A Visa card with an embedded digital business card? Here's why Qorbis is the ultimate solution for brands looking to enhance networking, cut costs, and deliver on sustainability targets.
In today's digital age, businesses are increasingly seeking ways to streamline operations and reduce costs. One area ripe for modernization is the use of business cards. Traditional paper cards, while familiar and tangible, are expensive to print and mean businesses are unable to meet sustainability targets. Enter Qorbis, a Visa debit card with an embedded digital business card that promises to reduce these costs and enhance connectivity and convenience – and entirely branded with a business's own design and brand assets. Let's compare the costs and benefits of paper versus digital cards with Qorbis.
Cost Analysis
Paper Cards
Printing Costs: Printing high-quality business cards can be expensive. Costs vary depending on the paper quality, design complexity, and quantity ordered. Typically, businesses spend an average of $30 for a batch of 500 cards - with costs rising for elements like embossing, increased paperweight, and colour.
Design Costs: Unless you have an in-house designer, you’ll likely need to hire a graphic designer to create the business cards. This can add an additional $50 to $300 to the total cost.
Reprinting Costs: Any change in contact information, job title, or company branding means reprinting cards, leading to recurring expenses.
Environmental Costs: The production and disposal of paper cards contribute to deforestation and waste, making them less environmentally friendly.
Qorbis Digital Business Cards
Initial Setup Cost: Setting up a Qorbis account is $75.00 annually, with digital cards charged at $36 annually, or $3 per month, per user- significantly most cost-effective than paper versions with the added benefit of unlimited use and bespoke branding.
No Reprinting Costs: Changes to your contact information or design can be made instantly an unlimited number of times via the administrative platform at no additional cost, eliminating the need for reprints.
Enhanced Features: Qorbis cards come with additional features like direct contact saving, links to social profiles, and integration with digital communication tools, providing more value and a higher impact than a traditional card.
Environmental Impact: By going digital, employees and businesses significantly reduce their carbon footprint, and help contribute to sustainability targets
Benefits Beyond Cost
Networking Efficiency
With Qorbis, sharing your business card becomes as simple as sending a link or tapping your phone using NFC technology. This ease of sharing enhances your networking capabilities, making it quicker and more efficient to exchange contact information.
Updates and Customization
Qorbis allows for real-time updates to your card’s information. This means your contacts always have your latest details without needing to exchange new cards. Additionally, you can customize your digital card with a business's branding, interactive elements like videos, portfolios, and links to your work.
Analytics
One of the standout features of Qorbis is the ability to track interactions with your digital card. You can see who viewed your card, how they interacted with it, and follow up more effectively.
While traditional paper business cards have their place, the advantages of switching to a Qorbis car with integrated digital business card are clear. From cost savings and environmental benefits to enhanced networking and real-time updates, Qorbis offers a modern solution that meets the needs of today's professionals.
Make the switch to Qorbis and take your networking to the next level - talk to us today.
“Qorbis minimizes any points of friction - changeovers are streamlined and disbursement happens without delay.”
Tom Witton, Head of Sales and Co-Founder of Qorbis.
WILMINGTON, DELAWARE, UNITED STATES, 06/26/24 – Qorbis, an industry leader in financial technology solutions, is proud to announce the launch of its spend management platform designed specifically to overcome the financial challenges faced by the yacht charter industry.
The Qorbis platform delivers unparalleled time and cost savings through high levels of spend control, the rapid movement of funds and competitive foreign exchange (FX) rates, all while offering the unique ability to brand Visa debit cards with a business's own branding.
Developed in consultation with industry specialists, the Qorbis platform allows each charter’s finances to be siloed, with the ability to instantly transfer funds and reconcile expenses against APAs with unlimited sub-accounts and bespoke reporting.
“The yachting industry, known for its luxurious experiences and elite clientele, demands precision and efficiency in financial management,” says Tom Witton, Head of Sales and Co-Founder of Qorbis. “Qorbis minimizes any points of friction - changeovers are streamlined and disbursement happens without delay.”
Qorbis gives charter management complete real-time visibility and control over operational bank accounts and unlimited segregated sub-accounts and Visa debit cards via the platform's dashboard. Each yacht under management is allocated a dedicated bank account, with three APA cards per vessel.
