Edenred, worldwide provider of prepaid cards and vouchers for companies, announced the launch of a new business line in Romania, its prepaid cards solution Spendeo. The company hopes for a 30 percent growth by 2020 driven by its constant expansion into different areas of expertise.
Spendeo is based on prepaid cards for employees, which can be used for national and international payments within the MasterCard network, integrated with an online platform for expense management and with a mobile application for users. The solution is designed for companies who want to eliminate the manual processing of expense claims, to simplify the approval flow for requests of funds and to improve their control over the expenses incurred by employees.
A market survey conducted by Edenred shows that 85 percent of Romanian companies use cash for advance payments or transfer funds into the salary accounts of their employees. Expense claims are settled using paper forms in 80 percent of companies. Unsurprisingly, 82 percent of companies complain of poor and insufficient control over the business expenses incurred by their employees.
The solution launched by Edenred in Romania aims at cutting workload, bureaucracy and helping companies better control employee expenses, while overcoming problems imposed by the need of having cash available at all times within company premises.
“As our market studies show, the current situation in Romanian companies regarding expense management is described by a complicated and time consuming processes. The employees get cash in advance or funds on personal cards, which means that cash must always be available in the company and the funds return procedure is done mostly on paper forms. The approval process is manual and heavy, with a lot of time and effort spent for employees in financial departments. Moreover, the current procedure makes it difficult to generate clear reports and errors always intervene in processing expense claims”, says Iulian Alexe, business development and expense management director at Edenred Romania.
In Romania, over 35,000 companies grant Ticket Restaurant meal vouchers and cards, gift vouchers and cards and other types of vouchers issued by Edenred, to more than 1 million employees and beneficiaries.