see all the expense card transactions made by your employees at a glance. Employers can easily fund the expense card, and get a well-detailed report on how the funded card is being used by employees.?
3. Easily curb fraud: When employees use their personal funds to settle work-related bills, it's subject to inflation of prices which leaves the business owner at a loss and the Swipe expense card prevents it.
4. Effective Budgeting: The Swipe expense management solution also provides small business owners with a powerful budgeting feature on the dashboard. You can fund a specific amount onto each card, you can easily allocate budgets for different departments or projects whether it's for fuel or data. This helps business owners maintain better control over their business finances and ensures that expenses stay within predefined limits.
5. Setting Spending Limits: With Swipe expense cards, small business owners have the flexibility to set spending limits on each card. This feature allows you to establish maximum spending thresholds for different types of expenses or individual employees. By doing so, you can prevent overspending, enforce budget compliance, and ensure that your company's financial resources are used efficiently and responsibly.

How can a small business get the Swipe expense card?

1. Visit? www.swipe.ng? and sign up as a business.? On the business field and fill in all the necessary information needed. Specify the type of services your business offers.

1. Next, after filling in all the necessary info and complete compliance, your account is created.

1. After compliance has been approved you will have access to your business dashboard. Proceed to fund your wallet?

1. Next, generate single or bulk expense cards and wait for card delivery (within 72 hours)

Swipe equips SMEs with the right expense management solution needed for their business. With unlimited access to generate expense cards, robust expense tracking, and fraud prevention, business owners can focus on growing their enterprises without the burden of a cumbersome expense management processes.

Do you have more questions? Please reach out to us at [email protected]?