The Benefits of Virtual Multi-Currency Debit Cards for Businesses

June 2, 2021

Virtual multi-currency debit cards come with a host of benefits that are improving the way businesses make payments and manage their money.

Virtual multi-currency debit cards are getting more popular and for good reason; they have several positive implications for how you do business. As the name suggests, virtual multi-currency debit cards are payment cards created entirely online that act in the same way traditional, physical debit cards do—just without the physical card. They’re issued by Mastercard or Visa, stored in a secure wallet on your smartphone, and you can use them wherever traditional payment cards are accepted. As a business owner, you can choose the currency and digital assets you need, set spending limits, and define the merchant types where the card can be used.

Virtual multi-currency debit cards: benefits 

Virtual multi-currency debit cards are streamlining payments for suppliers and vendors, and they have several compelling benefits for your business. Read all about the main benefits of multi-currency debit cards for businesses below.

Any business can easily create virtual multi-currency debit cards online

Initially, virtual debit cards were only available to large enterprises. But with recent advances in fintech, they’re now available for almost any business to use. You can create virtual multi-currency debit cards in seconds. All you need to do is set up an account—which you can do online—and then start creating virtual debit cards for your business.

Empower your staff and save on paperwork

You can issue virtual multi-currency debit cards to your team members who make frequent purchases on behalf of your business. Instead of hounding managers or accounts departments for payment requests and access to the sole physical card to make payments, your staff can use their virtual debit cards instead. Each virtual card is unique and each staff member’s payments and usage history can be tracked and analyzed. Virtual debit cards can also cut down on the paperwork required to obtain corporate physical debit cards as well.

As a business owner, you can set the spending limits on each virtual card you issue and keep a firm hold on your budget when making business payments. Setting spend limits helps your teams know their available funds as well.

Save considerable time reconciling payments

A major hurdle of physical corporate cards is the times it takes to track down the owners of transactions to collect receipts and reconcile payments. However, virtual multi-currency debit cards are assignable to individuals, departments, and even specific expense codes, meaning you can save considerable time by easily reconciling payments to the right accounts and identifying transaction owners. 

Enhanced accountability and oversight

Another advantage of virtual multi-currency debit cards is their enhanced oversight and accountability for your business’ money. As the business owner, you can assign virtual debit cards to specific suppliers and vendors so you always know exactly where your payments are going and why. Purchases made with a virtual card are automatically logged on your card management system and everything is accurately processed, labeled, and accounted for without any mystery payments creeping in.

Added Security

Arguably the greatest benefit of using virtual multi-currency debit cards is their much-improved security for your finances. Virtual debit cards are ideal for making online purchases safely and securely, and—since there’s no physical card—they’re practically impossible to duplicate (let alone steal or lose). You can even create single-use virtual debit cards that expire immediately after use, further reducing the chances of fraud especially with larger payments, one-time purchases, and payments via new or unfamiliar merchant portals.

Set up virtual debit cards for your staff today

Read more about virtual multi-currency debit cards and learn about how to set them up for your business. They’re quick and straightforward to create and they can be added to your existing payments services or built from the ground up as a white-label app with your branding and colors proudly displayed on the virtual cards and wallets.

Read more: Multi-currency debit cards make digital payments more accessible for consumers