One of the best ways to boost your business’s spending management is with the implementation of virtual credit cards.
To give you a clearer idea of how this can be achieved, we’ve put this article together on what virtual credit cards are and what advantages they can bring to your company.
What are virtual credit cards?
Virtual credit cards are technologically advanced credit cards that are accessed and used virtually, as opposed to physically.
With the standard credit cards you may be used to, these physical cards are kept in your wallet and used in a variety of ways when required.
Virtual cards operate in a similar manner to standard cards, except they’re kept in a digital wallet. This is a virtual platform that exists on your device as an application, like your mobile phone.
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In this digital wallet, you can access all your virtual cards and view a range of different information on them. This includes how many cards you have, which ones are active, what the card numbers are, and being able to review your entire transaction history.
You can also perform a range of actions in this digital space, including things like canceling or topping your cards.
For optimal use of these cards, it’s important to incorporate spend management software into your business.
This expert platform offers a place for you to store and access your virtual cards, but also provides a range of beneficial features to accompany them – such as spend controls, insights, and much more.
What are the advantages of implementing virtual cards in your business?
There are various advantages to using virtual cards in your business, including:
Full visibility on corporate spend
With virtual cards, you can gain a more complete picture of corporate spend across your entire business.
By using spend management software with your cards, you’ll be able to track every payment that occurs across every area of your business.
As well as this, you’ll receive a range of useful data on each payment, including the amount spent, the specific card used, the product or service paid for, and which team executed the transaction.
With a more accurate grasp of how your cards are being used, you’ll have a clearer idea of how you’re spending, and be able to implement more appropriate strategies to optimize spending.
Advanced spend controls
You can also use a range of advanced spend controls for your virtual credit cards.
For example, one of the many spend controls available with your spend management software is the use of spend limits.
This is where you can set a maximum limit on the amount you can spend on your cards. More importantly, you can tailor this to your exact business needs – i.e., setting the limits for individual cards, different teams, or different purchase types, for instance.
This will give you more control over your corporate spend, and help your business align more closely with the set budgets.
Meaningful insights for your spending
Virtual credit cards can also allow you to receive useful insights into how you’re spending money.
One of the key insights your spend management software can offer is showing you any cheaper alternatives for payments.
This can be something such as a subscription to a software, where the insights might show there is cheaper software available that performs the same type of service.
This will help you stay ahead of your business spend, and consistently adapt your expenses to be more cost-efficient for the company.
As you can see, there’s a wide range of advantages when it comes to using virtual credit cards in your business. Therefore, make sure you choose the right cards from an expert provider, to obtain these benefits for your company.