Don’t be shy! Questions and Answers with Volve

General

Plans and pricing

Usage

Security and privacy

What is Volve?

Volve is a 2-in-1 automated spend management solution combining corporate cards and expense management for a complete and accurate view of company-wide spending in real-time. See this 1-min video to get an idea of how Volve can make your life easier. By streamlining the entire business expense cycle from payment to reconciliation, time and resources are no longer required for manual reporting and chasing after expense documentation. With faster and more accurate processing and distribution of meaningful data, businesses can look forward to a unified view of finance operations and project team costs, with improved visibility and control.

What is a Volve virtual card?

A Volve virtual card is a Visa corporate prepaid card that is stored on your phone or computer. While physical cards are accepted both for in-store and online purchases, virtual cards can only be used to make purchases online. Here are some common scenarios where users have found virtual cards to be especially beneficial:
 

  1. Employees are usually issued only one physical card, but they could have access to several virtual cards that are assigned for different categories of use.
  2. While it works exactly like any other physical payment, its fraud-protection security feature makes it a more feasible payment option for online purchases. Each virtual card features its own unique card details and can be terminated or removed at anytime from within the platform.
  3. Virtual cards are ideal for ongoing subscriptions and digital ads payments.
  4. For virtual cards that are assigned for shared usage: Users can view available balances and participant activity at any time. Budget owners are able to immediately address activities that are not in line with guidelines and take the corrective action required.

Does Volve integrate with my accounting system?

Volve is able to export transaction data in XLSX, CSV, QIF and OFX formats, which can be read by all common accounting systems, in just two clicks.

Who can apply for a Volve company card?

The Volve 2-in-1 corporate card and spend management solution is available to any corporations and non-individual limited liability companies incorporated in Singapore. If you are part of a business that is looking for a simpler, faster, more productive solution to expense management, then you should try Volve now! It is free to test for 30 days. We regret that we are currently not accepting individuals, sole proprietors, and other types of unregistered businesses. Also, Volve will be extended to include more countries soon. Companies that are not registered in Singapore can apply here for the Volve corporate expense management solution.

How does Volve help my company save money?

In addition to the benefits and privileges offered by Visa, Volve offers complete and accurate visibility, management and control of company-wide spending in real-time. We are also constantly adding new insights on productivity, workflow efficiencies and business intelligence reports to better serve you. If you have any specific requests that we can help you with, please email us at support@volve.cc. We would love to hear from you.

How can Volve help my business save time?

Volve’s automatic transaction recording feature saves time for both cardholders and finance teams. Volve cardholders no longer need to worry about missing receipts, storing and retaining manual records. Expenses not made with the Volve card can be captured and submitted in seconds using the Volve app. With dynamic reporting, finance teams can look forward to streamlined finance processing, with real-time updates. This means that finance teams no longer need to waste time chasing down receipts and reconciling endless expenses. Expense reimbursements and month end closings can also be completed faster.

Does Volve require a personal guarantee?

No, business owners are not personally liable for business expenses. With Volve, the amount of funds you can access with your Volve Visa corporate prepaid card is determined by the quantum of funds you have transferred into your Volve account.

Is Volve a credit card?

No, Volve is a Visa corporate prepaid card. The amount of funds you can accessed with your Volve card is determined by the quantum of funds you have transferred into your Volve account. There is no risk of accidential overdrafts or late credit card settlements, and you will never be charged any interest.

What makes Volve different from other corporate cards on the market?

Volve is the most advanced corporate card and comes with a comprehensive spend management software. Cardholders can pay, submit, manage and track expenses in seconds, on-the-go. Transparent, accurate and integrated expense management, including corporate travel management, has never been simpler.

Why should I use Volve instead of my debit card?

Corporate prepaid cards provide layers of security and fraud protection that many debit cards do not. Take for instance, a debit cardholder would have complete access to the company’s entire cash balance in its checking account where a corporate prepaid card does not. In addition, Volve is able to issue a number of employees with virtual and physical cards, while providing visibility and monitoring of spend at any time; this feature is not available with standard corporate debit cards.

