The larger the business, the more daily financial transactions it has. Companies need to pay salaries to employees, pay suppliers, buy raw materials and office supplies, pay for logistics, hospitality and many other different transactions.
For each of these payments, it is no longer necessary to go to the bank or the company’s cash desk every time; just set up corporate card issuing.
Thanks to the multifunctional Business Wallester platform, any business can launch a card project without communicating directly with payment services and banks. Any business card can be issued independently.
What Is A Business Expense Card?
An expensecard is a classic payment card linked to the company’s account. By paying with it, the user uses corporate finances.
It is a convenient means of mutual settlement. It can be used to pay for the following expenses:
- meetings in restaurants;
- tickets for any means of transportation, including airplane and cab;
- hotel reservations for business trips;
- advertising in social networks and other platforms;
- car rental on business trips;
- purchase of goods for the company’s needs at retail outlets and via the Internet;
- expenses for the maintenance of the company car fleet, etc.
Payroll cards can also be linked to the corporate account, to which company employees receive their salaries and bonuses.
Business cards can be used around the clock. You can withdraw money from them at ATMs and deposit it back into the account if necessary.
The user can track all card transactions via a convenient mobile application. You can easily request an account statement and control your expenses through it. Business cards can be physical or virtual.
What Is A Virtual Card For Business?
The difference between a virtual card and a physical one is the absence of a plastic carrier. Otherwise, their functionality is identical.
The card exists only in the virtual space in the bank’s application. It can be used to pay for any purchases where contactless payments are accepted or to conduct transactions over the Internet.
Visa usually issues a virtual card. Unlike a physical card, it can be issued in just a couple of clicks without visiting the company’s office or making any calls. To do this, launch your company’s card program application.
A virtual card can be either a debit or credit card. It can support any currency. The only nuance is that the validity period of a virtual card is much shorter than a physical one.
Most often, the validity period is 2-6 months. Virtual cards can be reusable and disposable. Single-use cards are convenient for single purchases and when you are worried about the safety of your details.
Advantages Of Virtual Cards
The main advantage of a virtual card for business is the security of payments made with its help.
In addition, such a card can be remembered in an ATM or lost; it will not be stolen, as it can be with a regular plastic card. Let us list other advantages of virtual cards:
- Increased protection from hacker attacks. Fraudsters will not withdraw funds from such a card as they cannot access the company’s main account. Any attempt to hack the system will end with the blocking of the card;
- Convenient use. The card is available in the mobile application, so it can be used to pay for goods and services in one click not only online but also in retail outlets where there are terminals for accepting payment from mobile gadgets;
- Universality. A virtual card can be used anywhere in the world. It can be used to pay for goods and services in any currency. Conversion is carried out automatically at the most favorable rate.
Virtual cards have certain disadvantages. Since they exist only in a mobile application, you can use them only if you have a stable mobile Internet.
Also, such a card can not be used in stores and old ATMs that do not have NFC chips.
We have listed the general advantages and disadvantages of the virtual card, and now we emphasize directly the advantages of such cards for business:
- cards are issued instantly in just a couple of clicks;
- they can be used for media buying on any media platform;
- any number of virtual cards can be issued, which is very convenient when paying for multiple advertising campaigns and mutual settlements with a large number of suppliers;
- expense management becomes easier with virtual cards, as you can easily set individual limits on each of them and thus always stay within the allocated budget;
- every transaction is notified in real-time;
- all card reports can be easily exported to the company’s financial system from the mobile application.
A virtual card is a convenient and maximally secure payment instrument suitable for any business, regardless of its sphere of activity or scale.
