![]() Virtual credit cards also reduce the amount of personally identifiable information (PII) that is being shared. Further, you will know which employee is making purchases as the number assigned will be unique-no more instances of several employees leveraging the same corporate credit card number. Since virtual credit cards have a single-use number that changes with each transaction, the chances of account fraud, cloning, or hacking are extremely low. Once you have this information, enter the information and check-out as if you were using a physical credit card. A single-use token will be generated that includes a virtual number, security code, and likely an expiration date. When you are ready to checkout online, go to your virtual credit card’s website or have the extension downloaded to your browser. Now, virtual credit cards can be a bit more of a hassle to shop with compared to a physical credit card. However, if the virtual card you are using syncs to Apple Pay or Google Pay, and the retailer accepts that form of payment, then virtual card holders will be able to use it more widely, including for contactless in-person payments. On the downside, virtual credit cards can only be used online or over the phone as there is no tangible card to swipe at a physical retail location. ![]() If a vendor has a security breach and card numbers are compromised, the theif will not be able to utilize your information for credit card fraud as the number will be dead. How Virtual Cards WorkĪ virtual credit card serves as a veil between your credit card account and the merchant or retail outlet. However, from a security perspective, virtual credit cards offer an additional layer of protection as the “number” issued enables you to conduct online transactions to your main account, without actually utilizing or entering (exposing) your actual credit card number. It includes the normal 16 digits, expiration date and security code of a regular credit card. Virtual card numbers aren’t that different from a physical credit card. This will make the process far more streamlined as transactions will be on one report and it will be clear who made each purchase. We’ll talk more about how easy it is to issue a virtual credit card number later in this post.Ī favorite for finance teams, by eliminating the use of personal cards, you will also have better visibility into spend and the reconciliation process. Virtual credit cards also eliminate the wait times to get a physical credit card sent to an employee and the risk of it falling into the wrong hands. This is a great option for remote workers or contract employees. However, the expiration date window can be much shorter-good for a few days or a week, even. With a virtual credit card you are able to create spending limits and expiration dates for the virtual cards, similar to physical cards. If an online retailer is compromised, your virtual credit card number and other card details will be of no value to the fraudsters. There are numerous benefits associated with virtual credit cards, including, but not limited to security, control factors, and spend visibility.įrom a security perspective, since the number is randomly generated and changes each time your actual credit card account is used for purchase, you have an additional layer of protection compared to using your actual credit card on the internet. In this post, we will discuss the benefits of virtual credit cards for business use, how virtual credit cards work, safety and security features, as well as some of the most popular options on the market today. If you’re unfamiliar, a virtual credit card leverages electronic, card-less account numbers to allow for secure online payments. > Related: Mastering Corporate Credit Card Management Policy <<Īs workplaces embrace a largely remote landscape, virtual credit cards provide an alternative to issuing employees a physical corporate credit card to cover expenses. Either way, the process is cumbersome and inefficient. Your employees have likely been purchasing must-have items on their personal credit or debit cards for reimbursement, or someone on your team has been handling orders to home addresses. ![]() More than likely, you have a larger population of employees working from home, without access to the office supplies or equipment they are used to having on hand. ![]() Let’s face it, the business landscape has changed. ![]()
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