A virtual credit card is a modern-day alternative for simple and safe spending. After all, these cards come with several unique benefits that you will not find in your conventional credit cards. The mobile spending solution lets users control their business finances, optimize spending, and protect their company funds with complete ease. Thanks to the numerous advantages, such as the ones mentioned below, businesses are now switching to virtual cards.
The convenience of virtual credit cards
One of the foremost reasons to opt for a virtual card is that it offers greater convenience compared to physical cards. It is a hassle-free solution that lets you make easy and quick payments through your smartphone, minus the need to pass around a physical company card. Also, you will never need to go searching for a misplaced credit card ever.
The mobility and flexibility of virtual cards help to make business transactions easily. You can use it safely for your business as your information remains protected all the while.
The ability of fraud protection
Your main debit or credit account is linked to both your virtual credit card and physical card. However, a virtual card can protect your PII (personally identifiable information) by putting a limit on the information you share while making a purchase.
The mobile solutions help to tokenize your data by encrypting the account number and making a randomized number sequence (token). These tokens are used only for the time you make payments. Since tokens reveal the minimum possible PII, the hackers have no use for them.
Physical cards come with visible card numbers and magnetic strips, unlike virtual cards. This makes it harder for unauthorized people to gain access to your account. Many virtual credit cards also ask for pin numbers or fingerprint scans before giving you access to the money.
And if the virtual card is somehow compromised, there is always the option to immediately freeze the business account and prevent any further activity from being carried out from there.
Managing your subscription at ease
You can handle all the online subscriptions of your company using virtual credit cards. While setting up virtual cards for every business subscription, you can note when merchants overcharge you and cancel that card without the need to change your payment details for every vendor. You will only have to delete the virtual card completely, rather than cancel the subscription altogether.
The ability to control spending
Virtual cards let you set your spending limits and select the merchants you want to pay using the cards. Enforcing such controls helps keep a check on the company funds and protects your bank account against fraudulent activities. In fact, there are many virtual credit cards where you can choose a date to close the card or schedule it for closing right after making a payment.
With ‘convenience’ and ‘digitalization’ being the buzzwords in any sector at present, sticking to the same old physical credit card makes no sense. So, go ahead and apply for your virtual card today.