What Is a Virtual Card?
A virtual card is a credit or debit card that contains account details, such as account number, expiration data, and CVV needed for payment, but without an associated physical piece of plastic. Instead, you provide a virtual card to cardholders and vendors electronically, eliminating the need to safeguard a physical card. Virtual cards also provide efficiency for you and your vendors.
Cards — both physical and virtual — are an ubiquitous payment type that consumers and businesses are comfortable accepting. The networks that transmit card payments, such as Visa and Mastercard, are well-known and trusted. That should make inroads to your supplier community easier and more straightforward if you haven’t already adopted virtual card.
4 Top Benefits of Virtual Cards :
Virtual cards are gaining momentum — and with good reason. They provide additional security and controls that aren’t available with payment types like check and ACH, and are easy to use. This efficiency helps reduce costs, and virtual card rebates provide a financial incentive for AP departments to add this payment method to their mix. Plus, vendors love the convenience, speed, and ease of using virtual
cards, as well as the detailed remittance data that certain virtual cards provide.
- Security & Control
- Efficiency & Cost Savings
- Rebate Generation and Working Capital Optimization
- Increase Vendor Satisfaction
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