One of the most important components of any business is your corporate cards. Not only are they crucial to your many payments, but they’re also fundamental to your financial visibility, and understanding of corporate spend.
So, this begs the question – what are the best corporate cards?
The answer to this is simple: virtual credit cards.
This article will take you through what virtual credit cards are, how they work, and why an unlimited virtual card is the best option for your business.
What are virtual credit cards?
Virtual credit cards are technologically advanced credit cards, which can be used to make a variety of different payments throughout your business.
They allow you to both complete and track your payments, with each card linked to the specific business bank account.
Whether you have one or multiple cards in your business, delegated to various employees, they will be crucial components in executing and managing your transactions.
How do virtual credit cards work?
Virtual credit cards work in a very similar way to the standard credit cards you’re used to – the only difference being, that they egoist virtually instead of physically.
You store your virtual cards in something known as a digital wallet, which is an application you keep installed on your device, and it allows you to access all your cards – along with various data surrounding them.
In your digital wallet, you’ll be able to view all your cards, look through the transaction history, see how much is on each card, and top up where necessary.
Just like your standard credit cards, these virtual cards can be used to make a wide range of payments in many different forms. This can include – payments over the phone, payments in a store, payments on your mobile device, and various other types of transactions.
When it comes to using your cards most effectively, it’s important to implement spend management software.
This advanced tool allows you to not only store and track all your virtual credit cards – as a digital wallet would – but also gives you access to a variety of useful features to help optimize your spending.
Why are virtual credit cards the best option for your business?
There are many reasons why virtual credit cards are the perfect option for your business, which can include:
- Full control over spending
With spend management software to accompany your virtual cards, you’ll be able to apply a range of powerful spend control to help manage various aspects of your spending.
One example of these controls is being able to set spend limits on your cards. These are specific limits that prevent any transactions taking place which could exceed these amounts.
For full control, you can specify the exact limits being set on every card. This can mean different limits for various teams in your business, certain types of purchases, or individual cards.
This way, you’ll have a full grasp over every aspect of your spending, and can ensure you remain within budget across the whole business.
- Useful insights for cost-efficiency
You can also gain access to a range of useful spend insights for each of your cards. These will give you an in-depth analysis of how effectively you’re spending money, and all the ways you can refine this.
For instance, one of the insights you receive will show you all the areas of your business which are spending the most. This can be the highest amount overall, or the biggest spend on certain types of payments, etc.
With this information, you’ll not only have more visibility over your business, but have more clarity on what adjustments are necessary to optimize spending, and where these strategies need to be put in place.
As you can see, there’s no better option for elevating your business, than to incorporate virtual credit cards and spend management software.
