Fintech is entering the mainstream and businesses will need to stay current in order to find continued success. One of the major trends right now is the adoption of virtual cards in the B2B world, which is becoming the preferred form of payments and it is easy to see why when you learn the benefits.
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So, what exactly is a virtual card? Essentially, this is like a regular credit or debit card but exists purely online with the ability to assign rules and guidelines for each card. One of the main uses of virtual cards is a single-use card, which means that the details will only work for one transaction or limiting their use for specific merchants.
One of the main benefits of using a virtual card is that it can increase security, which is a major plus in a time where cybercrime is on the rise and a huge threat for businesses. You do not have to worry about stolen details and identity fraud when a virtual card is used for single-use payments, which means that businesses can conduct transactions without worry about security issues.
Going entirely digital with virtual cards can also help businesses to make big savings as you do not have to pay for paper invoices, receipts, reconcile spend and processing fees. On top of this, virtual cards can also be much easier to monitor and control, which can stop speak leakages from being an issue and help your business to improve its bottom line.
Leading on from this, virtual prepaid cards can also provide greater visibility which is useful for keeping track of spending. You can see spending in real-time and across all team members, which will allow you to forecast spend, optimise your budget on the go and track spending patterns. Having this kind of visibility can be of great use for a business and help you to improve your financial health.
It can also be incredibly quick, easy and simple to use virtual cards as a business. A request can be sent to the manager for spending approval and then a virtual card can immediately be issued with the relevant guidelines and spending limit for usage by the employee.
It is easy to see why so many businesses are adopting virtual cards and it could improve your company in a number of different ways, particularly in a time where cybercrime is on the rise.