A recent study from Visa found that 73% of businesses realize that new forms of digital payments are fundamental to growth. And it's true, since companies that embrace payment innovation often gain substantive benefits. In this blog, I’ll discuss a handful of reasons why you, too, should jump on board with an increasingly ubiquitous innovation: virtual credit cards.
Why should you choose a virtual card over a physical card? When it comes to facilitating payments across the business and among various employees, virtual cards are invaluable.
First, your finance team can easily monitor and manage virtual credit cards through an app or online platform. Through an easy-to-use app, you can track who paid what, when, why, and to whom, all in real-time.
Second, virtual cards are more versatile and reduce hassle. You can generate virtual credit cards instantaneously and deactivate them just as quickly and even tag each virtual card for specific uses in your business, like for different departments, employees, or even client accounts. This allows you to facilitate and streamline payments as they occur rather than waiting until the end of the month to get a clear view of all transactions.
Third, virtual credit cards are secure—they safeguard your company’s card number and prevent misuse. Whereas physical cards can be easily lost or compromised, virtual credit cards use a unique card number separate from your account number. This means that if your virtual card information is ever hacked or stolen, the thief would only be able to access the funds allocated to that specific virtual card instead of compromising your entire credit line. If this happens, you can easily deactivate the compromised card and create a new one in just a few minutes.
Instant virtual credit cards offer a number of benefits for businesses, including:
Instant virtual credit cards make it easy for businesses to manage their company spend and eliminate manual work. With virtual credit cards, you can choose the amount of funds allocated to a virtual card and set spending limits accordingly. Additionally, you can give your employees the power to manage projects or team expenses with a fixed budget. Your staff can create virtual cards and field card requests while you maintain complete visibility over spending activity at all times.
Virtual credit cards give business owners immediate control over employee spending with preset spending limits and a digitized ability to address unauthorized or fraudulent charges quickly. Business owners can also edit or deactivate a card at any time.
With instant insight into transactions and virtual cards, businesses can avoid end-of-the-month surprises. This allows you to control your spending and makes it easier to understand where the organization spends money.
Virtual credit cards give your business the efficiency you need to make purchases quickly and securely. You can finally stop sharing a single company credit card across the entire organization and reduce cumbersome reimbursement processes.
If you want to start using virtual credit cards in your business, there are several ways to go about it.
Many large providers offer them as an addition to a physical credit card. Still, when it comes to business finance, these institutions often lack the spend management support that dedicated solutions provide.
If you need a faster and more flexible solution without leaving your existing bank or opening new lines of credit, consider using Extend, a spend management platform that allows businesses to partner with their bank of choice.
When you pay with Extend, you can create, send, and manage virtual cards to manage expenses across the business.
Want to test how easy this is? Explore the platform.
A recent study from Visa found that 73% of businesses realize that new forms of digital payments are fundamental to growth. And it's true, since companies that embrace payment innovation often gain substantive benefits. In this blog, I’ll discuss a handful of reasons why you, too, should jump on board with an increasingly ubiquitous innovation: virtual credit cards.
Why should you choose a virtual card over a physical card? When it comes to facilitating payments across the business and among various employees, virtual cards are invaluable.
First, your finance team can easily monitor and manage virtual credit cards through an app or online platform. Through an easy-to-use app, you can track who paid what, when, why, and to whom, all in real-time.
Second, virtual cards are more versatile and reduce hassle. You can generate virtual credit cards instantaneously and deactivate them just as quickly and even tag each virtual card for specific uses in your business, like for different departments, employees, or even client accounts. This allows you to facilitate and streamline payments as they occur rather than waiting until the end of the month to get a clear view of all transactions.
Third, virtual credit cards are secure—they safeguard your company’s card number and prevent misuse. Whereas physical cards can be easily lost or compromised, virtual credit cards use a unique card number separate from your account number. This means that if your virtual card information is ever hacked or stolen, the thief would only be able to access the funds allocated to that specific virtual card instead of compromising your entire credit line. If this happens, you can easily deactivate the compromised card and create a new one in just a few minutes.
Instant virtual credit cards offer a number of benefits for businesses, including:
Instant virtual credit cards make it easy for businesses to manage their company spend and eliminate manual work. With virtual credit cards, you can choose the amount of funds allocated to a virtual card and set spending limits accordingly. Additionally, you can give your employees the power to manage projects or team expenses with a fixed budget. Your staff can create virtual cards and field card requests while you maintain complete visibility over spending activity at all times.
Virtual credit cards give business owners immediate control over employee spending with preset spending limits and a digitized ability to address unauthorized or fraudulent charges quickly. Business owners can also edit or deactivate a card at any time.
With instant insight into transactions and virtual cards, businesses can avoid end-of-the-month surprises. This allows you to control your spending and makes it easier to understand where the organization spends money.
Virtual credit cards give your business the efficiency you need to make purchases quickly and securely. You can finally stop sharing a single company credit card across the entire organization and reduce cumbersome reimbursement processes.
If you want to start using virtual credit cards in your business, there are several ways to go about it.
Many large providers offer them as an addition to a physical credit card. Still, when it comes to business finance, these institutions often lack the spend management support that dedicated solutions provide.
If you need a faster and more flexible solution without leaving your existing bank or opening new lines of credit, consider using Extend, a spend management platform that allows businesses to partner with their bank of choice.
When you pay with Extend, you can create, send, and manage virtual cards to manage expenses across the business.
Want to test how easy this is? Explore the platform.
Orna is the CPO at Extend. A product leader with over 15 years of experience, Orna has launched and managed several payment products for leading card issuers and has led the development of product solutions in the travel and communication industries at American Express, USBank, and Travelclick. She earned an MBA from the University of Chicago Booth School of Business and her undergrad from New York University Stern School of Business.
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