Virtual cards have been around for a while now, but they were never in high use. However, that’s starting to change now that technology has made issuing virtual cards easier. Believe it or not, virtual debit cards are expected to grow by 363% over the next five years.
That’s why investing in virtual credit cards is a great way to handle your business finances. Keep reading to learn why you should invest in business virtual credit cards.
More Fraud Protection
You have some level of fraud protection when you use regular credit and debit cards. However, it isn’t foolproof. If a company gets compromised and your card numbers get leaked, you’ll still have the hassle to deal with.
Working with virtual cards provides more protection. You can use virtual debit card numbers for specific merchants. If a stolen card number is used by an unauthorized vendor, the transaction is denied.
That means you’ll lose much less when using bound virtual debit card numbers.
It’s not always easy to manage spending with regular debit cards. You have to rely on employees making good decisions and controlling themselves to keep your spending under control. The problem is that there is room for people to make mistakes.
It’s easier to control spending with virtual debit cards. Cards like the ones from https://bentoforbusiness.com/features/virtual-debit-cards/ allow you to put spending limits on every virtual card.
That means you can create separate spending limits for employees and know they won’t go over the spending limit.
It isn’t easy to enforce accountability when you only have one credit and debit card number. Everyone uses the same number, so tracking down who made what purchase isn’t straightforward.
Since you can assign individuals virtual numbers, that isn’t an issue with virtual debit cards. You can quickly bring up someone’s expenses to see everything they used company money for.
This easy reporting allows for better accountability. People will know that you can see what they buy, which leads to less wasteful company purchases.
While there aren’t many downsides to using traditional debit cards and checks to make purchases in business, there aren’t any real benefits either. Sure, it’s easy to use typical payment methods. But with newer financial tools, you can get rewarded for your purchases.
Many virtual debit card companies offer cashback and other rewards for use. Traditionally, you could only get these types of bonuses with credit cards.
Even if your traditional bank cards offer rebates and other rewards, it often takes time to get them. You won’t have that wait when you use virtual debit cards. Many card providers offer monthly rebates to qualifying companies.
Try Virtual Debit Cards for Your Business Today
While investing in virtual debit cards seems like a big choice, you don’t have to go all in at once. You can start small and do a test run to see how virtual business credit card solutions work for your company. Start your trial today to see the benefits for yourself.
Are you interested in learning more about business credit cards and other financial tools for your company? Check out the blog for more business finance tips.