Virtual cards are undoubtedly a great way to go. No need to carry a wallet full of plastic cards, no concerns about lost or stolen cards, and you can control your spending to the cent. Here are three common myths about virtual cards that we need to debunk.
Not for small businesses
It is hard to change your processes. It usually takes a lot of time or a large investment to make these types of changes, or even IT expertise to implement the changes. This scares some small business owners from adopting virtual cards for their company.
The beauty of virtual cards is that they can be used by any size of company. This is thanks to the latest technology which makes implementation quick and easy. The investment required for this payment alternative is minimal. Simply order your card and start spending, or allocate cards to your team today. You can make your first purchase in minutes.
Many companies are hesitant about the switch to virtual cards because they think there might be high financial costs associated. What they don’t realise is that switching to virtual cards will actually save them money.
Paper cheques are becoming less and less popular. This is due to the high processing fees and the manual processing time needed for employees. Virtual payment processing is a great alternative. It eliminates the processing fees and the costs of paper, printing, postage, and mailing.
Another way companies can save money is with Intergiro’s built-in user roles and permissions. With the power to control employee spending, you can make sure your employees are only allowed to buy necessities. The restrictions that are placed on transactions don't allow employees the ability to overspend or make unapproved purchases.
Companies tend to think that virtual cards may be risky. However, one of the biggest advantages is actually quite the opposite. The cards were developed with security in mind and provide an effective barrier to fraud. The travel industry in particular is vulnerable to fraud due to the many touch points where your business credit card information is exposed.
With virtual cards, you could generate one-time use card numbers for a specific amount. You no longer have to worry about your card details being stolen. If hackers or malicious actors somehow retrieve your card details, they won’t be able to use them anyway.
Intergiro - Your Virtual Card Provider
Now that we’ve debunked these common myths about virtual cards, why don’t you take the next step and sign up for an Intergiro business account today to get access to unlimited virtual cards? Or get in touch (link) to find out more about our card programmes.'