In the ever-changing environment of corporate travel, what role will the virtual prepaid card play in the future?
Conventional payment methods like individual corporate cards remain at the top of preferred payment methods when it comes to business travel. However, with the internet modernizing the way purchases of services and goods can be conducted, businesses are now beginning to implement efficient online payment solutions like virtual prepaid cards. The following are some of the key reasons why virtual prepaid cards are an integral part of the future of business travel:
1.) Boosting your payments security
Millions of transactions are processed daily. As such, organizations want to safeguard their sensitive information from identity thieves. Virtual prepaid cards are particularly appealing to organizations aiming to do this, because they are armed with exclusive security features.
Different than physical cards, virtual prepaid cards cannot be lost or stolen. Any identifying information is stored online and accessible only through a launch window. Additionally, virtual prepaid cards are never tied to a bank account, this entirely removes the opportunities of private information to be stolen. With the ability to be deleted or edited immediately upon use, this only further enhances the payment security benefits of virtual prepaid cards. Organizations can also appoint a particular virtual prepaid card for a specific business purpose or merchant, curbing fraud and streamlining accounting.
2.) Increasing visibility over your transactions
Virtual prepaid cards offer greater visibility on all of your online financial transactions, providing detailed data about every activity. This valuable information allows you to see aspects of the transaction such as coding information, invoice numbers and payment dates with each corresponding merchant. Reports, that are both detailed and customized, can be accessed and generated through a monitored online launch window.
3.) Enhanced financial clarity
Enterprises are now able to capture more detailed data, this in turn offers them increased financial clarity. Initiatives in cost savings and improved reconciliation can be driven home through centralizing travel. Furthermore, the centralization means that corporate travelers never need to waste time manually reconciling their individual travel expenditures.
4.) It’s a flexible and complete payment solution
With a properly implemented central travel payment process, various items and services can be procured with virtual prepaid cards. These include: bookings for car rental, lodging accommodation, tickets for various modes of transport and all air travel (including budget air). This delivers a one-stop booking approach no matter what travel mode is required by the business. Organizations are increasingly reliant on car and train rental to circumvent the trials associated with air travel. Virtual prepaid cards grant the completeness and flexibility that is oft-requested to accommodate a corporate traveler’s increasingly multi-channel lifestyle and demands.
5.) Full control over your financial activities
Finally, a virtual prepaid card offers better control. This is, quite possibly, the most important aspect. Through the use of a single card account number for each financial activity, specific parameters can be set to assist and make certain that employees are spending appropriately and within the means of the budget. Additionally, since each 16-digit virtual card number is tied to a particular purpose and for a determined type of transaction, the risk of fraud is considerably reduced.
The benefits of virtual prepaid cards are invaluable and evident. Companies should consider how to strategically include virtual prepaid card in their business travels and procurement systems to best suit the business needs.