Utilizing virtual credit cards for business has become an easy and practical way to meet your payment obligations, even when your suppliers and customers are in distant locations.
Confusion enters the process at some point, simply because most employees and business owners don't know how virtual credit cards work. As a result, points of uncertainty include incorrect handling of payment information, slow approval process and, sometimes, complications with refunds.
In this article, you'll find some tips to help you avoid these pitfalls and use your virtual credit card (VCC) the right way.
Virtual Card Payment: quick presentation
If you are confused, ‘What is virtual card payment?. The answer is simple. Payment via the VCC method allows companies to process payments over the internet without a physical card.
While serving as an electronic substitute for physical credit cards, a VCC number has all the required information. It includes the cardholder’s name, expiry date, and security code. It works like an actual credit card if you’re after reliability, usability, and other aspects.
Tips for using virtual credit cards
The beauty of a virtual card is its flexibility. But before you use a VCC, you need to be familiar with the following terms. Here are seven tips to help you use it properly:
Take care of your virtual card information
Keeping track of all your physical credit cards could be tedious. With a virtual card, you can consolidate all your cards into one that never expires. The virtual card stays in your secure digital wallet, which you can access from any computer or device. This way you don't have to carry all your credit cards with you. However, keep these things secure so that no one can steal your data or buy anything from your account without your permission.
Follow regularly your payment transactions
Using virtual cards for your business allows you to automatically record your payment online as soon as the amount is spent. It means that you can finally synchronize your virtual cards with the system to simplify account management. It comes together with a tracker that allows you to set spending limits for each of your cards and request for balance history. You can also set up reminders for every transaction to stay in control and get notified if there’s an unexpected change in spending.
Set up notifications
Having a great fraud prevention tool for your company is essential, and VCCs can be one of them! By allowing employees to make purchases with their cards and automatically notifying you of new payment information, you can easily monitor all payment transactions in real time. So it is very essential to sign up for alerts and set the manner and priority of receiving updates.
Add petty cash to your virtual payment system
Since companies have the petty cash in the office, someone should usually keep track of it and record every expenditure it was used for. If this is not tracked properly, it can lead to a gradual increase in losses. By utilizing virtual cards, you won't have to ask someone to record every transaction. You don't even have to keep cash in the office, which reduces all the risks associated with petty cash, including unintentional fraud.
Make a proper virtual wallet organization
Before using VCC for business purchases, consider creating categories in your virtual wallet to organize your spending. This way you can keep track of your company purchases and compare how much you spend on them each month. This way you can decide whether to use the same categories all the time or create new ones that suit your organizational and reporting needs.
Discover Jenji Pay Virtual Cards
As you see, virtual payment cards are a big benefit for your organization and can help your company not only with saving time but also money. And as a new modern solution for virtual payment, we want to introduce you to Jenji Pay!
From small companies to enterprises, Jenji Pay adapts to the profiles and needs of each one, allowing companies to control and limit each card according to their spending policy. The Jenji Pay virtual card is used on a daily basis to support the development of your business in France or abroad. Limitations, categories, days and hours of operation are among the features that can be modified, to offer an optimal control of your professional expenses. Jenji Pay's solution aims at bringing a simple and mobile follow-up to all our customers and the virtual payment card is connected to the Jenji platform, so users can add information about their purchases or ask their manager for a higher limit if necessary.
Do you want to know more about Jenji Pay virtual payment cards?
Do not hesitate to contact our team at firstname.lastname@example.org. We would be happy to assist you with all your questions!