- What are virtual card payments
- A virtual card (not a physical card) payment is a digital card transaction done among AP departments
If you’re running a business you might be worried about how to protect your company’s finances. One of the biggest threats is that malicious people might try to steal your company’s financial information. An often overlooked method by many business owners to protect their company’s finances is to use virtual card payments.
Rather than directly using your company’s credit or debit card, you’ll use a virtual card that allows you to make payments while protecting your identity.
Here’s what you need to know about the benefits of virtual cards:
1. It Protects Your Company’s Identity
When you use virtual cards for businesses, you never have to disclose your actual credit or debit card number. You’ll give the merchant a virtual card number that can’t get traced back to your company.
You can give out this number when paying for a product or service online. It’s also great for making payments over the phone.
Virtual card numbers change with every transaction. As a result, each time you make a payment you’ll generate a different number to protect your company’s identity.
You can use Bento to get started with using virtual cards for businesses. It offers one of the best services for virtual cards for freelancers, startups, and even large businesses.
2. You Can Control Employee Spending
Do you have employees who have access to your company’s expense account?
One of the biggest concerns for many business owners is that their employees might abuse this privilege and overspend. There’s also the possibility that your employee will spend your money on their personal expenses!
With virtual cards for businesses, you can set limits on each transaction. You can also set daily, weekly, and monthly limits on how much money can be spent.
You can even control what types of products and services can get purchased using these cards. You have greater control over your employees and how they spend your company’s finances.
3. Easy to Manage
The other great benefit of virtual cards for businesses is that you can manage them easily. Using an app, you can adjust spending limits within a few seconds.
You can also “turn off” your virtual card at any time. This prevents you or your employees from overspending.
Using the app you can also keep track of all your purchases. If you see any issues you can cancel transactions or file disputes within the app. You can also expect to receive superior customer service from virtual card services.
You’ll never want to return to using traditional credit or debit cards after using virtual cards!
Those Are the Benefits of Virtual Card Payments
Now that you know the advantages of virtual card payments you can use them for your business.
The biggest benefit is that it protects your identity from potential hackers. You’ll never have to give out your actual card information.
You can also control employee spending and prevent them from overspending using your money. These virtual cards for businesses are also easy to manage.
You can learn more about how to use virtual card payments from our blog!