The Benefits of Virtual Cards
Credit cards have evolved since their first appearance in 1960. Originally, inventors Forrest and Dorothea Parry came up with the idea of using a plastic card to store data through a magnetic strip.
However, the days of these plastic cards with magnetic strips are in the past, as most cards now use chips in order to store and send data. Besides chips, users can now use virtual cards in order to transmit money and their data without even having to use a piece of plastic.
One major advantage of using virtual cards is the improved security level that you and your business is able to gain. These cards are ideal for making secure payments online as it is nearly impossible for someone to steal or copy your card since it is not a physical item.
Virtual cards also provide customizable controls to help prevent fraud and easy chargeback capabilities if there is a dispute. These cards will also let you manage employee spending. You will have the opportunity to limit when and where your employees make purchases. Overall, the cards help provide better internal transparency.
If you own a digital business with point of sale payment capabilities you may want to be taking advantage of virtual cards as a service. Some examples of digital businesses that would benefit are delivery apps and expense management services. It could be beneficial for businesses to utilize virtual card service providers as they can help issue customers the cards as well as offer terms and financing.
Plastic credit cards are becoming a thing of the past. They are still beneficial to keep in our wallets, however, there are more convenient ways to make secure payments.
Today’s credit card options are sophisticated payment tools that allow us to carry more data and offer more security. As we are in a data driven world, consider how switching to virtual cards could be beneficial for your customers and business.
