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Virtual credit cards’ main strength is their ability to mask credit card data through a randomly created credit card number.
Looking for more upsides of virtual cards for businesses? You’ve come to the right place. In this business blog, we consider the top five reasons this payment solution is now the go-to for businesses keen to protect sensitive customer data, including:
- Spend control
- Fraud protection
- Vendor payments control
- Tracking
- B2B digitalization
Improved Spend Control
One of the most recognized benefits of virtual cards for companies is that they allow for better expense management. Business leaders must know how much is spent and how often their card is passed through that little device meant to process payments.
However, bank-issued physical cards are not exactly the best solution in this sense, as these aren’t designed to share critical information like each receipt uploaded and expenses charged with the finance team.
Categorize Expenses
Not to mention that physical cards can’t categorize expenses, so you might be inclined to spend more if you don’t have a clear idea of money moving in and out of your organization.
With virtual cards, things are different, as these enable you to control precisely where payments are made and thus mitigate the risk of misuse from contractors and workers.
