# New £100 contactless limit is just another spend control reminder for finance teams
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-04-07
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: Contactless Payment Limits: Challenges for Finance Teams
Meta Description: Learn about the risks of contactless payments for finance teams & how digital tools can provide visibility and control over company spend.
URL: https://financedigest.com/new-100-contactless-limit-is-just-another-spend-control-reminder-for-finance-teamshtml

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_By_ **_Steve Whiting,_** [_Soldo_](https://www.soldo.com/en-gb/) _Head of Payments Technology_

While consumers may have embraced the convenience of higher contactless payment limits, finance teams in businesses are a little more cautious.

Since arriving on the scene with a limit of £10 in 2007, contactless payments have grown to more than 10 billion transactions a year. Although we all benefit from the convenience of making speedy payments on the go, the recent limit [increase to £100 is another reminder of the need for greater controls over spend](https://www.financedigest.com/should-we-be-more-cautious-about-contactless-1-in-4-young-adults-with-contactless-cards-say-theyve-increased-their-spending.html "Should we be more cautious about contactless? 1 in 4 young adults with contactless cards say they’ve increased their spending").

Added to potential [losses through fraud](https://www.financedigest.com/uk-card-fraud-losses-climbed-18-percent-in-2015-largest-rise-in-europe.html "UK CARD FRAUD LOSSES CLIMBED 18 PERCENT IN 2015, LARGEST RISE IN EUROPE"), the easy flash of a contactless card for genuine payments can result in forgotten receipts. Without a receipt, payments cannot be properly accounted for, and employees may end up out of pocket, resulting in, even more, lost time and [money for finance](https://www.financedigest.com/student-finances-exposed-how-do-they-really-spend-their-money.html "Student finances exposed: How do they really spend their money?") teams. Soldo has found that to avoid these pains, 1 in 2 businesses in the UK are switching off the [contactless feature on their corporate cards](https://www.financedigest.com/fingerprints-and-tag-systems-collaborate-to-offer-contactless-biometric-payment-cards-globally.html "Fingerprints™ and Tag Systems collaborate to offer contactless biometric payment cards globally").

Deactivating [contactless payments](https://www.financedigest.com/curating-a-fully-contactless-customer-experience-for-payments.html "Curating A Fully Contactless Customer Experience for Payments ") is only a sticking plaster for a bigger underlying problem. One of the bigger headaches with [business payments is the lack of visibility and the control finance](https://www.financedigest.com/1-in-3-uk-businesses-looking-for-finance-are-finding-it-harder-to-get-a-loan.html "1 in 3 UK businesses looking for finance are finding it harder to get a loan") teams have regarding how company money is spent.

[Businesses in the UK are going into 2022 under challenging](https://www.financedigest.com/overcoming-challenges-faced-by-women-in-business.html "Overcoming challenges faced by women in business") conditions. It is [understandable that purse strings are being drawn ever](https://www.financedigest.com/changing-face-b2b-business-practices-understanding-timeless-behaviour-important-ever.html "The changing face of B2B business practices – why understanding timeless behaviour is more important than ever.") tighter, and more scrutiny is focused on spending. Now, more than ever, [finance teams find they must](https://www.financedigest.com/2019-year-must-re-build-public-trust-finance.html "2019 is the year we must re-build public trust in finance") move away from manual processes and adopt digital tools.

**Visibility and** [control enables growth](https://www.financedigest.com/renewable-energy-monitoring-and-control-system-market-to-witness-an-outstanding-growth-by-2030.html "Renewable Energy Monitoring and Control System Market to Witness an Outstanding Growth by 2030")

Soldo’s [research](https://www.soldo.com/en-gb/guides/superbloom-report-for-finance-teams/) highlights that in 2021 three in four businesses cut their operating costs during the pandemic, both in terms of payments to third-party suppliers and employee expenses. Looking ahead, the research also found that UK businesses want to give employees less flexibility around expenses, with 52% of 900 [finance leaders](https://www.financedigest.com/how-finance-leaders-can-turn-the-inflation-challenge-into-opportunity.html "How finance leaders can turn the inflation challenge into opportunity") surveyed stating that greater oversight and control will be required across employee and company expenses.

Manually organising and documenting receipts is a deeply ingrained headache. Even when employees remember to pick up and [keep](https://www.financedigest.com/why-employers-rocked-by-the-great-resignation-must-keep-working-mothers-on-board.html "Why employers rocked by the Great Resignation must keep working mothers on board ") receipts, accounting for them is time-consuming and often inaccurate. And this can lead, whether deliberately or inadvertently, to misuse of [company money](https://www.financedigest.com/5-saas-tools-to-help-your-company-business-save-money-in-2022.html "5 SaaS Tools To Help Your Company/Business Save Money in 2022") by employees. In fact, Soldo has shown that [38% of British employees admit to committing expense fraud](https://www.soldo.com/en-gb/blog/expense-fraud-catch-it-before-it-catches-you/), which comes at a cost of £1.9 billion a year for UK businesses.

Adopting [digital tools that enable finance](https://www.financedigest.com/5-key-takeaways-from-the-finance-sectors-digital-transformation-revolution.html "5 Key Takeaways From the Finance Sector’s Digital Transformation Revolution") teams to have visibility and control of entire spend across a company enables business leaders to address these problems. Having [management dashboards for the finance](https://www.financedigest.com/how-parents-can-help-students-manage-their-finances.html "How Parents Can Help Students Manage their Finances") team and easy-to-use mobile apps for the employees relieves time and error, helping avoid the risks brought about by the likes of contactless payments.

As the world is emerging into new [ways of doing business](https://www.financedigest.com/6-ways-to-spring-clean-your-business-finances.html "6 ways to Spring clean your business finances"), the rise of Fintech means businesses can adapt and thrive by harnessing the power of digital products.


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