Virtual Cards for Employees
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Are virtual credit cards right for your employees?
The way owners, managers and employees purchase goods for business has fundamentally changed in the last 10 years. The shift to online commerce has made it easier for employees at all levels to get what they need fast in what we’ve coined “bottoms-up spending”. With this new economic freedom comes risk.
Of course, fraudulent employee purchases are a key concern, but even more prevalent is the risk of a finance teams being unable to have a clear picture of what their company is actually spending.
Multiple corporate credit cards, dozens of purchasers, and finance software systems that do not share data compound this risk.
The virtual card paired with a software solution (like Teampay) mitigate the risk while offering the highest level of security.
The virtual card number is generated by a specialized software program that interacts with the user’s account. Teampay has developed a proprietary way to fund these virtual cards.
Fun fact: It’s believed that these virtual cards began in Dublin, Ireland
To users and vendors a virtual card is the exact same experience as a credit card. The number is typically 15-16 digits, with an expiration date and 3-4 CSV (card verification value). Employees can make purchases anywhere they would normally make purchases online. There is simply no physical card.
A crucial difference between virtual cards and a regular credit card is that a virtual card can be used once, or set to expire. Teampay virtual cards can be tied to a specific employee, vendor, department or even geography.
The technology to power these virtual cards cloaks the users important data by creating an alias. Again, this technology was initially thought of as anti-fraud--no worries about lost, stolen or cloned cards.
What is a virtual card?
What are the advantages of using a virtual card?
Your team doesn’t have to slow down. No more waiting on approval from the finance department for a single corporate card. Plus your finance team has a clear view of who is spending and how it’s being spent.
See a virtual card in action
Below is a demonstration of an employee using a messenger app, a virtual credit card and Teampay to make an online purchase.
Teampay delights these companies and many more:
Eliminate Spend Surprises & Increase Team Transparency
Teampay creates accountability and offers control over purchases across your company -
making spend management more transparent, purchase requests less stressful,
and work a whole lot more delightful.
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