Card spend limits and categories can be set and adjusted instantly, with real-time visibility of transactions and funds instantly sent and recalled between accounts. Integration with popular accounting software via APIs facilitates direct reporting and the creation of bespoke end-of-charter statements.
“The Qorbis solution delivers efficient purchasing, minimized expense fraud, and seamless reporting at a more cost-effective price-point than competitor offerings,” adds Tom. “We know how important it is that changeover days and crew rotations run smoothly, which is why we’ve designed our platform with this in mind.”
Cards and the platform's dashboard can also be branded entirely as the business's own, boosting brand visibility and engagement and delivering actionable spend data.
"Our goal is to empower yacht charter businesses with the tools they need to control costs, save time, and enhance their brand image,” says Stephen Williams, CEO, Qorbis. “The Qorbis platform is designed to meet the unique financial challenges of the industry, providing a comprehensive solution that drives efficiency and profitability."
Key Features and Benefits include:
- Enhanced Spend Control. Gain comprehensive oversight of all financial transactions with advanced tracking and reporting capabilities, ensuring every dollar is accounted for and spent wisely.
- Competitive FX Rates. Benefit from highly competitive foreign exchange rates, minimizing currency conversion costs and providing significant savings for international transactions.
- Custom-Branded Spending Cards. Elevate your brand presence with the ability to personalize all spending cards with your yacht charter company's logo and design. This feature not only reinforces brand identity but also offers a sophisticated touch to the client experience.
- Time Efficiency. Automate routine financial tasks and reduce administrative burdens with an intuitive interface and seamless integration with existing financial systems. This allows staff to focus on delivering exceptional services rather than managing expenses.
With Qorbis's spend management platform, yacht charter companies can now navigate the complexities of financial management with ease, while making time and cost savings.
FOR MEDIA ENQUIRIES:
Brooke Dallow
FOR SALES ENQUIRIES
Tom Witton
This partnership addresses some of the biggest challenges in touring, putting artists in control of spending, payments and T&E and saving them time and money.
"Qorbis understands the unique needs of the music industry. Its technology empowers artists and their crews, allowing them to easily manage spending on the road, and to save money on T&E.”
Andy Vargas
WILMINGTON, DELAWARE, UNITED STATES, June 11, 2024 -- Qorbis, a leader in innovative fintech solutions, is excited to announce a deal to provide banking, lifestyle, and spend management solutions to Andy Vargas, lead singer of Santana, his company Vargas Entertainment Inc, and Malaspalabras Records (MPR), a company founded by Vargas and acclaimed comedian George Lopez. The deal will see Andy and his MRP artists using the Qorbis platform for their spending, foreign exchange, and touring expenses, overcoming some of the biggest challenges facing the music touring industry.
Managing budgets and crew expenses on the road at any hour of the day or night, the tedious process of spend management, and limited visibility of spending versus budgets – life on the road can be tough. Qorbis solutions are designed to remove these pain-points, so that artists can focus on what really matters – the music and the tour.
Andy and MRP have a long-standing reputation for protecting and elevating artists and Qorbis is proud to deliver solutions that support this.
Andy Vargas, musician, and CEO says: “Qorbis understands the unique needs of the music industry. Its technology empowers artists and their crews, allowing them to easily manage spending on the road, and to save money on T&E, whether that's hotels, car hire, or even an after-party bill."
Qorbis solutions are designed to streamline the business of touring, with seamless digital banking, 24/7 real-time visibility and control, smart money management tools, and exclusive benefits with preferred rates on travel, hotels, and more via the QStyle lifestyle concierge. International mobility is managed simply and cost-effectively, with segregated, multi-currency accounts and a foreign exchange rate set at 0.5% on all transactions.
Tom Witton Head of Sales of Qorbis says: “We’re excited to be supporting musicians of Andy’s caliber as well as all the hugely talented MPR artists. Qorbis cards, money management tools, and the QStyle lifestyle concierge are the ultimate combination of support that Andy and the music industry need to facilitate their busy schedule of recording and touring both domestically and internationally."
The Qorbis all-in-one corporate card, payment, and spend management platform features real-time visibility plus advanced reporting, accounting, T&E, and business services integrations. Delivering significant savings in time and money, the platform is designed to scale as an artist grows, with brand enhancement opportunities also available via Qorbis’s embedded finance solutions.