What size of company is Volve suitable for?

Volve is for all businesses, regardless of the number of employees. If you are planning to issue more than 50 cards, please contact us for a custom pricing. Volve helps streamline corporate finance processes by eliminating the hassle of sharing corporate credit cards, chasing receipts, doing expense reports and making expense reimbursements, helping you gain visibility and control over spending. Month end finance reconciliations can be completed faster and with accuracy.

Why are people switching to Volve?

Volve offers a fast, simple, online application rather than the paper-based drawn-out process offered by other business credit card providers. Volve’s all-in-one corporate spend solution features an integrated software suite that makes expense management, accounting and budgeting simpler, faster and more accurate.

What is spend management?

Spend management is the process through which companies manage business spending. Spend can broadly be categorised into strategic and operational spend:

Strategic spend is usually centralized and managed by C-level executives with dedicated spenders. This is commonly managed through invoices, wire transfers and purchase orders.

Operational and discretionary spend is undertaken by managers and employees to carry out their responsibilities. This includes card purchases, subscription payments, digital ads, events, office orders, and business travel. Expenses, unlike strategic spend, represent a significant amount of small purchases that are often difficult to track, such as card payments, expense claims, team perks, and travel expenses.

Spend management takes into account the end-to-end spend process from getting purchase approvals, providing payment methods, submitting and processing invoices, submitting and reimbursing expense claims, chasing receipts and invoices for reconciliation, and assigning the right analytical codes, expense accounts along with GST resp. VAT rates to all those expenses for bookkeeping. User-friendly spend management tools, like Volve, become more necessary when the number of employees increases and the need for clear processes, better visibility and control becomes more pronounced for the finance function.

How does Vole help me better manage my business expenses?

In our opinion, every employee should be a contributor to the company’s financial health, and should be empowered with smart tools to make the right decisions. Each Volve cardholder will receive access to a Volve dashboard providing full view of their personal spend and the card limit. Super users who require wider financial oversight across the business will have features on their dashboard for accounting, card and user management and saving insights.

What about my external accountant?

The vast majority of accounting service providers are familiar with digital document processing. Modern accountants generate revenue through consulting and service, not by manually logging data into a financial accounting system. Volve undertakes these repetitive data-entry processes, freeing up the external accountant’s time to engage more efficiently with the client and focus on more value-added services.

What is a prepaid card? Is it different to a debit card?

A prepayment or prepaid card is not linked to your current bank account. This means that spending is limited to the amount of funds that have been loaded onto your specific card account. A debit card on the other hand is linked to your current bank account. Volve is a Visa corporate prepaid card.

Is there a Mastercard alternative to the Volve Visa corporate prepaid card?

Not at the moment. The Volve corporate prepaid card is linked to the Visa network.

Do the rules for Mastercard apply to Visa?

Mastercard and Visa are different card networks and feature differences in the rules, regulations and policies. For details, please visit the websites of Mastercard and Visa respectively.

I am a small business owner. Is Volve relevant to me?

As a small business owner manual expense reimbursements may seem simple and straightforward to you. However, you too can reap the benefits of Volve’s expense management software, which guarantees time savings and manhour costs with automated financial reporting. Also you can be assured that costs do not exceed the budgets when employees use Volve Visa corporate prepaid cards to pay for business expenses. There is a free 30 day trial for which you can sign up here. No obligations. You can cancel anytime during the trial period at no costs.

What is a prepaid card? Is it different to a debit card?

A prepayment or prepaid card is not linked to your current bank account. This means that spending is limited to the amount of funds that have been loaded onto your specific card account. A debit card on the other hand is linked to your current bank account. Volve is a Visa corporate prepaid card.

Is there a Mastercard alternative to the Volve Visa corporate prepaid card?

Not at the moment. The Volve corporate prepaid card is linked to the Visa network.

Do the rules for Mastercard apply to Visa?

Mastercard and Visa are different card networks and feature differences in the rules, regulations and policies. For details, please visit the websites of Mastercard and Visa respectively.

