The way businesses carry out their finances constantly evolves. New advances in the corporate world have made major changes to how corporate cards are used.
Many of these changes involve the use of virtual corporate cards, which are quickly becoming the future of corporate finance.
This article will look into how to best use virtual corporate cards, so they can be utilized within business finances to ensure ease of use and efficiency.
Online Purchases With Virtual Credit Cards
Virtual corporate cards are only used for online purchases, which is a more convenient way to pay and the future of business transactions.
With these cards, you enter the 16-digit virtual card number, CVV number and a security passcode – the payment process is as simple as that.
You can even add virtual cards to a mobile wallet to use them for contactless payments, creating a seamless and safe payment experience.
Update Card Information When Needed
Virtual cards have multiple elements that make them effective, including updating card information anytime and anywhere.
These cards are connected to software that is easily accessible, giving you access to freeze the card within a few clicks to avoid any safety risks to your account.
One Virtual Corporate Card Per Supplier
For even further protection over finances, it could be useful to set up a single virtual card per supplier.
An extra layer of protection prevents and makes it harder for suppliers who may want to use card details for fraudulent activities, as there’s a clear view of transactions being made.
Set Spending Limits on Virtual Credit Cards
Virtual corporate cards can have their own application, where transactions are recorded in real-time, giving you live updates on expenses.
With this, spending limits can be set, where any expenses over the limit need higher managerial approval.
The quick approval system removes the need for time-consuming administrative work and the ability to make spending easier – allowing for a refined business budget, where spending is used where it’s needed most.
Along with setting limits, depending on the type of virtual card, some can be used as an expense management tool, providing spending analytics and other useful financial data.
This helps to hold employees accountable to know how much they’re spending and on what to avoid any unnecessary purchases.
Automate Subscriptions
Businesses often have subscriptions that help the running of a business that need to be paid monthly or annually.
Virtual cards remove manual elements of managing multiple payments for different subscriptions – instead, the virtual card can be filled with the necessary funds that will pay these subscriptions automatically.
For recurring payments, like subscriptions, it may be useful to use a separate virtual card for them – a card can be set up based on whether they’re used for recurring or one-time payments.
One-time payment cards often expire automatically after the transaction, whereas a recurring payment card won’t – creating these categories makes different payments easier to monitor.
Look For Rewards and Cashback Offers
It’s clear that virtual corporate cards are convenient, but they can also come with rewards.
They can provide your business with cashback offers on spend to help you save money in the long run – there may even be possibilities for a welcome bonus.
Conclusion
With more businesses investing in virtual corporate cards, knowing how to use them is one of the first steps to master.
After this, their convenience and efficiency will be evident, making some of your most important finances a safer and easier process.