Adds Andy: “The Qorbis platform has the potential to revolutionize music touring and payments to artists. Giving artists and their crews unprecedented efficiency and control over their finances and giving them access to rates that will keep touring costs down giving new artists a chance to succeed.”
ABOUT QORBIS
Qorbis helps businesses across the US take control of spending and provides discounted benefits via our embedded products. Qorbis’s platform is user-friendly, secure, and scalable and embeds customized financial and concierge solutions into a business's own product and services, creating new revenue streams, and enhancing its brand, to help save time and money. Through partnerships with best-in-class providers of banking and technology, our model allows any size business to offer a range of branded and licensed services to their customers, including corporate cards, accounts, P2P payments, and QStyle, a global travel and lifestyle concierge. Qorbis is a financial technology company with banking services provided by Evolve Bank & Trust, Member FDIC. The Qorbis Visa® Debit Cards are issued by Evolve Bank & Trust pursuant to a license from Visa U.S.A. Inc. www.qorbis.com
ABOUT MALASPALABRAS RECORDS
Acclaimed comedian George Lopez and the lead singer of Santana, Andy Vargas, have been at the forefront of new ideas surrounding artists' rights, promotion, and brand development. When Lopez sought Vargas’ assistance in managing the music arm of his brand, they knew it was time to introduce an entirely new label concept. In collaboration with distribution powerhouse Steve Stoute’s United Masters and A&R lead Cesar Sanchez, they've launched Malaspalabras Records (MPR), which is now entering its "release phase". MPR defines artists' brands and their attitudes, thereby strengthening their vision and empowering them to unleash the spirit of music.
Through MPR, artists have collaborated with industry experts to develop and execute the business aspects of their careers while maintaining ownership of their masters. The label boasts successful releases from a roster of talented artists, including Chris Perez, Alexis Grullon of MDO, Andy Vargas of Santana, Krystal Ortega, Heber, and Baby Lorez, positioning MPR as a vanguard in the music industry.
The support of MPR enables artists to focus on their art while simultaneously enhancing their branding, PR, and digital marketing efforts. Advancing their innovative edge, MPR is excited to welcome Phillip Coleman, known artistically as Godcloud, as the Chief Technology Officer (CTO) for their Web3 division. Coleman, a pioneering Web3 artist and musician, brings a wealth of expertise that is set to propel MPR into the future by harnessing blockchain technology and NFTs to revolutionize the way artists interact with the digital realm.
Strengthening their marketing and creative management, MPR is thrilled to introduce Adrian Cisneros and Chris Morris to the family. Cisneros's fresh marketing strategies and Morris's keen A&R insights are anticipated to provide unparalleled support for our artists, boosting their promotional and creative opportunities to new heights.
Stay tuned and follow us for our latest drops on Instagram, YouTube, and TikTok at @malaspalabrasrecords.
FOR MORE INFO:
Brooke Dallow
[email protected]
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In the world of filmmaking, budgeting is more than just numbers. It’s an art – and a high-risk one at that. There’s a hero in the midst though – a new breed of digital platforms designed to deliver the ultimate in spending control and financial efficiency...
Ask anyone in the business and they’ll tell you that mastering the art of film financing is akin to winning a coveted Best Picture Oscar. A steep increase in average production costs and a persistent decline in traditional income sources from cinematic distribution only compound what was already a challenging budgeting balance act.
Costs and Budgets: On a Razor's Edge
Film production is a complex endeavor that involves coordinating various resources, from talent and equipment to post-production facilities. Each of these elements incurs costs, and without careful management, expenses can spiral out of control, jeopardizing the entire project. This is before considering these elements will often occur in different locations across the globe, adding the challenge of cross-border payments and foreign exchange rates to the mix.
In this post, we look at the most important considerations in managing film production costs, the biggest challenges, and the best practices that digital solutions like those offered by Qorbis enable.
The Importance of Spend Management
Spend management encompasses the processes and strategies employed by companies to control and optimize their spending. In the film industry, where budgets can soar into the millions, effective spend management is essential for several reasons:
- Budget Adherence: Film projects typically operate on tight budgets and strict timelines. Effective spend management ensures that expenditures stay within budgetary constraints, preventing cost overruns that can derail the project.
