Three reasons why you need a Virtual Payment Card

August 13, 2020By Allya Syahrudi← Back to Blog

Virtual payment cards are an easy to use and secure payment method that is being adopted by Australian businesses looking to streamline and control their expenses. Here are three reasons why your business should consider virtual payment cards.

What Is a Virtual Payment Card?

In practice, virtual payment cards work the same way that traditional debit or credit cards do. Each virtual payment card is given a unique 16-digit card number, CVC and expiry date, and can be used to pay in-store and online wherever Mastercard and Visa are accepted.

The key difference between a virtual payment card and a plastic card is that your virtual card is generated and stored on your mobile phone or internet browser.

The Three Benefits of a Virtual Payment Card

  1. Virtual Payment Cards Are Issued Instantly

    Virtual payments cards can be generated online and issued to your staff members instantly. This means that your staff can start making payments from their phone or browser without having to visit a bank branch or wait for their card to arrive in the mail.

  2. Virtual Payment Cards Help You Control Spending

    Most virtual payment cards are prepaid cards. Prepaid cards are loaded with a specific amount of funds. This allows your staff to pay for what they need without requiring access to your entire bank account.

    You can control your spending even further by creating a unique virtual payment card for each type of expense or merchant. Once you’re finished with a virtual payment card, you can easily delete it. This is a good way to control your spending on SaaS subscriptions.

  3. Virtual Payment Cards Are More Secure

    Your virtual payment card is more secure from fraud than a plastic card. Card details are secured behind your phone or computer password and security settings like two-factor authentication.

    Mastercard and Visa can extend their protections to most virtual payment cards. Businesses that use DiviPay are protected by Mastercard Zero Liability Protection scheme, which ensures that you are not liable for any unauthorised transactions on your account.

    If you're worried a virtual payment card has been compromised, you can delete it and instantly replace it with a new one.

How To Get a Virtual Card For Your Business

DiviPay is an award-winning virtual payment card platform custom-built for Australian businesses. DiviPay allows you to instantly issue unlimited virtual payment cards, control spending via budgets and spending rules, and automate your expense reporting. All from one simple mobile and web app.

Learn how DiviPay’s virtual payment cards can help your business by scheduling a demo or by reading more here.