![]() Virtual debit cards come in two different formats: With all credit cards, spend activity and debt can affect the cardholder's or company's credit score, adding another element that finance teams need to monitor.īoth virtual card types offer a safer alternative to plastic cards for online shopping, by generating a unique credit card number for every transaction. ![]() Funds are managed through a spend platform instead of a bank account, eliminating the risk of overdraft. Virtual debit cards offer businesses more control than physical debit cards with preloaded budgets and spending limits. ATM withdrawals, payments and money transfers using debit cards pull from existing funds within a company bank account. Virtual debit cards, like physical debit cards, don't use lines of credit. Virtual debit cards vs virtual credit cards This means employees can make autonomous purchase decisions in their roles, while employers stay in control of how much can be spent. Team members can instantly generate new virtual cards online, with individual spending limits pre-approved by their managers. Virtual payment cards also prevent credit card fraud caused by using the same payment method across multiple e-commerce sites. With virtual debit cards, employees no longer require a physical card to make purchases. The main difference is that virtual cards each come with a completely unique set of card details and a new virtual card number. Virtual cards are digital payment cards that include the same type of information as a physical debit card, including: card number, expiration date, CVV security code, and cardholder name. They offer increased security for online purchases and greater control over company expenses. Virtual cards can be used for one-time or recurring payments. They provide more flexibility and advantages for company spending, while also reducing the risk of fraudulent activity. Virtual debit cards are a secure and convenient alternative to shared corporate credit cards.
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