- Resource Optimization: By efficiently allocating resources, from crew members to equipment, companies can maximize productivity and minimize waste. This includes negotiating favorable deals with vendors and leveraging economies of scale.
- Risk Mitigation: Uncontrolled spending can introduce significant financial risks to a film project. By implementing robust spend management practices, companies can identify and mitigate risks before they escalate.
- Transparency and Accountability: Clear financial oversight fosters transparency and accountability within the production team. Stakeholders can track spending, identify areas of inefficiency, and make informed decisions to optimize resource allocation. Transparency also extends to expenses, which are increasingly a source of frustration for financiers due to fraudulent claims.
- FX Mitigation: The global nature of the industry means that fluctuations in exchange rates can significantly affect the cost of production, making it imperative for companies to manage currency risk effectively to stay on budget.
Challenges in Film Production Spend Management
Managing spend in the film industry comes with its own unique set of challenges:
- Complexity of Expenses: Film production involves diverse and often unpredictable expenses, including salaries, equipment rentals, location fees, special effects, and post-production costs. Managing these varied expenses at all hours and across borders requires a digital solution that is accessible anytime, anywhere.
- Dynamic Nature of Projects: Film projects evolve rapidly, with changes in script, shooting locations, and creative requirements. Adapting spending plans to accommodate these changes while maintaining budgetary discipline is a constant challenge.
- Vendor Relationships: The film industry relies heavily on relationships with vendors and service providers. Negotiating favorable terms and ensuring timely payments while maintaining these relationships is critical for long-term success.
- Data Management: With multiple stakeholders and numerous financial transactions involved, data management is crucial. Accurate and up-to-date financial data enables informed decision-making and effective cost control.
Best Practices in Spend Management
To overcome these challenges and maximize efficiency, film production companies can adopt several best practices:
- Develop Detailed Budgets: Create detailed budgets for each project, covering all anticipated expenses. Factor in contingencies for unexpected costs, FX fluctuations, and regularly review and update budgets as the project progresses. Qorbis enables the production company to have granular control over all expenditure in real-time – whether that’s topping up an account to cover an unexpected cost, freezing a lost card or viewing transactions as they occur.
- Centralize Spending Authority: Establish clear lines of authority for spending approvals to prevent unauthorized expenditures. Centralizing spending authority ensures consistency and accountability across the production team. The Qorbis platform allows tiered control of accounts, with dollar and category limits able to be set in real time in bulk or on a case-by-case basis.
- Leverage Technology: Invest in specialized software and tools for financial management and tracking expenses. Qorbis solutions to deliver your team a toolbox that they can use to streamline processes and auditing, provide real-time controls, improve data accuracy, provide real-time insights into spending patterns.
- Negotiate Vendor Contracts: Negotiate contracts with vendors to secure favorable terms and pricing. Establishing long-term relationships with reliable vendors can lead to cost savings and enhanced collaboration.
- Monitor and Analyze Spending: Regularly monitor spending against budgetary targets and analyze variances to identify areas of overspending or inefficiency. Adjust spending plans as necessary to stay on track. With Qorbis, see spending as it happens and close the books every day rather than risking month-end surprises that threaten to derail budgets.
- Utilize Smart Expense Management Tools: Even the best expense tools need to be supported by policies, so first, develop clear expense policies outlining acceptable spending practices and reimbursement procedures. Educate employees and contractors on these policies to ensure compliance. Digital solutions like that offered by Qorbis replace outdated pay-and-claim models, reducing fraud and processing times and giving finance teams real-time spend visibility. Virtual Visa debit cards can be issued to crew instantly, with spend limits and categories able to be set and amended in real-time via the administrative dashboard. Crew members can then upload receipts in app, which are then automatically categorized and collated to make reconciliation easy.
- Hedge Currencies: Using financial instruments like forward contracts to hedge against adverse currency movements when entering into international agreements and dealing with foreign currency transactions can help minimize risks and reduce costs. With a Qorbis account, FX fees are kept low with an average net FX and forward margin of 0.5%.
- Choose Multi-Currency Accounts: To streamline currency exchange and transfers, film production companies can benefit from multi-currency accounts to receive payments from overseas partners. With Qorbis multi-currency accounts, users get real-time access to multiple currencies, simplifying the process and enhancing operational efficiency. This means being empowered to make informed decisions swiftly, reducing the potential negative impact of currency risk.
