Virtual cards are beneficial for growing your business. Employees can make payments anytime and manage spending limits by providing a virtual corporate card. Plus, it makes tracking payments easier with visibility into all transactions from a single dashboard. So you can always keep your total costs under control. And if you suspect fraudulent card activity, you can block or cancel your card immediately.
The payment date is the main difference between virtual prepaid and virtual credit cards. The total spending amount of prepaid cards must be paid in advance. And you can spend as much as you have on your card. A virtual credit card allows employees to spend up to a certain amount and only pay the entire amount at the end of the month. Banks, therefore, conduct Aspire credit line checks on these cards, making them difficult to obtain.
What are the benefits of a virtual corporate card?
- The administrative burden of obtaining a virtual prepaid card is almost negligible compared to applying for a credit or debit card.
- The approval process is quick, and you don’t have to wait for email delivery so that you can start right away.
- Nobody needs more cards in their wallet. With virtual cards, you can make timely payments anytime through your connected digital device.
- Virtual credit and debit cards are more secure than physical cards. Cards only exist digitally, eliminating the risk of misplacing or losing them.
- Virtual card functionality allows you to make secure payments like physical or debit cards without carrying your wallet.
- Virtual cards share features similar to general cards, such as a unique 16-digit number, CVV, and expiration date. Add your virtual card to Apple Pay or Google Pay for hassle-free payments.
How are virtual cards playing A Crucial Role In Any Business?
- It is common for banks to add an exchange rate to earn fees on cross-currency transactions. Therefore, using a corporate virtual card can save you money on international payments.
- Moreover, you can easily integrate with your existing accounting software. So all your virtual card transactions are automatically synced with your accounting software, saving you valuable time on more productive tasks.
- Control your business spending by setting different limits for each virtual credit or debit card. See all your transactions in real-time from a single dashboard and even block cards at any time.
Business spending becomes more complex as spending increases and outbound transactions increase. And the risks are growing. Corporate virtual cards can solve these problems by making spending accessible to all employees while adding additional control over modern software.
Virtual cards are designed to protect users from the common vulnerabilities of physical cards. Your issued virtual card number differs from your credit or debit card number. As such, we are unable to locate credit or debit card accounts. Virtual cards are often combined with software that tracks transactions in real-time. You can instantly cancel your virtual card and obtain a replacement if you discover any suspicious activity. You can apply usage limits and expiration dates.