Business credit cards are plastic cards that can be used almost anywhere to facilitate spending on behalf of a business. These cards have both advantages and disadvantages depending on the specific business needs. For example, a business credit card may be great if you need to spend more than your business currently has in the bank.
On the other hand, a business credit card doesn’t offer the robust spending controls a business credit card may offer. To learn more about business credit cards and their nuances read the below articles.
Prepaid reloadable credit cards can be used in person, online, and over the phone. They differ from regular credit cards in the way that they must be reloaded with money via an online interface. They do not offer a revolving line of credit and
give you better control over how much employees spend.
Accounting debit cards help accountants track purchases and better manage expenses making an accountant’s jobs easier. Thanks to these cards tagging transactions is a breeze and spending can be categorized automatically.
All receipts are electronically recorded, and reimbursements are a thing of the past. Plus, accounting debit cards can easily integrate with QuickBooks. Plenty more benefits can be found below.
Virtual card APIs allow you to generate many different types of virtual cards through an application programming interface. A virtual card API is normally used by businesses in one of two ways. The first way being to create internal spending controls that are automatic based on company specific triggers. The second use for a virtual card API is to offer virtual cards inside a business’s product so their customers can use them for unique spending situations.
A virtual card is a set of card numbers that can be used online or over the phone. Virtual cards are not plastic and have much more robust spending controls than traditional credit or debit cards. Some of the spending controls virtual cards provide are the ability to turn the card on or off at during certain dates or times.
You can even ensure the cards have preset spending limits or ensure they only work with specific stores. They come in many different types as well to learn more checkout some of the articles below.
Virtual accounts are randomly generated account numbers that are used to protect real account numbers. That way they can be used with less trusted parties for spending or just provide an added layer of protection. They can be setup to expire
after a certain time, or even be limited to one transaction so you don’t have to worry about your account being charged again.
Ghost cards are a type of virtual card that is normally used once and then disappears hence the name “ghost card”. These cards can be great from a security perspective because you can use them with untrusted vendors and rest assured the vendor can’t charge your card twice. That is just one benefit ghost cards to learn about more see the below articles.
Virtual card payments are the act of making purchases with a virtual card. Virtual card payments can be made with all sorts of different virtual card types such as ghost cards, p-cards, and procurement cards. The benefit of using these types of
payments is that they can be easily tracked, and the spending can be limited with precision.
Virtual card services allow you to use virtual cards for your business. This service normally has a dashboard or interface that you use to interact with managing your virtual cards.
Virtual card services can be used on all devices such as phones, tablets, and desktop computers. You can assign virtual cards to employees to track and limit their spending.
Virtual Visa cards can be used anywhere a Visa credit card would be accepted. Virtual Visa cards can be virtual credit cards or virtual debit cards. However, they are not plastic and cannot be used in person at retail stores.
They can only be used online or over the phone. Nonetheless they are extremely useful for most business spending and can have many benefits over non-virtual cards.
Having a p-card system for your business won’t do much good unless you have a solid p-card policy. Even if you have a great p-card policy your employees won’t know how to properly interact with the p-cards, so it is a good idea to have proper p-card training too.
This will be greatly beneficial for both your employees and business and help to clear up any confusion. Learn how to get started with these two important tasks by reading the articles below.
Applying does NOT affect your credit score!*This is not a credit card.
Banking services provided by The Bancorp Bank, Member FDIC. This Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A Inc. and may be used everywhere Visa® debit cards are accepted.