Virtual bank cards are set to take businesses across a new digital frontier, improving banking safety parameters while offering a convenient payment experience.
Lauren Deva, Pillar Head for Commercial Transactional Pillar at FNB Commercial, says the move towards virtual cards in South Africa is an essential one for the digital transformation journey of businesses. Moreover, it coincides with the phasing out of cheques, which are no longer accepted as a valid payment method.
With that in mind, here are 7 key benefits of Virtual Cards for businesses:
- Businesses can easily facilitate business-to-business payments.
- The Virtual Card removes the need for individual corporate cards as it can be safely used by multiple people and the CVV constantly updates.
- Considerably reduces the risk of online fraud as the verification data is always different since the virtual card is saved within your banking app, it is impossible for it to be lost.
- It is a convenient payment method for business travel or business expenses.
- Businesses can track and approve spending which provides them with better over business expenditure.
- Expenses can be allocated to the correct team budget within your business and you can limit purchasing so that no employee spends more than necessary.
- Virtual cards can be frozen or cancelled at any time from your banking app, and you can activate a new virtual card within the app at the touch of a button. This means there is no need to go into a bank branch or pay for a new card to be issued.
Deva concludes, “as technology evolves in different aspects of your business, your banking too should evolve so that your business can reap the benefits of increased convenience, reduced costs and efficient banking. The virtual bank card is just one more layer in that constant evolution”.
