Think standard bank card – minus the plastic and minus the risks that come with misplacing a physical card.
Virtual cards are a generic identification method used to make an online payment, just digits, an expiry date and a CCV.
Why use a virtual card instead of the one in your wallet right now?
The best part about virtual cards is that they are disposable.
Unlike a physical card that requires bank approval for new cards or for cancellation, you can cancel a virtual card at any time and issue yourself a new one without any repercussions, or waiting periods.
Safeguard money from fraudsters
Virtual cards provide an extra layer of security to online payments.
Let’s say an online merchant was involved in a security breach where your card details were stolen.
With most virtual cards, you’d be more or less okay. Here’s why:
That criminal with your virtual card details? They’d have no luck, trying to spend money with a zero card balance.
Make your life easier
Who could say no to a payment system that’s more convenient?
Virtual cards are a perfect match for recurring payments, with the ability to load set amounts of money rather than exposing your total bank balance. You can also order as many virtual cards as you like – you could have a virtual card for every online service you use.
Business expense management systems can also benefit from virtual cards. Order and cancel cards for staff at any time, and only load the amount you’ve budgeted for, avoiding cost blowouts.
Sign me up
So how do you get a virtual card?
Some banks offer their own versions of virtual cards. But even then you may still face lengthy approval processes to get them set up properly.
In an effort to bring modern fintech tools to all businesses Penny Inc gives you the power to generate as many virtual cards as you like, instantly, for free.
As a smart expense management company, Penny Inc lets you assign virtual cards to employees, set spending budgets, set limits on merchants and funds, as well as freeze or cancel cards instantly.