In business, when it comes to making purchases, the available options haven’t always been so stellar. Physical checks and bank transfers are a hassle. They can be difficult to track and manage and can put sensitive information at risk. On the other hand, a typical business credit card can be difficult to reign in and a pain to regulate. In either case, you have very little visibility into what’s being spent, when, and where.
Businesses need a solution that offers them better control and oversight over their budget and allows them to manage payments and subscriptions more easily. That’s where virtual credit cards come in. By using virtual cards for all of your online purchases and SaaS subscriptions, you can dramatically increase your control over your finances and limit your exposure to fraud.
When put to good use, virtual cards can be a welcome relief for your finance department. That’s because there are several things that are possible with virtual cards that aren’t possible with physical cards.
First, with virtual cards, you can set spending limits, strictly controlling how much the card can be used for. This helps reign in employees who tend to spend more than they should. It also eliminates over-payment of subscriptions and recurring transactions.
Next, you can set your own expiration dates on virtual cards, which offers a great deal of flexibility in avoiding unwanted charges. Need to shut a card down early? Virtual cards can do that, all from a single dashboard.
Between fraud and identity theft, there’s a significant amount of risk involved in using non-virtual forms of payment. Virtual cards significantly decrease fraud risk because of improved transaction detail—virtual cards track purchases better than normal cards and bank transfers, providing more information about where things were purchased.
Plus, because of the control we mentioned above, you’ve limited your exposure. Best of all, because you’re free to issue a separate virtual card for each purchase, it’s easy to isolate where the fraud happened. And if your card information is compromised, thieves won’t get far since you have all that control and flexibility to just delete the card immediately.
Lastly, virtual cards easily double as subscription management. Simply use a single card for each subscription. Then, you can see all of your subscriptions from a single dashboard and can shut down any payment with the click of a button. It’s better visibility and better control all in one.
Do more with Divvy
Divvy’s virtual credit card functionality does all of this, and it’s just one small part of a larger package. With Divvy, you can issue virtual and physical cards, you can create virtual cards directly from the web or even from your phone. Plus the virtual card functionality integrates directly into our expense management app.
And did we mention it’s completely free to use? So go ahead and give us a try; your finance department will be glad you did.