Managing your corporate spend can be a complex process, with various components involved.
It’s important to not only know where and how money is being spent, but to know you possess all the necessary tools to control every transaction, and manage spending as easily as possible.
This is where a virtual business credit card is the perfect solution.
With virtual business cards, you’ll be bringing a range of benefits to the way you handle expenses.
But determining the best virtual business card can be tricky.
In light of this, this article will take you through what a virtual business card is, as well as what you need to look for when securing one for your business.
What is a virtual business card?
A virtual business card allows you to make transactions for your business, all with a digitally stored card.
These operate in a similar manner to physical business cards, except the card is stored in a digital wallet, which is usually incorporated into your spend management software.
Any purchase you make for your business can be with this specific card, which will produce data on every transaction, including the spender, recipient, and amount.
With the right software, you can assign unique virtual cards to different people in every area of the business, so every transaction can be traced.
A virtual business card is great for managing your entire corporate spend and transactions, with all the surrounding data recorded.
What does your business need in a virtual business card?
Choosing the right virtual business card requires a lot of consideration.
Here’s some top things you should look for:
Virtual business cards give you full control over corporate spending, so you can ensure every transaction is handled and executed exactly how you want.
With the right software for your card, you can implement things like spend limits, which will prevent you or certain employees from overspending past a certain amount on the card.
You can apply unique limits to every card, to tailor spending to your exact business needs.
With spend control features on your virtual business card, you’ll be able to keep a firm handle on all business expenses, and make the necessary adjustments if needed.
Another thing to look for in your virtual business card, is a software that provides maximum security for every transaction.
It’s essential your business has a method of payment that is 100% secure, as this will not only give you more confidence in each of your transactions, but help prevent the likelihood of fraudulent activity.
Your card will also offer real-time notifications, so you’ll be immediately alerted of any issues which could arise.
Virtual business cards also offer real-time visibility for your spending, so you have full transparency of business expenses.
After every transaction, the software will promptly record all the data, and store it for review, or to become part of any detailed reports or insights.
This ensures that no transaction is forgotten or missed – which is sometimes possible with manual data recording.
This way, you have a better picture of how the business is spending money as a whole.
Time-efficiency is a key aspect of effective spend management, and with virtual business cards, you can conduct business spend with the speediest processes.
Your software can have automated features active, which means every transaction made with a virtual business card is automatically recorded and stored, as well as any uploaded receipts.
This significantly cuts down the time it takes to manually enter expense data, and allows you and your employees to go about your business knowing that all payments are safely and accurately tracked for your convenience.