We all know that right now, the whole world is constantly becoming digital in every aspect. And again this includes the payment of goods and services through the use of virtual debit cards.
Again be also noted that this particular virtual payment cards have transformed how companies manage and make payments. Therefore, this has helped save businesses excessive fees and valuable hours spent doing admin tasks.
Surely, just know that incase you own a business, you definitely might be wondering whether getting a virtual debit card would be of any use to your company, or maybe streamline your finances even as you expand your operations.
Also with this in mind, we put together below are reasons why you should consider getting a virtual debit card for your business. But first of all, you need to know what a virtual debit card is.
What is the real meaning of Virtual Debit Card?
In a simple way, just as the name stands, virtual debit card surely is a digital version of the physical debit card linked to your underlying debit card.
And besides being virtual, it includes all other aspects of the physical debit card, such as debit card number, cardholder name, card verification value (CVV) code, and expiration date. It also has a 16-digit randomly-generated number.
Also, you can quickly and easily make payments over your phone or online payments using the virtual debit card. However, you can’t use this card to withdraw money from your account.
The Reason You need to Get a Virtual Debit Card
Take note that using a virtual debit card service will definitely provide you with a couple of benefits. These include:
1. Reduction of the Number of Payment Fraud Incidents
The normal common cards create an easy target for theft, just either by getting cloned or being stolen. However when using a virtual debit card to do your business transactions, you enjoy greater security from fraud and theft.
The reason is because you can easily deactivate your virtual debit card in minutes. You also don’t share bank account numbers. Thus, you can enjoy greater peace of mind when making online payments.
To add to that, they don’t have visible card numbers and magnetic strips present on physical cards. Hence, it becomes harder for unauthorized individuals to hack into your account. Some virtual cards also require face scans or PIN details before accessing your account.
And you can also set your virtual debit card to be single-use and expire immediately after using it. This offers you further protection by ensuring your card is not used by unscrupulous dealers.
Nonetheless, make sure to use a virtual debit card issued by a trustworthy provider. This way, you can be certain that their card network boasts excellent security features and extensive fraud checks.
2. Improving Oversight And Accountability
In any business you need to be very accountable for every penny you spend or you risk experiencing cash flow problems or suffering considerable losses. Also this is where using a virtual debit card comes in handy, as it allows you to have excellent oversight and accountability for all your business transactions.
Be noted that with the virtual debit card, you’ll be able to determine how and where all your money is going as each transaction is automatically recorded in the card management system.
Of course this saves your accounts department the hassle of manually checking the expense receipts to validate each transaction, which is often time-consuming. So, you can easily and effectively monitor and control as you can easily know how every penny is spent.
The card also comes in handy if different employees use the same virtual card to make different transactions. You can also set limits each of your staff can spend to further boost transparency and prevent any violation. This allows you, as the business owner, greater control of uses in company finances and ensures increased accountability.
3. It Provides Conveniences For E-Commerce Activities
Don’t forget that running any business is highly engaging and requires you, as the entrepreneur, to be fully committed to the daily operations of your enterprise.
And this virtual debit card offers you this freedom because you don’t need to physically go to the bank to complete a transaction. Additionally, you can do the transactions 24/7, unlike a physical bank operating at certain hours.
I need to also remind you that getting a virtual debit card also doesn’t require you to file a lot of paperwork. Along with taking a lot of time, paperwork increases the chances of making a mistake.
Also, you can start right away instead of waiting 7 to 14 days for your account to start running. This is because you can handle everything conveniently and quickly using your computer. As a result, you can shift your focus to other vital matters relating to running your business.
4. It Promotes Teamwork
Taking it further, more merits of virtual debit cards is that it promotes teamwork among the employees within your business. This is because your staff will constantly need to communicate with each other when keeping track of their spending.
And with this, it helps to inspire collaboration within them, and they’ll find ways how they can reduce their spending. This will help the team come up with a fixed budget they can use to guide them for quarterly campaigns.
5. It Also Saves Your Organization Time And Money
Know that every time and money are two precious assets you don’t want to waste in business. Then utilizing a virtual debit card ensures that wasting time and money doesn’t happen because you can quickly get one at the click of a button, unlike physical cards that require manual work for making payments.
You can start using virtual debit cards to do transactions, which in business is vital considering every minute counts if you want to remain competitive.
The use of these cards saves you money because digital transactions are faster and cheaper. This is because regular admin tasks are cheaper when making digital transactions.
6. It Helps You Take Back Power From Vendors
Immediately a vendor has your card information, of course they can charge you each time they want. Because of this, you might find your subscription lasting longer than you wish.
And using The Virtual debit card account, you can prevent this as it offers you greater control over all your online subscriptions.
Accordingly, prevention allows unnecessary payments from being charged to your account if an employee forgot to cancel a subscription.
First of all, most times everybody agreed that Virtual debit cards are the go-to option nowadays among many businesses for both online and offline transactions.
And this especially comes in handy as a business owner because you’ll need to make a lot of business-to-business (B2B) transactions to pay buyers or suppliers, and you don’t want to waste precious time physically lining up at your local bank.
In addition, by now you should know that the detailed in this post is an outline of why getting a virtual debit card can be a wise move for your business in case you have even the slightest reservations and making use of everything here will take your business higher and smooth as usual.