Overview
There has been an increase in interest in ways to transact more securely in light of recent events and data breaches. Virtual payment cards are one way to spend more securely and privately online.
Virtual Card
Virtual cards allow you to minimize the amount of personally identifiable information (PII) you share with places you buy at. Traditionally, virtual cards provided by banks have been difficult and clunky to use, new providers of virtual cards make the process very simple and easy to use, and as a result, we believe virtual cards can be a valuable tool in protecting your privacy and security without compromising your convenience and ease of use.
What is a virtual payment card?
A virtual payment card is a credit or debit card number that can be created through a website or mobile app and does not come with a physical card. Virtual payment cards can be utilized for most online purchases.
How do virtual payment cards work?
Virtual cards act like a layer of protection between your funding source and the merchant. They pass any authorized and completed transactions directly to your funding source (including refunds). These cards can be a buffer against cases when merchants you shop at get breached, merchant overcharges, or grey market subscription scams. They are great to use at popular websites where you have recurring payments, so you don’t have to change the number if your card details are compromised elsewhere.
Use Virtual card if your business …
- makes frequent business-to-business (B2B) transactions to the same groups of merchants
- needs control over company card information
- would like to reduce the risk of card misuse by employees
- faces challenges when mapping out expenses in relation to various projects or purchase
- would like to implement stringent requirements on card usage