The advantages of the virtual bank card for the management of your professional expenses online
Virtual bank cards: what are they? What can they offer your business?
Like a traditional payment card, the virtual bank card has a PAN code, a CVV code or an expiry date, but will not have a physical representation. Indeed, at the request of a customer, the virtual card can make a payment online, on a mobile application or website.
There are two types of virtual bank cards: the recurring use card: it acts as a capped card allowing recurring payments to be made, whether for short-term subscriptions or transactions. And the single-use card. The ephemeral card is designed to make a single transaction before it becomes obsolete. For more specific needs, other types of virtual cards such as procurement cards per supplier or virtual ghost cards adapted to bigger companies with various departments.
Having virtual bank cards allows you to better organize your business expenses online. Unlike physical cards, you can have several virtual cards without any additional fees or steps. You can therefore use a virtual card for each site on which you make regular purchases (Amazon, Shutterstock, etc.). Thus, expenses are more legible: each payment on each virtual bank card corresponds to a purchase made on a specific site. It is up to the customer to set it up as he wishes: he can choose the period of validity, as well as the ceiling of the amount of payments. You can set up a credit card with a validity period of 12 months and a limit of 1,000 euros, and then register it on Amazon.
When and why should you use a virtual card for your business?
The virtual card has the advantage of being issued in real time (no delays or postal charges), and helps secure online transactions by preventing fraud, hacking, loss or theft. The virtual bank card helps to mitigate the risk because it provides a different number for single use.
- Real-time issuing of virtual cards at will to compensate for unforeseen events, emergencies and to gain in flexibility. Instantaneous loading and unloading of cards: the company remains in control of its budget and controls every expense.
- Autonomous management of virtual cards and accounts: you are free to manage your transfers and control your employees’ cards remotely. Total and immediate visibility of transactions: for a better accounting, administrative and budgetary follow-up.
- Choice of currencies: the company is free to choose cards and accounts in the currency of its choice (e.g. EURO, USD, GBP), thus avoiding exchange rates.
- An integrated expense management tool will help you to be aware of every single payment and obtain details about each transaction made.
With Everest, you can easily issue virtual payment cards in your dashboard, and link them to any online subscription. No need to lend your personal card to your employees anymore! You’ll avoid wasting time managing your employees’ expense reports. If they need to make purchases on the internet – flight reservations, car rentals, online software subscriptions – you will be able to set up each virtual bank card by allocating an amount and paying the expiry date of the card for more control. Find all the information about our cards here.