Visa Signature Business and Platinum Business cardholders are protected from misuse of corporative cards by employees.
What does CLWI cover:
- payments by single invoice when a company has transferred money to a bank but cannot receive a refund from an employee;
- invoices that the company has paid to the bank but cannot receive a refund from an employee;
- individual invoice for which the company refunded money to the employee, but the employee did not pay the bank;
- unauthorized payments;
- issuance of a corporate card to temporary personnel or contractors.
➪ $25 000 – for cardholder
➪ $1 650 000 – for company
If an employee with a Visa corporate card makes a fraudulent transaction and the company can not recover that expense from the employee it can wave its liability for these transactions.
You just need to inform in writing of the transactions you wish to waive with appropriate support information:
🗹 We wish to waive our company liability on X transaction for card no. XXX for the amount of X as this employee has already been reimbursed for this expense.