🎉 Virtual Cards can now be issued to OCF’s hosted initiatives for paying things like: recurring payments, online resources/tools, subscriptions that can be paid by card, vendors (e.g. wholesale distributors).
Each card will be locked to the first vendor the purchase is made to. OCF Admins & Initiative Admins agree upon and set the card either at a weekly/monthly limit (for recurring payments) or it can be single-use as well.
As of right now (while we are beta testing this feature), each initiative can have up to 10 cards assigned.
Cards have a maximum budget of $1,250/card.
🚫 Virtual cards may not be used for paying/reimbursing people.
For recurring card payments, Initiative budget must be >10x the max of the card
Initiatives must have a minimum of 2 admin members
Card must be used solely for the intended vendor initially described to OCF admin (see Steps below)
If you need to input Cardholder contact details:
Name: You can use yours
Address: You can use ours:
340 S. Lemon Avenue, #3717 Walnut, CA 91789-2706
If the transaction requires a shipping address, you may want to use a billing address in the same city
Initiative admins request the card from OCF
OCF will assign the card and ask the following (please allow time for processing):
What is the card for? (The card will be locked to one vendor)
What is the amount/frequency requested? (The cards can be set be set: per month, per year, per transaction, total amount, or single-use. For recurring card payments, your initiative’s budget should be >10x more the monthly balance of the card)
Which of your initiative's admins would you like to be responsible for the card?
Once assigned, the card's details will appear in the initiative's settings for you to use (in accordance with the policy)
The funds will be withdrawn from your initiative,
An "Invitation to submit an expense" will be sent to your initiative admins
Admins will be asked to submit your receipt. (If the receipt is not submitted within 30 days, the card access will be paused until you do submit the receipt).