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In this age of digital transactions, virtual payment cards have become the most suitable payment solution for businesses. Whether it is an online or offline business, individuals are getting more and more inclined to digital monetary transactions.
If your B2B business requires dealing with international payments, you need to get out of the frustrating formalities of a physical bank. Instead, welcome a faster way of payment, so that you can focus on other aspects of your business. With instant accessibility and wide acceptance of unlimited virtual cards, your life will be much easier no matter where you need to send money.
From 2010 to 2017, around 85 million active virtual card users in Europe have identified the benefits and embraced these payment cards in their lives. Now, it is your turn to leverage the virtual payment systems to grow your business in 2022.
5 Advantages of using virtual payment cards
#1. Enhanced security:
Traditional bank account cards require you to deal with physical cards. These instruments are prone to scams. Unlike checks and ACH payments, virtual cards provide the in-built encryption mechanism of online payment which makes transactions way safer. Furthermore, you can pre-set a maximum spending limit to keep a tab on your expenditure. Other security components let you terminate your account anytime in just a few clicks. This feature comes in handy in case there is any possibility of data leakage.
The most excellent security feature of virtual cards is that they provide you with on-time bank numbers for a particular payment. Using this mechanism, you can avoid providing the same bank numbers to all third parties. Unlike a physical card, virtual ones are immune from theft. AS a result, your bank details remain secure from the prying eyes of criminals and fraudsters.
#2. Optimized for e-commerce:
Virtual banks are available 24/7 to support your international business’s payment needs. Contrary to traditional banks, which have fixed working hours, virtual banks provide round-the-clock service to all customers. This kind of uninterrupted service enables an E-commerce optimized experience for all customers. Processing payments via virtual card to buy your favorite goods online is just a few clicks away. Furthermore, you no longer need to wait for 7 or 14 business days to start your account. Instant activation in the computerized infrastructure eliminates all chances of manual errors in paperwork and streamlines the efficient online payment process.
#3. Convenient tracking:
In offline mode, tracking payments can undoubtedly be exasperating. While dealing with vendors and suppliers your cash flow can get disorganized. However, with virtual payment cards, you can keep track of your funds instantly using the online portals of your virtual bank application provider.
This feature enables transparent and efficient tracking of funds and keeps your cash flow hassle-free. Additional functionalities such as assigning specific virtual cards to particular vendors keep the transaction source systematic and neat.
#4. Effortless financial management:
Virtual cards provide a flexible mode of managing the funds. Users can decide their spending limits within a range, unlike traditional cards where the bank imposes daily expenditure limits. Customers can also freeze or close their accounts instantly, thanks to the computerized ecosystem. One can assign a single-issued virtual card to a specific person for a specified amount of money, which they select. As a result, there is more control over their spending habits. This also helps reduce the processing time for reconciliation for the A/P department.
#5. Lower fees for transactions:
Virtual banks charge significantly fewer fees to carry on a particular transaction from customers. Additionally, they reward the users with a cash rebate for every dollar spent. Sounds exciting, but is there a catch? Not really! Since everything is in the online mode, the operating costs of these financial tools are far less than a physical bank. As a result, they can charge less and provide cashback and promotional offers without hurting their revenue.
Final Thoughts
A virtual payment card allows you all functionalities of the physical cards with added features and benefits. From end-to-end protection for every transaction to easy tracking and earning cashback, virtual cards are the ideal payment method for the new-age businessperson. Instant online payments help you save time and resources so that your business can invest time in its development and not in doing cumbersome paperwork at a physical bank.
