Did you know that with physical business credit cards, you run the risk of a vendor reusing your card or charging you more at a later date?
With a virtual business credit card, you can make a one-time payment and then lock access to the card – preventing credit card fraud before it happens. As a result, not only will you avoid fraud, but you will avoid the administrative task of distributing your physical card information to recurring merchants in your network.
This is only one example of a virtual business credit card’s great benefits. Keep reading for even more ways this new technology can help ease the cost of everyday business.
- Manage Employee Credit Card Spending
Never worry about holding your employees accountable for business-related expenses again. With a virtual corporate card, you can give employees access to spending anywhere. This capability exists because no one employee has to carry a physical card.
Not only can you provide immediate spending access, but you can limit access, too. Also, with the right virtual cards, you can control where payments are processed. This can further reduce credit card misuse and prevent accidental overspending.
- Align Your Business Budget With Spending Goals
You can organize your budget and spend directly from your bank account with virtual card numbers. In addition, you can segment cash flow to specific employees by issuing them virtual card numbers.
By issuing different employees and departments different virtual card numbers, you can track department spending without opening multiple business bank accounts.
You will also have the ability to lock or unlock employee credit cards. This allows you to further control the amount of your budget allocated to that card.
- Improve Credit Card Fraud Prevention
Whenever a virtual spend management card gets used, you reduce the chances of fraud. You can use a different virtual card number for each merchant or vendor you do business with. This helps prevent that card number from being used anywhere else.
Use an unlocked virtual card number for purchases made through more common locations without restriction to one merchant.
Even if your virtual card number is compromised, it is quickly locked by your credit card issuer, and a new number is given to you immediately. This provides near-zero downtime for credit transactions in the case of fraud.
The Right Virtual Business Credit Card for Your Business
Obtaining a virtual business credit card is a step forward in protecting your business from financial fraud. Not only will you make safer merchant payments, but you can simplify the management of your business expenses without ever having to expose your physical credit card number – not to mention the added control over employee spending budgets.
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