Some banks allow you to manage this via your browser extension, which you activate each time you want to make a payment online. When your real card is stolen you can get a virtual replacement immediately.Īlso, you can have as many of these cards as you want! This feature gives you a possibility to tie each particular number with particular service providers, business partners, employees, and merchants.And you are saved from the hassle of tracking down each recurring or due payment that has to be now tied to a new card number. That makes them convenient when it comes to recurring payments to the same provider - you can set the amount that can be charged on them, as well as the expiry date.
Often, cards are limited to one provider (you can decide with which merchant it is used).Using a virtual card gives you an opportunity to avoid unnecessary trouble, in case of security issues. That is especially inconvenient in case of recurring payments needed to run your business. Cyber threats and data breaches are on the rise, creating disruptions to businesses.Providing a one-time-use credit card number masks your real credit card identity.Your virtual card shields you from that risk. Yet, there are gateways that could process the card when you type 000 as CVV. After payment, a merchant has your billing address, card number, expiry date, but not CVV. It keeps your main account information safe and secure.You can choose an option that gives you the most flexibility and security, depending on your situation. Virtual credit cards can be either issued for one-time payments or have a set deadline or amount allocated on them.Virtual credit cards are normally free, and their use does not incur fees.What are the advantages of Virtual Credit Cards? Right now, Bank of America, Citibank, Discover are the major players in providing virtual credit cards in the United States. And it can be closed and replaced in a matter of minutes, whenever needed. You can easily share it with a friend in need. It is also an instrument that allows you, as a business owner, to control the spending of your employees. The virtual card performs the same role as your regular card, without having to share data that is vulnerable to theft, especially on sites you do not trust. A card that does not expose your main credit card to possible online thefts, putting a degree of separation between your finances and the merchants. Imagine a card that is reduced to a unique number, on which you can deposit funds and make it available to your employees to pay for services. Virtual credit cards are basically 16-digit numbers, issued on top of your regular card, which can be used just like your normal card. They afford their owners security, privacy, and convenience that traditional cards can’t provide, and that makes them so popular among business owners. As with other cards (IDs, passports, health insurance, etc), payment methods also migrate into our smartphones. Virtual credit cards have been around for quite a while, following the trend of increasingly digitized wallets. How can your business benefit from Virtual Credit Cards?
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