With the ongoing digitization processes, not only routine but businesses also need to move on, adopting the new trends. In such cases, the primary key to improving the workflow is to stop relying on the classical methods of payment or banks, which are slow and ineffective. The best solution is to use virtual cards instead of standard plastic ones, falling under numerous restrictions and risks, as the primary payment method.
What are virtual credit cards?
If you compare the principles of work, the plastic and virtual card do not differ. They have the same functions and competence, and the virtual account has identical elements for proper operation run, like:
- Name of the virtual corporate cards holder;
- A string of numbers for the card;
- Attached is the billing address;
- Protection for the virtual cards for a business in CVV or CVC2 code;
- Date of service expiry.
At the same time, because of the specifics in their approach, virtual credit cards for businesses are much more versatile in use. The number of simultaneous active virtual cards, their purpose, and limits can be set individually, effectively distributing the funds and solving any issues with ruling the budget. For this, no additional efforts are needed — a couple of clicks are enough to open another virtual card.
The advantages of virtual credit cards
Initially, credit cards were created for everyday use by people who need to keep all their transactions in one place. Compared to business objectives, using banking cards is limited and inconvenient for them, as they require ample opportunities to work. Including the security issues, the strict amount of assigned cards per user, and unreasonable limits that barely allow you to move on, it is better to search for more optimized options.
The convenient solution is to select the best virtual card for your business account, unlock the necessary amount, and assign each to the necessary tasks.
All operations are performed digitally, allowing one to work with the account from any place and not worry about the security of the physical copy. Unstocking unlimited virtual cards can also be unlocked, assigning them to different business departments or teams. With multiple options working simultaneously, you will also be able to speed up the work and perform transactions much quicker, as each operates independently.
Why it is convenient to use virtual credit cards for business?
If you think about it carefully, there are multiple reasons why businesses should reconsider using plastic cards for their operations. When switching to the virtual card concept, they can experience such features as:
Security
The cards are impossible to steal or forget somewhere by accident, and for virtual access, the thief has to pass the improved authentication.
Responsiveness
All operations can be immediately activated or frozen whenever the threat appears, protecting the virtual credit cards’ data and funds.
Anonymity
Standard bank cards are always at risk of disclosing sensitive data to third parties, while virtual ones do not keep on the services any private information.
Flexibility
With the opportunity to use unlimited virtual card task combinations, it is possible to regulate the activity according to the priorities or specifics of a particular department.
Distribution
All the sources can be divided into different categories, which helps manage the budget for current and upcoming tasks.
Moreover, virtual credit cards for business take only a second or two to be created, require a couple of minutes to be set up, and work for years until the expiry date comes. With such advantages, the businesses will be able to work on the task much faster and more effectively, leaving more opportunities for the further development of the sphere.
How virtual cards increase the management efficiency
The primary tool of virtual card usage is the ability to come up with multiple variations that work for different purposes selected by the owner. On average, there are several types of aims for which the cards are usually created:
Budget-dependent
For saving up on additional expenses, the whole sum is added to the card at once, allowing one to see how the funds are distributed. This can give a clear answer on how much should be assigned to the task for the next period;
Category-distinguished
Distributed per each team or department, virtual credit cards for businesses are relatively comfortable tracking the overall expenses for one project or stage of manufacturing. In such a way, it is easier to calculate the profitability per branch and increase the budget effectiveness;
One-time purpose
Created with the prescribed amount of money on its balance, they later cannot be refilled or used after the funds are cleared. The principle of their work is the closest to gift cards, which are also used at once and get dismissed after;
Vendor-related
Assigned to one business partner at a time, this virtual business cards type helps to track the activity of every vendor involved in their production. Collecting the annual budget data is conveniently sorted per partner already.
For getting the detailed report of expenses, there is no need to expect the bank's response and the approval of the request. When using the distributions of virtual cards per specific criteria, it is not a problem to receive the checkout for the assigned category shortly. While compiling the complete report for a certain period, the preliminary data from the virtual card significantly quickens the process without a need to sort out all transactions over and over.
The enhanced protection of funds with virtual business cards
Not only are the accounts secured from any physical thief attempts because of complete digitalization, but their virtual safety is also high. Whenever suspicious activity is spotted from the virtual card, it can be quickly frozen, preventing the unauthorized attempt of money leak. After some time, the activity is restored, allowing you to use the card as before, as if nothing happened. In critical cases, when suspicious transactions continue, the current virtual card is deleted in a few seconds, and the new one can easily take its place after the quick setup.
If you want to keep the funds safe, you can place limits on each card for the required parameters. It can be related to limitations per purchase type, set period, daily transaction number, or several variations at once. The budget can be controlled when they are active, preventing unwanted expenses. This is especially helpful initially, without preliminary agreement with the financial department.
Create unlimited virtual cards with Karta
When you plan to get started with virtual credit card use, you should first find a suitable platform that introduces such services. Searching for such a company, you need to pay attention to Karta — the flexible service that takes care of all needs for working with multiple virtual cards. You must complete the account setup in a couple of minutes, click on “Start,” and create virtual cards with their purpose, budget, and limits. You will not need excessive control, as all the processes are automatized and do not require round-the-clock monitoring.
Start using KartaAmong the offers for business, we include such features as:
Convenient management in one place
The service allows you to follow the transactions or perform operations with the necessary virtual card on any device and from any place. With real-time updates, it is easy to track the current processes.
Diverse opportunities for controlling the budget
To not overspend the available funds, they can be effectively distributed and limited to the essential purchases of reasonable costs for each card individually.
Interaction with popular services
The issued cards are accepted by well-known companies, like Google Ads, Meta, TikTok, Taboola, and others. There is no need to worry about the credibility of cards, as all of them have a reliable BIN number for release.
Quick activity restriction
Whenever the suspected transactions happen on virtual credit cards, they can be quickly frozen or blocked, preventing leaks. No need for additional permissions or calls for technical support - the control over the situation is in the owner’s hands.
Reliable protection
As there is no physical analog, all cards are in the account owner's control, so unauthorized use becomes impossible. There will also be no cases of losing or forgetting them at some place, as with regular plastic cards.
Unlimited virtual cards for business
With Karta's service, creating as many cards as necessary for effective management is possible. Depending on the company and its tactics, they can be assigned to different tasks and categories.
If you select Karta as the future partner, the business will soon become a beneficial deal with increased effectiveness and more convenient navigation. The service will help to minimize the efforts in budget compiling, seeing the clear picture of current priorities and expenses.
To start working with the Karta platform, click “Get started” and see the range of our opportunities on virtual credit cards for business with your own eyes.
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