What are Virtual Cards?
Virtual cards are basically online credit cards that do not have a physical presence. They can be used to pay for expenses via online mediums. From online subscriptions to bill payments, you can use virtual cards for practically any expenses.
Today, these cards can also benefit small and big businesses across all industries. They come in very handy for businesses that struggle to maintain financial records of their business transactions.
Open’s Virtual Card is specifically designed to cater to such needs. Simply put, it is just like a regular credit card, with some distinct advantages making it quick and easy for you to make online payments for your business.
How to Make Payments Via Virtual Cards?
Making an online payment with virtual cards is very easy. The credit is already preloaded in the card by the admin. You just need to enter the 16-digit card number and then add the CVV. An OTP would be sent on the registered mobile number. After entering the OTP, the payment is approved.
Benefits of Virtual Cards
1. Helps Limit Spendings
The primary benefit of using Open’s virtual card is that you can Stay in control of your spending limits. And how do you do this? Just create a separate vendor/ Saas or digital subscription card that your company uses. And pay only for the active services. Also, whenever any of these expenses are incurred, you will immediately be notified on WhatsApp. Smart, isn’t it?
2. Helps Avoid Duplicate Expenses
You have the advantage of receiving a notification to approve every ongoing subscription. You can approve & track the same on your Open dashboard, which helps you to reduce incurring duplicate costs.
3. Prevents Fraud
The benefits of using virtual cards do not end on just online payments. Get real-time visibility for every online purchase. This means that you can avoid frauds as you can keep track of every financial expense that is being made via the card. The tracking is also done in a very easy-to-understand way.
Making a payment with a virtual card saves a lot of time because the subscription details of the vendor are already registered. All you need to do is select the entity you wish to pay and proceed with the payment. This saves a lot of time and effort, which can be an added advantage for most business owners.
5. Earn Rewards
With every subscription that you pay for via Open, you are in for some amazing rewards and offers in return. Not only that, you can even enjoy cashback and collect them back in your Open account.
With so many benefits associated with Open’s virtual cards, it is hardly advisable to give it a miss. To know more about this card, you can visit Open’s website as the information present there is vast and detailed.