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What virtual credit cards are – and why you need them for your business

As for why you’d need a virtual credit card, consider the following reasons to assist in the ease, transparency, and control within how your business spends money.

credit card online shopping
Image: Unsplash

As e-commerce ramps up even more in post-COVID times, many businesses are looking to virtual credit cards to help with flexibility, online safety and fraud prevention, and spending transparency across their teams and employees.

Virtual credit cards work similarly to the credit cards we all know and love: but they have one special caveat. Their numbers are ‘disposable,’ and multiple numbers can be used per one main account – meaning it’s never been easier to track spending, create ease in allowing team members to spend, payout affiliate commissions, or automate media buys. 

PayCertify is leading the charge on the virtual credit card front, helping e-commerce, travel, and media buying industries get more done more easily. Through PayCertify, virtual credit cards actually offer unlimited cashback and bonuses depending on the initial deposit. As for why you’d need a virtual credit card, consider the following reasons to assist in the ease, transparency, and control within how your business spends money. 

1. Greater transparency with online spending 

Media buyers are flocking to virtual credit cards first simply because of the ease in separating transactions. Rather than using one credit card across multiple campaigns, virtual credit cards assign different credit card numbers to each media source, which makes it easier than ever to track the exact amount of spending on each card. This increase in transparency creates the opportunity to track ROI on media buying in a more detail-oriented manner, and with greater ease. 

Businesses are also enjoying the ability to give disposable virtual credit card numbers to employees who are in charge of purchasing goods and services for the business. This way, up to dozens of employees can all have access to the same credit card account with different bin numbers, but via separate and designated credit card numbers.

This allows for transparency with tracking how each employee is using the credit card, and also prevents any possibility of fraud or stolen credit card numbers. Additionally, because the virtual credit cards are funded, they can be thought of as ‘gift cards’ – so, if an employee can only spend up to $500 on event equipment (as an example), a virtual credit card number with a balance of $500 can be allotted.

2. Total control in your hands

PayCertify offers businesses total control over all of their virtual credit cards. Immediately available in a dashboard online, businesses can create new virtual credit card numbers, disable previous ones, and track real-time spending on each. The number of new virtual credit card numbers a business can create is unlimited, so there’s no need to keep an eye on a dwindling limited amount. 

Since these are all virtual credit cards, there’s ease in speed, too. No more waiting a few business days to get a new physical credit card in the mail. And, since e-commerce rules the business world now, it’s never been easier to quickly generate a new virtual credit card, deposit a balance, and assign the credit card to the right team member to make the proper online purchase. 

When the balance on a card is dwindling, the dashboard will send a notification, too, meaning that the control that’s offered is set up with its fair share of support for everyone involved. More control, less need to be hyper aware and hyper responsible for every card and transaction. 

3. Assist in employee travel expenses

Virtual credit cards also offset the need to deal with the hassles of employee expenses and reimbursements, which can take a great deal of time and effort. When employees need to book flights or hotels for business trips, simply allocate virtual credit card numbers to them within a predetermined budget. Since all expenses and credit card activity come through your PayCertify dashboard, you’ll be able to track everything – granting you transparency while also giving them their independence and ease. 

The same can be said for influencers within influencer marketing campaigns. For one, paying influencers on separate virtual credit cards creates the same separation and transparency as separating media purchases, where businesses can track ROI’s per each influencer and influencer campaign. But, since many influencers need to expense purchases for the campaign and their content creation, giving them a virtual credit card number is a seamless and professional way to ensure they’re taken care of while also keeping track of their purchases. Many influencers prefer this, too, rather than purchasing what they need on their own then going through a reimbursement process.

It’s seamless to set up an account and get started creating numbers and depositing funds within a matter of minutes. The ability to oversee and control spending and overall ease awarded by the use of virtual credit cards is why more businesses are hopping on the bandwagon. 

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Chris has been blogging since the early days of the internet. He primarily focuses on topics related to tech, business, marketing, and pretty much anything else that revolves around tech. When he's not writing, you can find him noodling around on a guitar or cooking up a mean storm for friends and family.

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