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The Top 10 Benefits of Virtual Payment Cards for Businesses


July 22, 2020 - What is a virtual payment card? We may think that we know what they are, but do we really understand their full potential? We associate the term ‘virtual’ with such a variety of products that we may forget to think about how it applies in this context. For the case of virtual cards, it’s important to note that virtual doesn’t mean “simulated”, it means digital and instantaneous. For your business, it means access to a convenient and efficient payment solution.


A virtual card program works just like plastic payment cards; it is a prepaid card, complete with a unique 16 digit number that is delivered instantly via email. It can be used anywhere that accepts the Visa or Mastercard network, both online or by phone.


For businesses, a virtual card program offers a secure payment product that can be delivered – and redeemed – instantly from all over the world. From online marketing campaigns and rebate programs to clinical trial incentives and everything in between, virtual card programs provide the ultimate flexible solution.


Why should your business choose the virtual version over a traditional card? We’ve broken it down with a list of the top 10 benefits of a virtual payment card for businesses.


1. Global Access

This secure card can be received and redeemed in a matter of minutes, wherever Visa or Mastercard is accepted. Cardholders can easily manage their account from anywhere in the world, and with any of their devices.


2. Reduced Risk

Virtual prepaid cards work just like physical prepaid cards, which means cardholders can only spend what is pre-loaded on the account. Refunds or rewards can be paid back to the virtual card, and funds are safe-guarded just like they would be with a physical card.


3. Security

With cashless spending on the rise, we have seen a simultaneous rise in online identity fraud. Virtual card programs allow recipients to pay without revealing personal details, providing a more secure payment method for your business.


4. Instant Delivery

With lockdown still in effect, what better way to reward or incentivise. Instant delivery and instant funding allow recipients to spend right away. Intercash’s virtual card programs are optimized across multiple devices for easy access and instantaneous delivery.


5. Branding and Customisation

When you develop a virtual card program with Intercash, you can customise communications to fit your brand with personalised content and messaging. This will allow your business to maximise its promotional investment and brand visibility.


6. Environmentally Conscious

A virtual card program mean there is less plastic that ends up in a landfill. Companies love the fact that virtual cards do not harm the environment and helps them and their partners to be more environmentally conscious.


7. Multiple Currencies

With a virtual card program from Intercash, recipients have the ability to instantly convert their money to over a dozen available currencies, including USD, GBP, EUR, CAD, PLN, CHF and MXN. (Please note FX charges are applied by the local bank or payments infrastructure.)


8. The Best of Both Worlds

We understand there are certain instances where you may need a physical card. The great thing about Intercash’s virtual card programs is that cardholders always have the option to receive a physical card, which will connect to their virtual card account.


9. Save Money

If your company has an existing rewards or incentives program, a virtual card program offers significant cost savings compared to traditional physical cards since there is no need for card production, packaging or shipping.


10. Simple and Easy to Manage

When you issue virtual cards, you get all the features of a plastic card. This includes the same high-quality customer support that comes with every one of our products, such as tracking, reporting and simple online bulk ordering. Additionally, our API eliminates lag time between receipt and redemption, which allows your recipients to receive – and use – their card instantly, on any device.


Ready to learn more on how a virtual card program can help your business? Contact us today!

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Intercash cards are issued by various issuing banks pursuant to licenses by MasterCard International Incorporated and Visa International Incorporated. MasterCard is a registered trademark of MasterCard International Incorporated. Visa is a registered trademark of Visa International Incorporated.

Intercash is an approved Program Manager and registered service provider of Mastercard and Visa. "All transfers of funds are processed by Intercash partner financial institutions using the certified  "PrepaidGate" technology. 

 

Funds may be processed via other regulated 3rd parties and services may be carried out via the groups subsidiaries and related group of companies including Intercash Prepaid Limited, Complete Solutions Limited, Complete Solution Payments Inc.

Andaria Limited 2019