- Silo Each Project into Separate Accounts: Streamline accounting by choosing a solution that allows each production or project to be treated as a separate P&L. Qorbis segregated accounts allow a production company to silo each production into separate P&Ls, delivering greater control, visibility, flexibility, and enhanced accountability.
Qorbis understands the unique challenges faced by the film and television production industry. We’ve designed our specialized spend management solutions to meet these needs and deliver time and cost savings so that you can get your project completed on time and on budget.
Get in touch with us today to discover how Qorbis delivers total control of every dollar spent from a single platform.
Inefficient expense management leaves businesses in the dark, costing them thousands in errors, wasted time, fraud, and frustration. New digital expense management solutions overcome these challenges, giving back control and visibility over every dollar spent. Here’s how to make the transition
In today's digital landscape, optimizing your operations for efficiency and cost-effectiveness is a priority. One element of this that has long been overlooked is expense management. Traditional methods of tracking expenses using paper receipts and manual data entry are time-consuming, prone to errors and fraudulent claims, and make implementing company policies around T&E seriously challenging.
Fortunately, digitizing your expense management processes can offer a solution to these challenges, providing a streamlined and efficient way to track, monitor, and analyze expenses and giving businesses complete real-time transparency over every dollar spent. In this article, we'll explore the benefits of digitizing expense management and provide practical tips on how to make the transition smoothly.
The Benefits of Digitizing Expense Management for Seamless T&E
1. Enhanced Efficiency:
Digitizing expense management eliminates the need for manual tasks such as collecting paper receipts and entering data into spreadsheets. With digital tools and platforms, employees can quickly capture receipts using their smartphones, automatically categorize expenses, and submit reimbursement requests with just a few clicks. This streamlined process saves time for both employees and finance teams, allowing them to focus on more strategic tasks.
2. Improved Accuracy:
Manual data entry is prone to errors, leading to discrepancies and inaccuracies in expense reports. By digitizing expense management, you can minimize the risk of human error and ensure the accuracy of your financial data. Automated systems can flag potential errors and discrepancies, reducing the need for manual review and reconciliation.
3. Real-time Visibility:
With digital expense management tools, finance teams have real-time visibility into spending across the organization. They can track expenses as they occur, monitor budget adherence, and identify areas of overspending or potential cost savings. This real-time insight enables proactive decision-making and better financial management – and avoids month-end surprises.
4. Compliance and Audit Trail:
Digitized expense management systems provide a comprehensive audit trail, documenting every step of the expense approval and reimbursement process. This level of transparency helps ensure compliance with company policies and regulatory requirements. In the event of an audit, organizations can easily provide evidence of compliance and demonstrate control over expenses.
5. Empowered Staff:
Empowered staff are happy, productive staff. Employees with access to digital expense management tools and access to company cards can now focus on their work instead of wasting time on expense reports, and not have to bear the financial burden of pay-and-claim reimbursements. Spend and category limits on cards set by management also empower staff to stick to expense policies so that they can spend on T&E confidently and cost-effectively.
Tips for Digitizing Expense Management
1. Choose the Right Software:
Invest in a cloud-based expense management software that aligns with your organization's needs and requirements. Look for features such as mobile receipt capture, automated expense categorization, integration with accounting systems, and robust reporting capabilities.
2. Look for Company Cards:
Digital expense management solutions that include corporate cards are the ultimate in delivering the immediacy, efficiency, and transparency businesses need in this digital age. Ideally, those that offer global acceptance via a partner like Visa will be most valuable for staff on the move. Look for corporate cards that can be assigned and controlled in one single place, with the ability to issue virtual company cards at least, instantly. The bigger your organization the more important card controls are – choosing a solution that allows company card management in bulk, as well as the ability to set and apply rules with minimal clicks could save significant chunks of time.
3. Implement Policy Guidelines:
Establish clear expense management policies and guidelines to ensure consistency and compliance across the organization. Communicate these policies to employees and provide training on how to use the new digital tools effectively.
3. Encourage Adoption:
Encourage employee adoption of the new digital expense management system by emphasizing the benefits and ease of use. Provide support and guidance throughout the transition process and address any concerns or challenges that may arise.
