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Physical to Virtual: How Virtual Cards Are Revolutionising the Payment Landscape
Upgrade your payment processes with ProSpend's virtual cards. Discover the benefits of enhanced security, control and convenience.
Step into the future of payments, where convenience, security and control converge —welcome to a world where virtual cards revolutionise your financial transactions.
What Are Virtual Cards?
Virtual cards are the innovative digital counterparts of traditional physical payment cards. They are generated electronically and used for online or cardless transactions. They also offer increased security and are cost-effective, as they eliminate the need for physical production and mailing.
With such benefits and flexibility, it is no surprise that virtual cards have been rising in popularity recently as a secure and convenient payment solution.
In 2022, the global virtual card market surpassed AUD 20 billion in value, with businesses accounting for over 69% of the revenues. This number is only anticipated to grow by 21% from 2023 to 2030.
Virtual vs Physical Cards
Virtual cards are digital and primarily used for online or cardless transactions. They offer enhanced security by having the option to utilise unique card numbers for each transaction, which reduces the risk of fraud. In contrast, physical cards are tangible, require physical presence and are susceptible to theft or loss. Virtual cards provide greater flexibility with customisable spending limits and vendor restrictions, while physical cards have limitations in terms of control.
Overall, virtual cards present a safer, more convenient and more flexible alternative to traditional physical cards in today's digital era.
Why Should You Switch to a Virtual Card?
Switching to a virtual card can be a game-changer when it comes to streamlining your business's financial operations. By embracing the power of virtual cards, you unlock a range of benefits that can enhance efficiency, security and cost-effectiveness.
- Tighter Controls for Reduced Fraud and Errors
With virtual cards, businesses can implement stricter controls over spending, such as setting transaction limits and vendor restrictions. This significantly reduces the risk of fraudulent activities and human errors, safeguarding your company's finances.
- Enhanced Vendor Relations and Faster Payments
Virtual cards enable businesses to pay vendors and suppliers quickly and securely. The streamlined process leads to faster payments, improving vendor relations and potentially opening doors to discounts or preferential treatment from suppliers.
- Improved Efficiency
Virtual cards offer greater cost savings compared to physical cards, as they eliminate expenses associated with printing, distributing and maintaining physical cards. Furthermore, the streamlined and automated nature of virtual card transactions saves time and reduces administrative burdens, boosting overall efficiency.
- Automated Reconciliation
Virtual card transactions can be easily integrated into financial systems and automated for seamless reconciliation. This simplifies the accounting and financial management processes, reducing manual effort and ensuring accurate records of transactions.
- Transaction Rebates and Additional Benefits
Some virtual card providers offer transaction rebates and additional benefits as incentives for businesses to use their services. These can include cashback, rewards or other perks that contribute to overall cost savings or added value for your company.
ProSpend: Smarter, Proactive Virtual Cards
When it comes to unlocking the full potential of virtual cards, ProSpend leads the way with our powerful solution tailored for you. We have created a comprehensive platform that brings businesses greater speed, flexibility, visibility and security.
Our virtual cards are built into a tried-and-tested comprehensive business expense management system, allowing you to instantly issue, block, edit, track and reconcile cards. This streamlines your payment processes and gives you complete financial management control.
- Instant virtual cards
ProSpend's virtual card solution offers the convenience of instantly generating cards, eliminating the need for time-consuming physical card production and delivery. Create virtual cards on demand and issue them immediately for your team to use through their Apple Pay and Google Wallet accounts.
- Configure and control spending
With ProSpend, businesses can configure and control spending limits and restrictions on virtual cards. This feature allows organisations to set customised spending parameters based on specific needs, ensuring better control over expenses and preventing unauthorised or excessive spending. Its range of customisable options and rules includes spending by industry type, transaction spend limits, periodical lifetime limits and currency.
- Approval workflows
Our virtual card platform includes robust approval workflows that facilitate seamless and efficient authorisation processes. Businesses can establish designated approval hierarchies and workflows, ensuring that every virtual card expenditure undergoes the necessary checks and balances before approval. This promotes financial transparency and accountability. Workflows are limitless and flexible, so you can change them as your organisation's business rules change.
- Cards for the whole team
ProSpend caters to collaborative business environments by issuing virtual cards to the entire team, eliminating the need for personal cards for business expenses. This allows real-time visibility into team members' spending, which streamlines expense management and removes the hassle of sharing physical cards or manual reimbursements. By empowering employees with virtual cards, organisations can enhance expense control and simplify financial processes.
- Cards for different needs
We understand that businesses often have diverse payment needs. Therefore, our virtual card solution offers the flexibility to create cards tailored to specific requirements and users. Whether it's departmental budgets, project-based expenses or vendor-specific cards, ProSpend allows businesses to generate virtual cards that align with their unique financial objectives to enhance control and efficiency.
Ready to Switch to Virtual Cards?
The decision to switch to virtual cards presents a transformative opportunity for businesses. The benefits of enhanced security, streamlined processes and cost savings cannot be overstated.
With ProSpend's virtual cards, you can unlock a world of convenience and efficiency in your financial operations. With instant virtual card issuance, customisable spending controls, robust approval workflows, and the ability to cater to diverse needs, ProSpend empowers organisations to take charge of their payments and elevate their financial management.
Discover the ProSpend advantage and make the switch to experience the freedom of secure, efficient, and flexible payment solutions.
Book a demo and transform your payment process today!