Volopay Business Card

Pauline Hatch

Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. Ask Pauline a Question about this card.

The Volopay corporate debit card is a new take on business credit cards. You and your employees can use physical cards for day-to-day spending, and virtual cards for paying specific vendors online. All transactions are tracked and can be customised in the Volopay accounting platform. If you choose to add a line of credit, you won’t pay interest, but you will pay a monthly fee based on your spend.

What we love

Volopay is more like a complete business tool than just a corporate credit card, with a twist in the way fees are structured. It combines all your corporate spending (including employees’ purchases), bills and expenses, budgeting and day-to-day accounting in a single platform, and includes debit and credit cards.

Using their cards and software, you can pay all your day-to-day expenses either in-store or online. There’s lots of flexibility in choosing what your employees can use their cards for, and the Volopay software syncs with other accounting programs like Xero, Quickbooks, Deskera, and NetSuite.

Volopay has chosen a different kind of model for their pricing, so you’ll have to check their rates against your monthly spend to see if it works out for you. Although their cards are backed by Visa, they’re technically a debit card that you can preload with funds – but, you can also choose to add a line of credit, which comes with its own set of fees.

How Volopay Plans and fees work

Volopay offers flexible monthly billing plans. You can choose an annual plan, semi-annual, quarterly, or pay month-by-month.

All plans include a physical card and unlimited virtual cards, plus the use of their software platform. Upgrading to higher plans unlocks extra features.

Sign up today and enjoy 14 days of free trial. After the free trial period, you will be charged by these prices.

Fees for a Volopay line of credit

If you use a Volopay line of credit, you won’t pay any interest charges. Instead, you’ll pay a monthly fee, depending on your spend. There’s a $500,000 cap on a Volopay line of credit. More details are provided at Volopay's site.

Applying for a Volopay account

Volopay does applications a little differently, probably because their cards work as a business suite rather than a standard corporate credit card. Customers can choose to onboard directly or schedule a demo before onboarding. Their team will take you through a demonstration of their product so you can see what would suit your business before you apply. It’s a neat feature because you’ll be able to see risk-free what you’re getting before you commit.

Approval for a Volopay corporate card is more relaxed than other lenders, needing only a 6-month bank statement for your business. Volopay says within 48 hours, they’ll run a credit check on the business entity, and possibly the director of the company if they need more credit history.

Volopay’s eligibility criteria looks like this:

• Must be an Australian incorporated company
• A minimum of one year since incorporation
• Applicant must be either director or shareholder or senior authorized rep

Since they’re affiliated with Visa, Volopay corporate cards come with Visa’s standard security and insurance protection. Check the card’s terms and conditions to see what you’re covered for.

What's not so great...

If you opt for a line of credit, you’ll need to repay it within 30 days. There’s no carrying a balance month-to-month, no interest charges – just the monthly line of credit fee which ranges from $75 up to over $1,200, depending on your spend.

As a business which naturally incurs a lot of spending, it would be nice to get something in return as a reward however Volopay does not offer rewards of any kind.

Why should you choose this card?

Business owners might find the Volopay corporate card and its features pretty handy as an all-in-one finance solution, especially if you have employees that make company transactions. Being able to choose between a debit card and a line of credit gives flexibility in the way you use the card, and also the fees you’ll have to pay.

The Volopay accounting dashboard you’ll get when you sign up could be another big tick, especially if you’re a small business without expense-tracking software, or your company is expanding and needs a more hefty accounting system.

Overall rating

The Volopay corporate card is different to other cards in the business credit card space, and that could be a good thing for business. The card offers a host of benefits for tracking and limiting employee spending.

Deciding if this card is a good fit will depend on your business, whether you use their line of credit or preload your cards, how many cards you need and how the fees and perks stack up compared to a regular business credit card.