What are the pricing plans available?

Volve offers two pricing plans: With the “Growth” or “per card” plan, Volve charges a monthly fee based on the number of cardholders. The “Enterprise” or “per active user” plan is based on usage frequency. You may have seen this type of pricing mechanism offered by stand-alone expense management systems. With the “Enterprise” plan you can order as many cards as you need, and will not be billed unless an employee actually uses Volve during a given month. Based on our experience, companies with more than 40 employees could find the Enterprise plan more suited to their requirements as billing only takes place upon active usage. For both plans, virtual cards are always available for free. See more details on pricing here.

How do we get charged for using Volve?

Bill payment is hassle-free with Volve. Your monthly subscription and any associated fees applicable to your transactions will automatically be deducted from your Volve account.

What is an active user?

When you introduce Volve, it makes sense to give everyone in your company access to it. On the other hand, we also think you should only pay for the people who are really using the product. In larger organisations, it is often difficult to estimate who will regularly use a product. We feel that it is wrong to be making money on unused accounts and want to take the burden of decision-making off you. This is why we came up with an alternative “active user” pricing model, which only considers users who have used their Volve corporate card or logged in and used Volve. This number is then used to calculate a fair price which is billed and deducted from your Volve account.

In which countries is Volve available?

The Volve 2-in-1 corporate card and spend management solution is currently available to companies incorporated in Singapore. We are working on extending this to include more countries soon. In the meantime, companies that are not registered in Singapore can still apply for the Volve corporate expense management solution.

Can Volve be used everywhere?

The Volve Visa corporate prepaid card can be used in more than 60 million locations worldwide, online and in stores with the Visa acceptance mark.

How can my company transfer funds to the Volve cards?

Volve virtual and physical cards are Visa corporate prepaid cards. You can start using your Volve Visa corporate prepaid cards once a top-up to your Volve account has been made via PayNow or telegraphic transfer. Fund transfers usually take about 1-2 days before they are registered on your Volve account. Once a deposit is made, you can issue virtual and physical cards. Virtual cards can be used instantly; physical cards will take a few days to reach your office.

What are your customer service hours? Can I talk to a real person?

Of course! We are here to help. Our support team can be reached at +65 6797 9616 for global emergency matters and via live chat or email (support@volve.cc) to help you with your needs.

Do I still need to do my expense report when using Volve?

Manually, never! Volve’s ultimate goal is to eliminate any manual expense reporting in paper form altogether! Each spend made on the Volve corporate card is immediately routed to the Volve admin console, which populates the details of the charge (for instance, the transaction amount, merchant name and transaction date), alongside automatically assigned accounting codes (tagged to different merchants and transaction types) across a pre-configured expense reporting template of the employee’s cost center. This auto-fill function eliminates the manual entry of each expense and relieves card users of tedious paperwork, manual form-fills and missing claims. A push notification serves as a reminder to upload a photo of the receipt for audit purposes. For expenses not made on the Volve card, simply photograph your receipt and complete the fields that have not yet been populated, and your expense claim will be created on the spot. This removes the need for manual data entry, saving time for both the employee and the finance team.

What is 3D Secure?

3D Secure is a free service facilitated by Visa and Mastercard that lets you transact online securely using your debit card or credit card. For the Volve Visa corporate prepaid card, the 3D Secure payment system is available under the name “Verified by Visa”. This service is available only on 3D Secure merchant sites. It uses password protection during an Internet purchase to authenticate the customer as an added fraud prevention measure.

How does Volve help with corporate travel management?

Volve provides an effortless experience for pre-trip and exception approvals with full assurance of in-policy bookings full visibility throughout the booking cycle.

Is a business card different to a corporate card?

Corporate cards are typically linked to work-related travel and accommodation while business cards are used for work purchases. Volve does not differentiate spends and can be used for all business-related purchases.

What credit card network does the Volve card operate on?

Volve is a Visa corporate prepaid card. It can be used in more than 60 million locations worldwide, online and in stores with the Visa Acceptance Mark.

How do I sign up?

