How to Create and Manage Holdings Cards: Streamline Business Spending with Physical and Virtual Cards

Holdings provides businesses with the ability to create and manage both physical and virtual cards, empowering them to streamline expense management, enhance security, and maintain control over spending. This functionality is especially valuable for organizations looking to allocate budgets, monitor transactions, and enforce spending limits across team members. Below is a guide on how to set up cards and leverage them effectively.

Steps to Create Holdings Cards

1. Access the Cards Page

• Log in to your Holdings account and navigate to the "Cards" section using the dropdown menu.

• Here, you can view all existing cards, their statuses (e.g., active or frozen), and the accounts they are tied to.

2. Create a New Card

• Click the + Add button to start creating a new card.

• Select the account from which the card will pull its balance.

3. Enter Cardholder Details

Fill in the required information about the cardholder:

• First Name and Last Name

• Date of Birth (mm/dd/yyyy)

• Email Address

• Phone Number

4. Choose the Card Type

• Physical Card: A tangible card delivered to your address for in-person transactions (limited to one per team member).

• Virtual Card: A secure digital card ideal for online payments or subscription management.

5. Customize Card Settings

• Add a name for the card (e.g., "Marketing Budget" or "Travel Expenses") for easy identification by your team.

• Set optional spending limits:

  • Daily Purchase Limit

  • Monthly Purchase Limit

6. Manage Card Details

Once created, you can click on a card to view its details, including:

• Card type (physical or virtual)

• Billing address and linked account information

• Options to freeze, close, or manage PIN settings directly from the dashboard.

Why Holdings Cards Are Valuable for Businesses

1. Streamlined Expense Management

Holdings cards allow businesses to allocate specific budgets for employees or departments, ensuring clarity in spending. For example:

• A virtual card can be issued for online subscriptions with predefined limits, preventing overspending.

• Physical cards can be used by team members for travel expenses, simplifying reimbursements and tracking. They also have access to withdrawing and depositing money at an Allpoint ATM.

2. Enhanced Security

Virtual cards offer additional layers of security by limiting exposure of primary account details during online transactions. They are ideal for single-use scenarios or vendor-specific payments, reducing fraud risks.

3. Real-Time Visibility and Control

With Holdings’ dashboard:

• Businesses can monitor transactions as they happen, providing immediate insights into spending trends.

• Spending limits ensure employees adhere to company policies while preventing unauthorized purchases.

4. Improved Budgeting and Accountability

By assigning dedicated cards with clear names (e.g., "Office Supplies" or "Client Entertainment"), businesses can track expenses more effectively and ensure accountability at an individual or departmental level.

Best Practices for Using Holdings Cards

1. Define Clear Policies: Establish guidelines on how cards should be used (e.g., approved merchants or expense categories). This minimizes misuse while aligning spending with company goals.

2. Leverage Virtual Cards for Online Payments: Use virtual cards for subscriptions, vendor payments, or ad campaigns where precise control over budgets is required.

3. Set Spending Limits: Add daily or monthly limits on cards based on their intended purpose to prevent overspending.

4. Monitor Activity Regularly: Use Holdings’ real-time activity tracking to ensure compliance with budgets and identify any anomalies quickly.

5. Freeze or Close Cards When Necessary: If a card is lost or no longer needed, freeze or close it immediately through the dashboard to safeguard funds.

Real-World Example

A marketing agency could issue multiple virtual cards through Holdings:

• One card named “Google Ads” with a $5,000 monthly limit tied to their operating account for ad campaigns.

• Another card named “Software Subscriptions” with a $1,000 monthly limit dedicated solely to SaaS tools like design software or CRM platforms.

These cards simplify expense tracking while ensuring that budgets are adhered to without manual oversight.

Final Thoughts

Holdings cards provide businesses with powerful tools for managing expenses efficiently while maintaining control over spending and enhancing security. Whether you’re allocating budgets across departments or safeguarding funds during online transactions, these features help businesses operate smarter and more securely. Start creating your Holdings cards today!