Virtual Credit Cards and the Rise of Mobile Payments

With more people using mobile phones and payment apps, virtual credit cards (VCCs) are becoming an increasingly popular option. Here’s how Briansclub help businesses streamline accounts payable, reduce cash back rebates and protect against fraud.

Virtual cards work by tokenization, turning sensitive data into a short-lived, randomized number that doesn’t match your actual card account information. This makes it difficult for hackers to steal your personal information or clone your cards.

1. Convenience

Virtual credit cards provide the same functionality as traditional credit or debit cards with added benefits such as a random generated 16-digit number, security code and expiration date. The key difference is that they operate in the digital world and can be accessed from any computer or mobile device.

Virtual cards can help streamline accounts payable (AP) processes, reduce costs, and guard against AP fraud risks by replacing paper checks with automated payments. They also allow businesses to earn cash rebates for each business transaction they process via a virtual card instead of using a paper check.

The rise of mobile payments is another major benefit of virtual credit cards. It allows companies to make payment transactions in a fast and convenient way, while also keeping personal data private and safe.

2. Security

In a world where data breaches are commonplace, virtual credit cards offer an extra layer of security when shopping online. Instead of having your card number stored in a merchant’s database, a virtual card creates a unique account number for each transaction.

Unlike physical cards, the account number generated by a virtual card is not linked to your identity and will expire before it can be stolen. This gives consumers greater peace of mind, and it reduces the risk of a merchant losing money to fraudulent charges.

Businesses are also able to take advantage of this additional security in B2B transactions. Using a virtual credit card, vendors can process payments directly from the issuer, reducing the risk of payment errors and fraud.

3. Transparency

With the rise of distributed, hybrid, and remote working, companies need to digitize their payments to empower employees all over the world. This includes using virtual credit cards and expense management software.

Aside from being convenient and secure, virtual credit cards are also a great way to boost transparency by Brians club. These cards allow you to log your expenses on a real-time basis and create spending limits.

This makes it easier to keep track of your company budget and ensures you don’t overspend. It also helps to prevent fraud and reduces the risk of identity theft.

Transparency is an important part of business and has been shown to increase productivity. This is why virtual credit cards are becoming more popular.

4. Flexibility

Virtual credit cards offer much more flexibility than physical plastic, and are often able to be created at a moment’s notice for immediate use. You can set spending limits, freeze or delete a card, and may even be able to link it to an exclusive merchant, vendor or account.

Many companies are adopting this solution to streamline AP payments, and the convenience of mobile payment options is driving their adoption. With an estimated 260% rise in virtual card transactions by 2023, it’s more important than ever for B2B sellers to accept this payment method.

In addition to improving the security of incoming payments, virtual cards can also save your team time and money. This is because they eliminate the clunky, manual process around a credit card that’s typically left lying around the office and takes unnecessary time to track down at the end of the month.

5. Cost

Virtual credit cards are a cost-effective way for B2B suppliers to manage their cash flow and payments. Unlike checks and ACH transactions, which expose your company’s bank account information, virtual cards offer extra security features to minimize fraud risks.

Moreover, virtual credit cards can earn you cash-back rebates on invoice payments. Simply put, these rebates can add up to thousands of dollars that you can reinvested back into your business.

Virtual credit cards are also a secure and convenient payment option for buyers. They’re typically created for one-time transactions, with specific spending limits and time restrictions that help mitigate fraud risk.

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