Paystand has launched a virtual prepaid expense card – an alternative to corporate expense cards – for mid-sized businesses.

The new ‘Zero Card’ supports many use cases across expense management, fund disbursement, and bulk card creation.

Using the Zero Card, businesses can track and control their expenses on a real-time basis while streamlining invoice processing, expense reporting, and payment execution.

Moreover, they can simplify expense reporting by adding critical remittance information or ‘metadata’ to transactions.

Businesses can also manage their spending by category, team, and merchant code to reduce the risk of fraud.

There is no transaction fee associated with the Zero Card.

Paystand CEO Jeremy Almond said: “The Zero Card combines the consumer-like experience of peer-to-peer payments with the speed and security of Paystand’s no-fee payment network.

“We completely re-engineered the corporate card so businesses can move away from reactive spend management tactics to a place where they have visibility of spend before it happens.”

The Zero Card can also be used by employees for making online purchases.

No credit checks are required to obtain the Zero Card and it can be deactivated almost instantly.

Zero Card also provides better visibility and control over company expenses, simplifies accounts payables (AP) and accounts receivables (AR) processes, and shortens payment cycles.

Paystand VP of Marketing Mark Fisher said: “The Zero Card is the only solution designed for both AP and AR. It natively connects these two groups, bridging the gap for B2B payments to deliver impact beyond cost savings.”