In an age where hackers are stealing our personal data to steal our identity and make fraudulent purchases, virtual credit cards provide an extra layer of security.
Briansclub create a random number instead of exposing a user’s actual account number, keeping that information from being stolen and misused.
More than a quarter (26%) of survey respondents identified better customer experiences and minimized fraud risk as the biggest benefits of using virtual credit cards.
Reduced Risk of Fraud
One of the biggest challenges that businesses face is fraud and abuse. These can come from within the business, and from external third parties that have access to payment information.
This is a risk that is easier to reduce with virtual credit cards, which mask the actual card number from online transactions. These cards also come with more control levels that normal credit cards don’t have.
These controls include setting spending limits and limiting the use of the card to single-use merchants. These features prevent fraudulent purchases from racking up large unauthorized charges.
With these controls in place, virtual cards can help businesses mitigate the risk of fraud. They can even be used as part of a more robust spend management platform that gives finance teams greater visibility into individual payments. This gives them the ability to make faster and more accurate claims for unauthorized charges.
Greater Control Over Spending
Virtual credit cards are a convenient way for consumers to shop online or over the phone without exposing their physical card information to potential thieves. These randomized 16-digit numbers are issued by most major card issuers and networks, including American Express, Mastercard and Visa.
Consumers can also use virtual credit cards to set spending limits, define merchant types and control how much they spend on each card. These features make it easier to track purchases made using virtual cards and protect sensitive data in the event of a security breach or hack.
Although some consumers may enjoy the convenience of virtual credit cards, others may encounter complications when using them. For example, if you use a virtual credit card to book a rental car or hotel stay online, the company or hotel will most likely want to verify your actual card before approving your transaction.
More Convenient Payments
Virtual credit cards allow you to pay for purchases instantly online or on the phone Brians club. They can also be used for recurring payments such as subscription services.
Despite the convenience that these cards offer, many businesses still rely on checks to settle B2B invoices. These outdated, manual processes are slow, inefficient and costly.
A virtual card can eliminate these bottlenecks and speed up your business’s workflow. This allows you to purchase new software and equipment without delay, allowing you to keep up with your growth and profitability goals.
In addition, these payment methods can make thousands of dollars in rebates available to companies who use them frequently.
These benefits are making virtual credit cards a popular option for consumers in the digital age. They can also help you stay on top of your spending habits and protect you from fraud.
Greater Flexibility
Whether you are a business customer or a consumer, virtual credit cards can give you more flexibility in the digital age. They are a secure and GDPR compliant payment method that can be used for both one-time and recurring payments.
When you pay by virtual card, you don’t have to provide bank details or manually process and enter invoices into your accounting software. The transaction happens immediately, and granular real-time data means you can track spending in a single platform to better manage your budget.
Virtual cards also eliminate the risk of fraud because they hide the customer’s actual credit card number from hackers. Moreover, spending limits and category restrictions keep cybercriminals from racking up large charges and allow you to instantly freeze or cancel your card if you suspect your personal information is being stolen. You can also request a new card instantly from your card management platform. This is a much quicker process than reissuing physical cards, which can take 3-5 days.