Yes surely, we know that the world is growing more and more digital in today’s society. And be aware that this covers using virtual debit cards to pay for products and services. The way businesses operate and process payments has changed as a result of these virtual payment cards. This has therefore helped firms avoid paying unnecessary costs and wasting time on administrative tasks.
Now, sure you own a business, you may be considering whether acquiring a virtual debit card might benefit your organization or help you organize your funds as you grow.
And with that in mind, we’ve listed some of the benefits of acquiring a virtual debit card for your company below. Nevertheless, you must first understand what a virtual debit card is.
The Meaning of Virtual Debit Card?
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.
Top 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. It also Reduce 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. It also Improve 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.
Surely definitely 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.
