Happay: An Expense Management Solution for Large, Medium and Small Enterprises

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    Happay is an intelligent and intuitive expense management solution consisting of Happay Prepaid Visa Cards that can be managed and controlled via desktop and mobile. Employees use Happay Prepaid Cards for business expenses like travel, fuel, accomodation, utility payments, petty cash expenses etc. Company admins allocate money on cards, track expenses, set spending limits and policies – right from their web or mobile dashboard, in real-time. Happay helps organisations fund business expenses easily and quickly and achieve real-time visibility and control over all business expenditure.

    Mobility India caught up with Mr. Varun Rathi, COO and Co-founder, Happay to know  how they are helping organisations tailor the platform to their specific requirements.

    1. How this idea came to your mind? What inspired you for this?

    Happay was founded in 2012 with a simple idea: paying someone, be it friends, family or colleagues should be as easy as sending a text message. With this in mind, we built our first consumer product, a mobile wallet that allowed you to pay just about anyone, anywhere, with your mobile number; no bank account details required. Over time we observed that, as consumers we have a lot of freedom and flexibility when we pay for things; but same is not true for businesses. The way businesses pay for and manage their expenses has remained the same for decades. This mismatch led us to create a new vision for Happay and to develop a new product to support this vision.

    One area of business payments we focused on was business expense management. We have reinvented the expense workflow from the ground up; we have stripped it off and scrubbed it clean of all its shortcomings mainly cash, paper and manual data entry. We have made it uber simple, completely streamlined and 10 times as fast and efficient as before. With Happay’s business expense cards and cloud-based platform (accessible from web and mobile), employees can add and report expenses in seconds, on-the-go. Management has visibility and control into how and where their company funds are being spent in real-time. Accountants can verify expense reports with receipts and expense policies in minutes. Companies can even integrate expense data into their accounting software without any data entry. Happay’s custom configurations help organisations tailor the platform to their specific requirements.

    1. How does Happay benefit organisations?

    Happay helps organisations go cashless and paperless. Here are few of the benefits we provide –

    • 7X faster process cycle from expense submission to reconciliation
    • 96% reduction in paperwork
    • 100% digitisation of processes
    • 30% increase in staff productivity
    • Ability to control spends even before they occur
    • 100% visibility with our real-time transaction feeds
    • Highly configurable platform that suits the needs of any size of organization in terms of policies, workflows, etc.
    • API Integration with leading HRMS, ERP and Accounting systems
    • Delightful User experience that is ubiquitous to employees as well as management
    • One comprehensive suite that manages any kind of expense including imprest, travel and entertainment, procurement, employee flexi-benefits and allowances, reimbursements
    1. How this platform works? What are its backend processes?

    Happay’s unique technology consists of a single corporate card that is linked to multiple wallets. That means a single piece of plastic can hold multiple pockets of money.

    Company administrators can configure rules and logic on each of these wallets. The configured rules define how employees can access that particular wallet – where and when they can use the wallet and for what amount of spend. Administrators can restrict the wallet spend to all channels like POS, ATM and online or to specific ones. They can easily track all wallet spends on a real-time basis via their web dashboard/mobile apps. Administrators can also load or remove funds from wallets with just a click of a button, at any time, from any device. They can also switch on or switch off a wallet.

    Our ability to integrate our card platform with any of the existing systems used by our customers (such as accounting, ERP, and HRMS among others) enables us to manage these card programs effectively. We also integrate with other platforms to do condition-based disbursements without explicitly using Happay dashboards. We also have open APIs which help our customers tailor the solutions further to their specific needs.

    1. Who all are using your platform?

    Happay provides expense management solutions for large, medium and small enterprises across 30+ industry verticals.

    Happay is most impactful in organisations that

    • Have a large and distributed workforce that needs to be transferred funds digitally and report expenses against these funds on the move
    • Have large amount of business travel spends both locally and in other countries and need an end-to-end T&E solution with travel requisitions, travel policies, booking portal and travel claims reporting
    • Have multiple branches, stores or offices and need to transfer petty cash/imprest to stores digitally at the start of the month and reconcile them automatically at the end of the month
    • Have a hyperlocal setup with a large feet-on-street fleet that needs instant access to cash for purchases and petty cash expenses
    • Have large and complex workflows, manual and spreadsheet-based processes
    • Have a requirement to manage not just expenses but also employee allowances from the same platform
    • Are looking for smart corporate cards for employees without the hassle of opening new bank accounts
    1. How is a Happay card different from a corporate credit card?

    Unlike Credit Cards, Happay expense cards are prepaid. Employee spending is restricted to the amount of funds loaded on the card. Happay provides what most credit cards don’t – ability to control expenses before it occurs, you can do the following:

    •     Set spend limits, restrict card spends by channels (online, POS, ATMs)
    •     Switch on, switch off cards from mobile
    •     Remove funds on the fly
    •     Transfer funds from one card to another
    •     Load money only when required and maintain a 0 balance otherwise

    Apart from these differences, Happay cards come with a monthly subscription fee. You can cancel the account anytime. There are no annual fees, interest charges or credit limits. You don’t need to open a new bank account to get Happay. These are few of the things which distinguishes Happay from a corporate credit card.

    1. How is a Happay card different from a bank debit card?

    Happay cards are similar to debit cards in a way that the money has to be loaded on the card first. But there are a few key differences: With Happay, admins also have unprecedented visibility and control over the amount of funds available on each card – in real time – they can restrict where the card can be used (Point of Sale, Online, ATMs) and to what extent. Happay also allows you to load, reload, or even block in real time, with the click of a button. These are some of the things which debit card providers don’t.

    1. Can u tell us about any use case scenario

    Consider companies that have a mobile and distributed workforce – business development teams on the field or hyperlocal companies with runners on the move. Such companies can allocate Happay cards to field employees. Admins can load funds on card in seconds from their online dashboard. Employees can use the card for business expenses and capture expense details automatically on their mobile app. They can digitise their bills by just clicking a photo and submit expense reports from their app, on the move. Admins in turn can set budgets on cards and track employee spends in real-time. They can approve expense reports online and complete reconciliation in no time. At the end of the month they can export all the expense data directly to their accounting software.