- On May 16, 2018
When it comes to the credit card processing your business does have you ever considered using virtual credit cards? This is simply a digital number that represents a plastic credit card. With the right card, your customers can often decide in advance the maximum amount that can be charged to the card. They also have the ability to set an expiration date for the card so that it cannot be used for longer than one year. Many consumers are embracing virtual credit cards because it protects their real credit card number from most businesses.
Since consumers are getting in on the virtual credit card you might be wondering if your business can do the same. Protecting corporate credit card accounts is something that is now being accomplished with virtual cards. Many of the top credit card companies in the world are now using this technology to their advantage.
There is more than one use for corporate virtual credit cards. Businesses are now using them for employee expenses such as travel. They are also using virtual credit cards for invoice payments. These days almost 40% of all businesses that process payments electronically are using virtual credit cards for this purpose.
Depending on the size of your business it may greatly benefit from their use. Most small businesses are finding out that business credit cards give them fewer options than virtual cards do. Issuing a corporate credit card to eligible employees can be quite the undertaking but is made much easier with the use of virtual cards. They provide a great alternative to your employees using their own credit cards for business expenses and eliminate the need for them to submit paperwork to receive reimbursement.
Your business will have more control over its credit cards when you use virtual as opposed to corporate cards. When you have employees that can’t be trusted with a corporate card you can provide them with a virtual card that they won’t have the power to abuse. When your employees pay with a virtual card it automatically submits the information to your company, saving you time on paperwork. Virtual credit cards are especially helpful to your business if you work with independent contractors or freelancers.
Virtual credit cards will make payment processing easier for your business. They allow you to provide the best and most reliable merchant services to all of your customers and remain competitive in your industry.