Like a credit or debit card linked to your balance
Virtual Cards can be issued to OCF’s hosted Collectives for paying online for things like: recurring payments, utility bills, online resources/tools, subscriptions, vendors (e.g. wholesale distributors), etc.
How it works
Funds are spent only as transactions occur. - Setting up a card does not remove any money from your Collective's budget.
Submit a virtual card request (either on OCF's page, or on your own) with the intended use of the card and the amount budgeted for that monthly. The virtual card with that limit will be set up for your collective.
If, at any point, your collective needs a higher limit on your virtual card, please request a limit increase by contacting us at [email protected] with the intended use and the amount increase needed.
To receive an increase, Collective must have a budget on their Open Collective account that exceeds the corresponding amount, and must demonstrate that a higher limit is necessary (vendor + amount details).
Cards must be used in compliance with our policy below.
Requirements / Policy:
Collectives must have a minimum of 2 admin members
These are virtual cards. No physical card will be issued, so these cannot be used in-store.
Collective must have a budget on their Open Collective account that exceeds the corresponding card amount.
Receipts must be submitted within 30 days. If a receipt is not submitted within 30 days, the card access will be paused until you do submit the receipt
The card's Assignee is responsible for collecting and uploading the receipts.
All transactions should comply with normal usage of Collective funds as outlined in our Terms of Fiscal Sponsorship
Limitations:
Virtual cards may not be used for paying/reimbursing people -that should be done on the OC platform.
If you need to input Cardholder contact details/address:
Name: Open Collective Foundation
Address:
340 S. Lemon Avenue, #3717
Walnut, California, 91789-2706, USA
Steps
Setup the card:
1.
Collective admins request the card from OCF
1.
Visit your Collective's page
2.
Click Actions -> Request a Card
3.
Please include vendor details and pricing details in your request (estimates are ok).
e.g.:
Zoom Monthly Subscription $50/month
Uhaul Storage Unit $500/month
Amazon cleaning supplies $80/month
Target Household Supplies $20/month
Total: $650/month
2. OCF will assign the virtual card (please allow time for processing)
3. Once assigned, the card assignee will be notified via email. The card's details will appear in the Collective's Settings for admins to use. (in accordance with this policy)
After a purchase is made:
1.
The funds will be withdrawn from your Collective
2.
An "Invitation to submit an expense" will be sent to your Collective admins
1.
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).
Looking for the email that asks for the receipt upload? The 'Subject' in your email inbox will be "Action Required: Submit receipt for card expense".