Virtual corporate cards may be an effective tool to manage business expenditures. Many companies are turning to virtual payments to improve accountability and transparency. Entrepreneurs may select from a variety of virtual cards on the market. Each of them has its unique set of features and solutions. But how can you make sure you get the greatest virtual debit card for your business? Let’s sort that out!

How to Select the Best Virtual Card?

Instead of making a random choice, businesses should look for a few card-specific features and functionalities to guarantee they acquire the finest solution to their needs. First, assess your requirements so that you may choose the best virtual payment method for your company. Then you may compare features to get the best option for your organization. Here are some characteristics to keep on your radar.

Ability to Issue Multiple Cards

Your virtual corporate card should adjust based on the needs of your company. You should be able to issue as many cards for as many employees and/or business card payments as you need. Additionally, seek a provider that allows you to issue an unlimited number of cards for free. Otherwise, your expenditures might go sky-high over time.

Spending Controls

Virtual cards should provide sophisticated budget management controls. You should be able to impose expenditure limitations or vendor locks to avoid fraud and overspending. In addition, the finest virtual corporate card should allow you to:

● Set card behaviors, such as one or two-time usage.
● Delete or freeze cards and accounts.
● Define the expiration dates.

Always select a card that allows you to remain inside your budget with little effort.

Real-Time Spending Visibility

According to a PwC report, companies lost $42 billion in 2020 due to fraudulent activity. One of the leading reasons is a lack of insight into corporate spending and responsibility. A solid virtual corporate card may help you prevent theft by providing real-time spending insight. Every time an employee uses their card to make a payment or purchase, you will get an immediate notice. You also get extra information, such as the approver’s name and associated receipts. So, make sure your virtual card enables real-time visibility.

Easy Integrations

Your company may employ a variety of accounting and payment solutions. Your virtual debit card should be readily integrated with all of these technologies to provide flawless operation and automation. Otherwise, you would have to input data in many tools, reducing productivity. So, ensure that your virtual corporate card has an API for a simple connection. Alternatively, your card’s support staff should be able to assist you in setting up a linked system.

Credibility

Virtual corporate cards are a financial instrument. As a result, you should constantly exercise caution while making your choices and know how to use virtual card. Going with a dodgy supplier might get you in jail or result in a financial loss. When selecting a virtual card, you should constantly consider the provider’s trustworthiness. Look for trust marks such as Visa or MasterCard to verify that nothing goes wrong.

Affordable Fees

Even the greatest virtual card might incur significant costs. You may also be charged a fee each time you issue a card or make a payment. Check the costs before you sign up with your provider. Before placing your purchase, you should carefully review their price.

Rewards & Cash Back

Many cards include extra incentives, such as reward programs and cash back. Rewards points may be redeemed for required business costs or applied to the balance on your virtual cards, whilst cash back is granted as a percentage of each dollar spent. While these are excellent incentives, make sure that large rewards and cash-back offers are not used to conceal shortcomings in other areas.

Ease of Use

If the finance team, budget owners, and workers will all be using virtual cards and are responsible for filing the related receipts, make sure that the best virtual debit card you choose has an easy-to-learn and simple-to-use platform. Platforms may be made easier with features like alerts, automated processes, mobile app capabilities, and a simple user experience.

Summary

Picking a corporate credit card is like developing a conversion rate optimization strategy. A single wrong step can cost you too much. Therefore, you should never make a random decision when it comes to selecting the best virtual credit card for your business. Instead, take into account the above criteria and make an informed decision.