For many in the corporate world, we’re used to carrying around American Express credit cards which we’re personally liable for in order to pay for company expenses without using our own salaries to do so. Personally, however, I’d much rather that I only had to carry around one card to cover both my personal and business spend. This got me thinking… How could Monzo solve this problem? Two part idea ahead.
American Express currently linkup with a lot of corporate expense systems, allowing for the transactions to pull through straight away, saving time when putting together expense claims for repayment. It would be great if Monzo could work with expense system providers to allow a link-up with Monzo accounts (where the user authorises, of course). That way, expense systems could pick up any transactions which we mark in the ‘expenses’ category, along with the receipt image, supplier details, etc.
Take it further, however. Monzo could work with companies to allow us to pay our expenses without it affecting our account balance. In effect, this would mean that any expenses were treated as credit, with the company could pay a nominal fee for, and would just appear as a separate account balance underneath our regular balances. We could then complete the remainder of the expense claim as detailed in part 1, and then when the payment comes through, it would just reduce the expenses balance but wouldn’t effect your account balance given that it was never reduced. (Let me know if that doesn’t make sense.)
This could be taken a lot further - i.e: an online portal for companies to monitor expenses, pay them straight away without the need for individual claims, etc or the ability to put through an expense claim to your company through the Monzo app - but thought this was an interesting starter idea. Would love to hear what you guys think!