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Virtual cards for businesses have become a sensation as they incorporate technology and versatility to make digital payments less stressful and more reachable.
Fortunately, for businesses, virtual cards have arrived just in time. Typical physical payment vehicles such as charge, debit, and credit cards are cybercriminals’ core targets; therefore, these cards have had their day. There is a new generation of online payment solutions that are more secure.
- Spend control
- Fraud protection
- Vendor payments control
- Tracking
- B2B digitalization
Improved Spend Control
One of the most recognized benefits of virtual cards for companies is that they allow for better expense management. Business leaders must know how much is spent and how often their card is passed through that little device meant to process payments.
However, bank-issued physical cards are not exactly the best solution in this sense, as these aren’t designed to share critical information like each receipt uploaded and expenses charged with the finance team.
Categorize Expenses
An instant virtual credit card is the perfect tool to minimize fraud and boost digital security.
Not to mention that physical cards can’t categorize expenses, so you might be inclined to spend more if you don’t have a clear idea of money moving in and out of your organization.
With virtual cards, things are different, as these enable you to control precisely where payments are made and thus mitigate the risk of misuse from contractors and workers.
