Why does your company need virtual payment cards?

The use of virtual cards eliminates the inefficiencies associated with paper checks. Accounts payable departments may focus less on payment processing and more on financial responsibilities with single-issue cards. It’s no longer needed to write checks, stuff checks into envelopes, or meter envelopes.
A simplified accounts payable procedure, which uses single-issued virtual cards, not only saves time but also reduces or eliminates the possibility of human mistakes. Virtual cards can help A/P departments overcome problems in the accounts payable process.

Some software subscriptions, such as your CRM or AWS accounts, are necessary. When the original cardholder quits the firm, you may expect to get frightening emails stating that billing has failed and that your account will be suspended.

You may easily change card ownership without having to update billing information for each application using virtual cards. It’s one less administrative headache to deal with.

The 16-digit card number is unique for each payment and is only used once by allowing you to select the exact payment amount and connecting that payment to specific invoices. A virtual card cannot be stolen or re-used in any way.

It also runs out once you’ve spent the maximum cash amount.
CFOs will also like the benefit of not having to give open lines of credit to vendors/suppliers, knowing that the danger of theft and fraud is much minimized with this new solution.

With single-issue cards, companies have more control. Each virtual card is given for a specified monetary amount to a single merchant or provider. Without a physical card or an open line of credit, the cards are handled by the seller in the same way as traditional credit or payment card payments.

Purchases are automatically put into the supplier’s accounts receivable management system using this simple payment option, eliminating the need for additional paperwork. Moreover, using end-to-end expense management tools like Expensya, employees can have a real-time overview of their spending, which makes the job a lot easier for them and their managers. The CFO will appreciate that the accounts payable (AP) department has visibility into cash management, in addition to having better internal control.

For company owners and managers, virtual payment cards are a great tool for empowering employees, improving trust, increasing transparency and efficiency, and more. Managers can authorize and track employee spending in real-time via a mobile app or a computer, providing them more control and giving their staff the confidence to perform at their best.

Thanks to virtual payment cards, employees can simply request budgets, get them approved by their managers, and generate a virtual card. No need to pay from their pockets and wait days or even weeks to get reimbursed.