4. Monitor and Refine:
Regularly monitor the performance of your digitized expense management system and solicit feedback from your teams. Identify areas for improvement and refinement, and adjust as needed to optimize efficiency and user experience.
Why Choose Qorbis?
Digitizing your expense management processes offers numerous benefits, including enhanced efficiency, improved accuracy, real-time visibility, and compliance. Leveraging Qorbis solutions – from our corporate card to our spend management dashboard – means you can streamline your expense management workflows, save time and resources, and empower your organization to make more informed financial decisions.
Book in a demo to find out how we can transform your expense management today.
Make managing your team's spending needs a breeze, with our checklist of the must-have features of your business’s corporate card platform.
Looking for the most effective method of controlling company costs? A flexible spend management solution with corporate cards should be your go-to. Instantly issuing cards and managing your company's spending in real-time is just the start though. Ultimately, you should be looking for a solution that offers convenience, control, and perks, all tailored to meet the unique needs of your organization. The end goal? To save time - and money.
SMBs Spend 120 Working Days Per Year on Admin Tasks and Bookkeeping
Accountancy Age
Imagine the time that could be saved by using an efficient card and spend management platform! With a plethora of options available in the market, here’s a guide to choosing the right solution for your business.
Flexible Spending Controls.
One of the key features to seek in a corporate card is the ability to set spending controls. Look for cards that allow you to establish individual spending limits for employees, track expenses in real time, and customize spending categories. This level of control helps prevent overspending, ensures compliance with company policies, and streamlines the expense management process.
Integration with Expense Management Systems.
Seamless integration with expense management systems is essential for efficient tracking, reporting, and reconciliation of corporate expenses. Opt for cards that offer compatibility with popular accounting software or provide dedicated expense management platforms. This integration minimizes manual data entry, enhances accuracy, and saves valuable time for finance teams.
Robust Security Features.
Protecting sensitive financial information and preventing fraudulent transactions are paramount concerns for businesses. Look for corporate cards equipped with advanced security features such as EMV chip technology, tokenization, and real-time fraud monitoring. Additionally, cards that offer liability protection and immediate card replacement in case of loss or theft provide added peace of mind for businesses. FDIC membership and the insurance that is offered on accounts are non-negotiable when choosing a card provider.
Rewards and Benefits Program.
Many corporate cards offer rewards and benefits tailored to business needs, such as travel rewards, and discounts on business services. Evaluate the rewards structure and determine whether it aligns with your company's spending patterns and priorities – beware of complex rewards programs that require your business to build points before they can be redeemed. Not only do they complicate business spending, but they add another layer of admin that most businesses can do without. Additionally, consider added perks like discounted car hire, airport lounge access, and concierge services, which can add value for frequent business travelers.
Global Acceptance and Currency Options.
For businesses with international operations or frequent travel – and in 2024, that’s most of us - it's crucial to choose a corporate card with global acceptance and support for multiple currencies. Ensure that the card is widely accepted by merchants worldwide, for example, Visa or Mastercard, and offers competitive foreign transaction fees to avoid additional costs associated with currency conversion. This may require reading the fine print, as many providers offer low FX rates that are capped at a certain transaction value - negating most of the savings.
Dedicated Customer Support.
Responsive and knowledgeable customer support is essential, especially when dealing with financial matters. Select a card issuer known for excellent customer service, with dedicated support channels for corporate cardholders – ideally, 24/7 and with multi-lingual options. This ensures timely assistance for inquiries, account management, and resolution of any issues that may arise.
Transparent Fee Structure.
Before finalizing a corporate card, carefully review the fee structure to understand all associated costs. Look for cards with transparent fee disclosures, and no hidden charges. Pay attention to fees for late payments, foreign transactions, and additional cardholders to assess the overall cost-effectiveness of the card. The ability to issue unlimited cards is a plus point for businesses as they grow and expand their workforce.
Customizable Reporting and Analytics.
Data is everything. Access to comprehensive reporting tools and analytics empowers businesses to gain insights into spending patterns, identify cost-saving opportunities, and make informed financial decisions. Seek corporate cards that offer customizable reporting dashboards, expense categorization options, and downloadable transaction data for in-depth analysis.
Selecting the right corporate card requires a thorough evaluation of features, benefits, and costs to meet the unique needs of your business. Ultimately, the best option is one that optimizes expense management, enhances financial control, and drives business success.