Sign up for Volve at www.volve.cc/sign-up. As part of the application process, you will be asked to fill out details about your company, such as corporate formation information and personal information of the company’s directors. You will also be required to provide information about at least one your company’s bank accounts. Volve requires this information as part of the Know-your-business (KYB) and Know-your-customer (KYC) verification on your business and your business’ key personnel. For any questions about your application, please write to us at support@volve.cc.

How does Volve help with corporate travel management?

Volve provides an effortless experience for pre-trip and exception approvals with full assurance of in-policy bookings full visibility throughout the booking cycle.

Is a business card different to a corporate card?

Corporate cards are typically linked to work-related travel and accommodation while business cards are used for work purchases. Volve does not differentiate spends and can be used for all business-related purchases.

How is my data protected?

Volve is committed to maintain the trust and confidence of all its customers and prospective customers in its handling of personal data. The collection, use, disclosure and care of your personal data is governed by the Personal Data Protection Act of Singapore (No. 26 of 2012) of Singapore. For more details, please refer to our Privacy Policy at www.volve.cc/privacy.

What should I do when I suspect a fraudulent transaction?

Please immediately block your card in the Volve mobile app and contact us at support@volve.cc for assistance. To reduce the risk of unauthorised transactions, we recommend that your push notifications are turned on following each card transaction. If there are unrecognised transactions on your Volve card, we can also help you process a disputed claim with Visa. The outcome is dependent on the result of the Visa claims resolution process. To expedite the process, please contact the merchant directly to inform them of the unauthorised transaction and request that they withhold the purchase and arrange a refund to your card. If the merchant does not agree to a refund but is agreeable to a dispute claims resolution process, please ensure that you obtain evidence of the merchant’s agreement. Kindly note that there is a transaction dispute fee applicable to the disputed amount, which you would need to pay to commence with the proceedings. Please note that transaction disputes can only be made within 30 days of the transaction being made and can take up to 45 days to be processed.

How do you protect me from fraud?

Volve offers protection from unauthorized transactions so you can always be assured that your funds are secure.

When you report an unauthorized transaction, please immediately block your card in the profile section of the Volve mobile app to prevent additional fraudulent behaviour on your account and contact us at support@volve.cc for a new card to be issued. Our support team is available via chat, phone, and email to help you 24/7 to process the disputed claim with Visa. Following the Visa claims resolution process, your account will be credited for the disputed amounts in 45 business days if the dispute case(s) are resolved in your favour.

To reduce the risk on any unauthorised transactions, we recommend that your push notifications are turned on following each card transaction. To expedite the process, please contact the merchant directly to inform them of the unauthorised transaction(s) and request that they withhold the purchase and arrange a refund to your card. If the merchant does not agree to a refund but is agreeable to a dispute claims resolution process, please ensure that you obtain evidence of the merchant’s agreement. Kindly note that there is a transaction dispute fee of S$35 which you would need to pay to commence with the proceedings.

For us to proceed with the dispute resolution process we will require a declaration of suspect transactions – you just need to list out the unrecognised transactions on a separate page (what happened: date, time, location, which card, why do you need the transaction dispute). Please note that transaction disputes can only be made within 30 days of the transaction being made.

Good reads

Keep Calm And Let Finance Automation Kick Out Chaos
Finance transformation
Keep Calm And Let Finance Automation Kick Out Chaos

Winds of change are sweeping through many industries. Brands are under pressure to embrace business transformation to boost earnings and tackle sustainability.

Company Expense Policy Best Practices: Laying Foundations Before You Spend Money
Spend management
Company Expense Policy Best Practices: Laying Foundations Before You Spend Money

A good expense policy does take some time to develop. Here are eight tips to help you get going in drafting an effective expense policy.

The Four-day Work Week, Powered by Automation
Finance transformation
The Four-day Work Week, Powered by Automation

We are all in for a four-day work week. Here is a useful preparatory guide to develop a business case for the four-day work week arrangement which you can use to pitch to your management.

Enjoy a month of Volve on us!

Sign up for a free trial and experience the difference for yourself.