Volopay review
Volopay is real-time expense management software that offers a range of corporate account features, including virtual cards, a credit line and money transfer options.
Volopay is a subscription service that allows businesses to manage key financial transactions and tasks on one single platform. Read on to learn more about its features and pricing.
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Min Income - Singaporean and PR
How does Volopay work?
If you’re running a business, Volopay gives you a way to manage key financial transactions and tasks in one place. This fintech company was founded in Singapore in 2019 and is backed by investors from brands including Google, Airbnb, Facebook and wework.
In Singapore, you can choose from 3 Volopay plans, with features including unlimited virtual Visa cards for your teams, domestic and international money transfers and even cashback as you spend.
What is Volopay?
Volopay is a subscription service that gives businesses a way to manage corporate cards, employee expense claims, money transfers and accounting tasks in one place.
It’s particularly useful for businesses that want a lot of cards for their employees, as it offers virtual cards you can set up quickly and manage from a central dashboard. Unlike business credit cards, with Volopay you use business funds for transactions – but there is the option of a credit facility that is similar to a charge card.
Key features
Volopay’s plans come with the following features.
- Cashback offer. Sign up for an annual plan with Volopay and get up to 5% cashback per card FX transaction.
- Security. Volopay has bank-grade encryption and access protocols and gives you a way to set up different virtual card numbers for different payments to reduce the risk of fraud. Your funds are kept in a trust account with DBS, Singapore and transfers are regulated under the Payment Services Act 2019.
- Expense management. Offers a simple way to track, review and manage expenses based on department or organisation-wide budgets, without having to switch between accounts or platforms.
- Subscription management. Pay subscriptions with your Volopay virtual card and take advantage of savings through the cashback feature. Plus, you’ll get insights on your spending across subscriptions and recurring payments, as well as added security by using a different virtual card for each one.
- Invoice management. Submit invoices from anywhere and use the dashboard to manage them. This gives you and other administrators oversight on vendor payments and keeps processes to one platform (Volopay), even if you need to make payments to vendors overseas.
- Multi-currency accounts. Send and load money in different currencies so you can manage your budgets, spending and payments all around the world.
- Business credit facility. If you want to extend your cash flow, you have the option of setting up a credit facility, with a maximum credit limit of $100,000. Keep in mind the limit can be lower than this, depending on lending criteria and assessment. You will be charged a fixed monthly fee of $50 for every $5,000 used, meaning if you used the full $100,000, you’d be charged a monthly fee of $1,000.
- Corporate travel bookings. Volopay offers a corporate travel booking platform that gives you a way to manage travel bookings, expenses and reconciliation in one place.
What are the plans offered by Volopay?
Each of Volopay’s plans has a yearly or monthly fee structure, with slightly different features depending on which one you choose.
Fees and limits
Opening a Volopay account is free. You can click the ‘Go to site’ above and schedule a demo to find out more about its monthly and annual pricing for its Premium Cards, Enterprise or All-in-one plan.
Pros and cons
Pros
- Physical and virtual cards. Volopay offers unlimited virtual cards as well as 1 physical card per user. These cards can be used anywhere Visa is accepted.
- Cashback on spending. Transactions made with Volopay cards typically earn between 1% and 3% cashback, giving you a way to save on expenses.
- Simplifies financial management. Volopay offers a platform that’s designed to help businesses manage expenses, budgets, international transactions and money transfers, as well as travel bookings and accounting.
Cons
- No discount for an annual subscription. Volopay plans don’t offer a discount if you pay for an annual subscription instead of a monthly one – although annual subscriptions do offer slightly different features.
- Limited reporting options. If you have complex reporting requirements or established accounting processes, using a single platform like Volopay means you can only use the reports and features available through the platform.
- Onboarding process. To sign up for Volopay, you need to go through a 30-minute demonstration. This is a time commitment compared to applying for a corporate credit card or transaction account.
How to sign up
To get a Volopay plan for your business, click the ‘Go to site’ button on this webpage. You need to go through a 30-minute demonstration, as well as an onboarding process. Make sure you schedule time for this when you’re ready to sign up.
Volopay demonstrations
Each demonstration is personalised to your business, with some key topics including:
- Different Volopay features and how the platform works
- How to use Volopay to manage budgets, expenses and people-related tasks
- Virtual and physical card management, including how to create virtual cards and load funds
Eligibility criteria
You will need to provide the following documents when you sign up for an account with Volopay:
- A copy of a valid ID (Passport, Employment pass or NRIC).
- Proof of address (letter from a government agency from within the last three months; not required if NRIC is provided).
- The latest Memorandum and Article of Association for your company.
- Authorisation letter if you are not either of the below:
- Director of a company
- Corporate officer of the company
- Holder of a delegation of authority
- Valid ID and proof of address of anyone directly or indirectly owning or controlling more than 25% shares of the company or valid ID and proof of address of all individuals with control over the management of the company.
Verdict
For businesses that want to combine corporate credit cards, bill payments, expense reimbursements, and accounting automation on one platform, Volopay is an efficient way to streamline all your business’s financials.
Volopay also facilities cross-border money transfers to over 130 countries, ideal for businesses that operate in international markets. You can also enjoy up to 5% cashback on any card FX transaction.
Business bank accounts in Singapore
Frequently asked questions
