Streamline spending with virtual prepaid cards

Businesses are swapping corporate plastic in favour of virtual prepaid cards. Here’s how they work and why prepaid is a better option than credit.


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Company expense management has had a facelift – and there’s not a speck of plastic in sight. Clever businesses are now swapping corporate credit cards in favour of virtual prepaid cards for convenience, efficiency, and security. These cards could save your business plenty in the long run – so let’s take a look at how virtual prepaid cards work.

Virtual, prepaid, credit, debit: what’s the difference?

Virtual prepaid cards work slightly differently to virtual bank cards or virtual credit cards. Instead of giving employees access to the company account or letting them run up debts, you top up each prepaid card with an allocated budget.

Why prepaid is better than credit or debit

There’s no risk of overspending, so it’s safe to provide a prepaid card to any employee. Plus, you get complete control over how the account is used. You can limit it to specific sites, or even restrict spending to set dates. And if you need to increase the budget, you can add more funds in seconds.

Digital cards can also handle international payments, from booking hotels abroad to paying global suppliers. So you can even use them as low-fee FX business cards.

Why virtual cards are better for business

1. Safety and security

Virtual cards can be used for all the online purchases you’d normally make with a conventional credit card, but it can’t be traced back to the original account by hackers. Your exposure is also limited in case of fraud, as the only funds at risk are whatever you’ve preloaded onto the card.

2. Added flexibility

Because virtual cards are managed entirely online, you can generate and activate new cards instantly. Finance managers will love using a suite of online cards that fits the way the business spends – for example, one card just for travel expenses or one just for Amazon purchases (this adds another layer of security as well).

Your account can be up and running in less than one working day, with no credit checks or lengthy processes for every card or user, and then you’re free to generate virtual cards at will – you’re the boss.

3. Increased control overspend

Virtual payment cards give you an increased level of control and visibility over your team’s expenses. A spend management platform like Soldo gives you a granular level of control over setting budgets and seeing where money is spent for each individual, department, project, team, or spending type.

You can set daily, weekly, or monthly budgets, limit how or where money is spent, and see every transaction as it happens in an easily exportable format.

Why choose Soldo virtual prepaid cards?

Quicker integrations

Soldo integrates directly with Xero, QuickBooks and NetSuite, and you can export all the spending data from your virtual prepaid cards into any other accounting system. Seeing who spent what is easy, with transactions allocated to each account instead of all mixed up on a single statement.

The flexibility you need

With Soldo, you set the rules on how virtual prepaid cards are used. Give everyone their own card with their own spending rules, or create a card that automatically locks after one transaction for a one-off payment, increasing security by limiting access to the card’s funds.

A complete solution

Our virtual prepaid cards are part of something much bigger – in fact, a whole new approach to business spending. It includes traditional plastic prepaid cards alongside virtual cards, connected to a smart spend management platform with powerful apps and reporting software. You and your team can track and manage company spending from anywhere, at any time.

And if you need a hand getting set up, our friendly team of experts will be there to help.

FAQs

How to use a virtual card

Virtual cards work just like regular credit or debit cards – there’s just no card. You’ll still have a card number, an expiry date and a CCV number, but they’ll be on a screen instead of on a physical card.

Where can I use a virtual Mastercard card?

You can use a virtual Mastercard wherever you would be able to use a regular card – online purchases, software subscriptions and online advertising are all possible with a virtual Mastercard.

Can I get statements on virtual payment cards?

With Soldo, you can access your spending data however you like. Soldo integrates directly with Xero, QuickBooks and NetSuite, and you can export all the spending data from your virtual prepaid cards into any other accounting system.