As Canadian businesses work to stay ahead of current technology, it might be a worthwhile time to start exploring a new option which is virtual corporate credit cards.
There’s such a push to move from physical payments to virtual options, so why not do the same with corporate cards? Relative to changes in technology impacting pretty much every other area of business, corporate cards have remained much the same since their introduction, until now.
The following is an overview of some of the reasons it might be time for travel managers to start looking at virtual cards as a viable option for their company.
If you hear the term virtual credit card, you might think you can only use them in a virtual payment environment, but this isn’t the case. There’s just as much flexibility available with the use of a virtual card as with a physical one.
Virtual accounts have the name kind of 16-digit number as any other credit card, as well as security codes.
They can be used for online purchases as well as in-person purchases, so there’s not any limitation to their use.
Security is a top priority for most Canadian and global businesses right now. Even large corporations are struggling to keep up with the constantly evolving threats presented regarding cybersecurity, and corporate cards are no exception.
A virtual card’s biggest perk for many businesses might be the fact that it’s more secure.
First, since there’s no physical card, there’s no risk of it being stolen. This is great for travel managers who worry about what would happen if employees were, as an example, to find their card had been stolen overseas.
Also, most virtual card companies can put more time and resources toward ensuring security when they don’t have to allocate the costs and time associated with physical cards.
From the company’s standpoint, virtual cards provide an excellent opportunity to maintain tight control over spending. This can be particularly true if you have employees that you don’t necessarily think would do well with a traditional corporate card.
When a business uses a virtual card, expense management is incredibly easy and seamless. The cards can be coded based on various criteria, and everything’s automatically added to the expense management system without all the paperwork, which isn’t just time-consuming but leaves ample room for errors and fraud.
Things like tracking and reconciliation are just so much easier with virtual cards, and it offers tremendous benefits to the businesses using them.
Something else that’s worth considering with virtual cards is the fact that you can assign a number to a single project, let’s say if you have a remote or contract employee. You might want to give them a full corporate card, but then they can manage their expenses easily and efficiently without that.
Finally, are you not willing to give up all those perks that come with your current card company? You don’t have to because virtual cards offer some great options, most of which are based on volume as with a traditional card.