16th June, 2023
In today’s high-tech world, virtual payment cards can help revolutionise the way businesses and their employees make and manage payments, saving time in unnecessary admin work as well as providing an increased layer of visibility and security.
So what exactly is a virtual card?
A virtual card is basically what you know to be a debit or credit card today, minus the actual physical card part.
In essence, all the things that make a traditional credit card or debit card usable — such as the Card Number, CVV, Expiration Date and Card Holder’s Name — still exist, but they don’t need an actual physical card to be printed on.
Instead, they can live on your phone or in a digital wallet like Google Pay or Apple Pay.
Virtual cards have quite a few advantages over physical cards, especially when they’re being issued directly out of a truly comprehensive, easy-to-use, proactive business spend management system like ProSpend.
Live transaction feeds, automated receipt matching, truly proactive budget control, effective dashboards and reports, and deep integrations with your ERPs — ProSpend’s Virtual Company Cards are backed by more than 20 years of pioneering, product development and engineering experience in the comprehensive Business Spend Management Platform space.
One of the many ways the ProSpend Card improves upon any virtual card offering is off the back of our robust, dynamic and highly configurable approval flows that have been used to process over 50 million documents.
They ensure that the right people get their virtual credit cards as quickly as needed, enabled with the right currencies, restricted to the right spending limit, in line and in sync with their multi-dimensional budgets, and approved by the right people, all without compromising on any of the other benefits offered.
One of the great advantages of a virtual card over a physical debit card is the ability to tightly control and customise spending limits and freeze dates.
With the ability to set transaction, daily and monthly spending limits and a maximum transaction limit, virtual cards keep everything neat and tidy.
What’s more is that these cards can also be restricted to work only with a set of pre-approved industries.
And thanks to integration with ProSpend’s expense management software, you can easily approve or reject claims on the go, see budgets in real-time, create mileage claims through Google Maps, capture receipts, and more.
For example, you can let your team enjoy the freedom of shopping online and paying for what they need on a per-project basis while also having total transparency about how they are managing the budget you’ve given them.
Additionally, ProSpend integrates seamlessly with the MYOB business management platform.
Its business spend management function works hand-in-hand with all six key workflows of the MYOB business management platform — customers, supply chain, projects, employees, finance, and accounting and tax.
When it comes to comparing the security of virtual and physical cards, virtual cards come out on top. This is because, without a physical card, they can’t be lost or stolen.
With a ProSpend virtual card, you can use your online account to instantly block or freeze cards the moment you fear they may be compromised in some way.
Also, all your online purchases are protected via Visa, Apply Pay, and Google Pay’s anti-fraud systems.
And with the ability to issue cards for specific subscriptions and one-off expenses, you eliminate the risk that comes with sharing the same card details around.
Did you know you can also use a ProSpend virtual debit card for those non-ongoing expenses like ad-hoc purchases, flights, projects, events, and more?
ProTem Cards are individually tailored cards issued off the back of dynamically approved Purchase Orders that are restricted so they only facilitate the pre approved spend.
Virtual cards represent a revolution in the world of financial transactions, offering a smarter, safer, and more convenient alternative to traditional debit and credit cards.
By eliminating the need for a physical card, virtual cards provide unparalleled spending control, greater safety and fraud protection, and the flexibility to issue temporary cards for specific purposes.
ProSpend’s virtual card solution takes these benefits a step further by integrating with its comprehensive business spend management platform.
With more than 20 years of experience, ProSpend’s dynamic approval flows, live transaction feeds, and seamless integrations with ERPs ensure that businesses can manage employee spending more efficiently and effectively than ever before.
In a rapidly digitising world, it’s time to embrace the power of virtual cards and discover how they can transform your business spending.
Explore ProSpend’s virtual company cards and take the first step towards more efficient and secure employee spending.
Discover more about ProSpend and integrating with the MYOB business management platform here.
A version of this article first appeared on ProSpend’s website