The world is going digital. Businesses are now conducting all of their operations online, including their payments. Hence, now is the best time to use virtual cards and other virtual modes of payment.
A virtual card performs all the functions a physical credit or debit card performs, but it is better. Physical cards are restricted to geography, but that is not the case with virtual cards. You can use a virtual credit card anytime, anywhere. Like any regular payment card, a virtual card also has a combination of 16 digits.
A virtual credit card or any other virtual card provides a medium for secure transactions. You can also decide your spending limits when you use a virtual card. You can also enable an anti-fraud function on your virtual card.
Features of Virtual Cards to Check Out
There are different functions and advantages of a virtual card. Let’s try to understand these features in more detail.
The traditional cards have several loopholes, which a virtual card takes care of. In recent times physical cards have become prone to several payment frauds. This is where a virtual card can come in.
Virtual cards are quite secure, allowing you to terminate the account and prevent data leakages. You don’t need to worry about losing the card; you can manage all the operations digitally.
The virtual banks that offer virtual cards provide 24 X 7 services. Therefore, you can access all card-related services throughout the day.
If you have a traditional card, you will have to visit the bank to activate your e-commerce transactions. However, there is no such hassle in the case of virtual cards. You can apply for an instant virtual credit card and transact with different e-commerce stores. Also, you get access to your virtual card immediately, unlike the traditional cards where the banks take around 7 to 14 days to share the cards.
Another important feature of a virtual card is they come at a lower cost. The fees charged by virtual banks are quite minimal. Also, you earn cash back on different spends. This is because all the operations are conducted virtually, and the cost of operations goes down drastically.
When you pay different vendors, your cash flow can get confusing. This gets even more complicated with traditional cards. However, when you use a virtual card, you can use data to keep track of your cash inflows and outflows and the funds available to you at a given point.
You can also assign a different virtual card to vendors if you often transact with them.
Virtual cards offer a great deal of flexibility. You can control your transactions at your convenience. The best thing about using a virtual card is that you can assign different virtual cards to different people, and you can set a limit for these cards.
There are several benefits of an instant virtual credit card. They not only cut down the reconciliation process for the A/P department, but they also help in managing your transactions better. If you are wondering which card to check out in 2023, head over to OneCard and explore the benefits they offer to determine whether it will be a suitable option for you or not.