No Need for Checks! A Virtual Card is All You Need
Paper checks are old-fashioned and seem like a back ride, especially today where electronic payments and automatic deposits have enhanced the economy.
Notably, the pandemic landed up several businesses in disrupted cash flows and supply chains.
As a business owner, you need to understand the significance of electronic transfers. Not only will they help in resonating with the latest market trends, but they also provide better financial services for B2B payments.
Electronic Transfers – Decoding The Best Possible Option
Studies confirm that the global pandemic increased the adoption of electronic fund transfers. More than 55% of the small businesses are already using digital payment tools for B2B payments.
So, if you don’t want an emergency to interrupt your company’s cash flow, adopting flexible payment solutions can help manage the finances. One of the flexible payment methods you can use is “virtual debit cards” as they uniquely create 16 digit credit numbers for single transactions. Plus, with virtual cards, you can easily decide the maximum amount and the expiry date.
Also, the organizations approving the payments through credit cards accept these payment methods. In addition to it, they have improved security, and you don’t have to worry about the account payable process.
Besides, it has another lot of benefits which include:
Improved Usefulness: Virtual cards are so much more easy and comforting than physical cards. From quick payments to optimizing the charge amount, you can easily make the payment with the help of your mobile phones. With virtual cards, you never have to worry about the card details. They are protected and safe. We have discussed this in detail in the point mentioned below.
Protection from frauds: The physical cards used by the employees in your company have a link with the main account. On the other hand, the virtual cards safeguard the PII, i.e., personally identifiable information. As mentioned above, they use the token or a 16 digit number that you can use only for one-time payments. This unique number minimizes the PII associated with your card, thereby protecting it from hackers.
Expenditure Control: The virtual cards let you manage your spending limits and thereby control the overall expenditure. Thus, allowing the sensible use of your business funds. Also, there is an additional feature in these types of digital payments where you can pick a date to close your card or close a payment.
Subscription management: Managing all your company’s subscription expenses is so much easier with virtual cards. You can quickly know about the overcharges or any payment information for each merchant. In addition to it, canceling the subscription is also not an issue with these payment methods. You can delete the card completely.
So far, you might have understood the importance of managing the cash flow in your enterprise. In the current economic situation, you need to be particular about how your company is spending the money. It doesn’t matter if you are a small business or a startup, or a big enterprise; you will enjoy the benefits offered by the virtual cards.
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