The benefits of virtual debit & credit cards

Evan Dunn3 minutes
The benefits of virtual debit & credit cards
In this article
  • What are virtual payment cards?
  • Five main benefits of using virtual cards for US businesses
  • Try Airwallex virtual cards for your business

Virtual payment cards are becoming more and more popular lately, especially here in the United States, and using them can mean big benefits for your business. Read on to explore the core benefits of virtual debit and credit cards, and the impact they can have on your business.

What are virtual payment cards?

Virtual payment cards are debit or credit cards created entirely online that facilitate virtual transactions. 

The cards have a randomly-generated 16-digit number, three-digit security code, and expiration date, similar to your run-of-the-mill debit or credit card. Virtual payment cards act in the same way as traditional cards as well, while eliminating the need to carry around a physical card in your wallet or purse. 

Mastercard, American Express, and Visa issue these cards, much like their traditional cards. They’re accepted almost anywhere your normal cards are accepted. 

The main way virtual cards differ from traditional bank cards is in their operation and ease of use.

With virtual payment cards, you’re in control — not your bank. You can decide what currency to use, your spending limit, and where to use the card. 

Five main benefits of using virtual cards for US businesses

These types of cards are streamlining the way payments are made for both suppliers and vendors. Why? They provide numerous compelling benefits to businesses everywhere.

Staff empowerment

When it comes to employees making business purchases, virtual payment cards are a great method for these transactions. 

Traditionally, you’d have to track down one physical card that gets passed around the department, or go through the troublesome paperwork to be issued your own corporate credit or debit card. Virtual payment cards, on the other hand, can be assigned to any individual needing to make business payments. 

If you’re a business manager, you can even implement guidelines and limitations on these cards, such as a spending limit. This will give you a firm hold on your budget when allowing your team to use the business account for purchases.

By eliminating these obstacles, your business can move forward with purchases in a timely manner. Purchase requests won’t sit in a pending state for weeks until someone gives the green light (or hands over the card). With virtual payment cards and set budget limits, employees can make these necessary purchases while the manager can still maintain full control.

Improved accountability

One additional benefit of virtual payment cards is the accountability and oversight you have over your business’s finances. 

Since you can assign virtual payment cards to specific suppliers, vendors, and employees, you know exactly where your money is going. Any purchases made on cards you assign will show up in your payment system for review. 

This method makes business payments simple, organized, and streamlined. No more mystery payments or chaotic purchase statements.

With this improved organization, the amount of time your accounting department needs to chase down receipts and clean up messes will also be eliminated, allowing them to focus on more important matters. With each payment being allocated to the staff member who made the purchase, tracking down and reconciling transactions is simple. 

Added security

An undeniable advantage of using virtual payment cards is the improved level of security you and your business gain. 

Virtual payment cards are ideal for making secure online payments. Since they aren’t physical cards, they are essentially impossible to clone or take — no physical item exists to be taken. You can even further secure these cards by issuing them as single-use with an expiration date directly after they are used for a purchase.

Although this method does add an extra layer of security, it is still important to treat virtual payment cards with the same level of caution and mindfulness as a physical card. After all, it is tied to real money, so appropriate security measures should be taken.\

On that note, since virtual payment cards are issued by trusted card providers such as Visa, American Express, and Mastercard, payments on these cards are offered the same fraud checks and security features as the rest of their network.

Easy to create and use

At first, virtual payment cards were only accessible to large corporations and business enterprises. Recently, with the rapid advances in financial technology, virtual payment products have become available to everyday businesses, big and small. 

Companies like Airwallex allow businesses to create virtual cards within seconds. All you need to do is set up an account online and begin creating them for your business.

Virtual cards can be created instantly from within your Airwallex foreign currency account. No need to wait for a physical card to arrive in the mail — you can start using our cards right away on Apple Pay or Google Pay.

Ease of reconciliation

One of the most irritating things surrounding corporate credit or debit cards is that finance teams often need to track down the transaction owner to reconcile a payment or obtain receipts. Sometimes a company’s accountant or finance person has to track down multiple people just to find out what a transaction was for!

With virtual payment cards, you can assign the card number to a specific person, department, or expense code. This allows businesses to easily reconcile expenses to the right amount and identify the right people to ask for information regarding the transaction. 

Try Airwallex virtual cards for your business

Airwallex gives everyday businesses access to virtual debit cards and more control over the success of their companies. Best of all, Airwallex’s multi-currency cards also have zero international transaction fees, so you can use them for all types of payments all over the globe. Monthly fees are nonexistent, and you can set up an account online in a matter of minutes. 

Get in touch with us today to discuss how Airwallex virtual payment cards can help your business.

Related article: 6 Reasons why your bank transfer might be delayed

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Evan Dunn
Growth Marketing Lead, US

Evan Dunn manages the growth of Airwallex's SMB business in the US through marketing avenues. Evan is a generalist with expertise in SEO, paid media, content marketing, performance marketing and social selling. He also enjoys slam poetry and waffle making.

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Airwallex US, LLC (NMLS #1928093) is licensed or authorized to do business as a money transmitter in most states. For some U.S. customers, Airwallex partners with Evolve Bank & Trust (member FDIC) to provide payment and banking services. Texas customers can click here for information about filing complaints about our money transmission or currency exchange products or services.

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