Corporate cards

How can businesses apply for a virtual credit card?

Apr 05, 2024

Virtual credit cards have become an increasingly popular payment tool for businesses across the world. These cards act as payment tools that are both highly secure as well as convenient to use. If you are a modern business looking for a new, improved payment tool then you should consider virtual credit cards.

However, given their novelty, some may find it hard to navigate through the virtual credit card application process. Therefore, knowing how to apply virtual credit card for your business is important.

What is a Virtual Credit Card for businesses?

A virtual credit card is not very different from your typical, physical credit card in terms of how it works.

However, the difference lies in the fact that virtual credit cards are not standalone cards by themselves.

A virtual credit card is generated from an original credit card. A random 16-digit number and CVV code are generated when you create a virtual credit card. This card will expire once its stipulated use is completed.

Requirements for businesses to apply for virtual credit cards

Business registration

You need to provide business registration details to apply for virtual credit cards. This may include documents that serve as proof of ABN number, GST details, and so on.

Financial stability

Your financial stability will also be checked at the time of the virtual credit card business application. You might need to produce documents showing your credit history, history of repayment, and so on.

Business size

Some virtual credit card providers will only issue companies their credit cards if a particular business size and capacity are met. This may mean a minimum number of users is required.

Bank account

Your bank account details will also be required at the time of the virtual credit card business application. This account will typically be the one the cards will be linked to.

Related Read- How to open business bank account in Australia?

Annual revenue

The annual revenue a business generates also falls amongst the eligibility criteria for many virtual credit card providers in Australia. You might be required to meet a yearly revenue-generated benchmark before you can get cards.

Purpose of the card

The purposes for which you intend to use the cards may also be a criterion that will be checked before cards are issued to you. This is because virtual cards can be of different types, depending on usage.

Identification documents

Last, but not least, you may also have to produce documents that serve as proof of identity of the business owner. This may include address proofs, citizenship certificates, and so on.

Are you confused of how to use virtual cards to manage your business payments? Then, check out our article on when should businesses use virtual payment cards and use it wisely for your business.

Steps to apply for a virtual credit card


Determine your business needs

Before starting with the application process for virtual credit cards, you must evaluate and determine your business needs.

To be precise, you need to identify how these cards will help your business and particularly which areas will benefit the most from virtual cards.


Research virtual credit card providers

Given the large number of virtual credit card providers that have populated the market you need to make sure that your choice is thoroughly researched.

Make sure you attend demos from various providers and choose the best option that suits your business requirements.


Gather the necessary documentation

Once you have decided on a preferred choice of virtual credit card provider, the next step in how to apply virtual credit card is gathering the documentation that is necessary for application.

This includes proof of identity and address, ABN number, credit details and scores, and so on.


Submit your application

After you have finished gathering all the necessary paperwork and choose your virtual card provider the next step is to actually submit your application with the virtual card provider.

Different providers may have different requirements for submitting your application, so make sure you are fully aware of the requirements and are adequately prepared.


Wait for approval

The next step in the process is the wait for your application to be approved. Typically, this does not take too long.

However, the period between application submission and application approval may differ from provider to provider.


Activate your virtual card

Lastly, once you have completed the application process and obtained approval the next step is where you get the actual cards.

Once you get the cards, activate the card. After activation, you can use the cards as per your business needs and requirements.

Why choose Volopay Virtual Cards for your business?

Easy to apply

It is very easy to apply for and obtain Volopay virtual cards. The application process is fairly straightforward and not much is required except for the basic requirements.

Additionally, you will be guided throughout the application process to prevent any hiccups or hurdles.

Instant approval process

The approval process and time cycle when applying for Volopay virtual cards are almost instantaneous. All you need to do is specify card usage details such as the amount loaded, expiry date, and vendor or department to which the card is assigned.

Once you have specified these and applied you should get your card within moments.

Unlimited virtual cards

With Volopay you get the added benefit of generating an unlimited number of virtual cards, completely free of cost.

You can create cards for a variety of purposes including both single-use as well as recurring payment cards.

No hidden fee

There are no hidden fees charged on payments with Volopay virtual cards. There is a 0$ transfer fee, i.e. no SWIFT or processing fee is charged.

Credit limits

The credit limits you can set on Volopay cards are highly flexible and customizable as per your business needs and requirements.

Streamline vendor management

Volopay virtual cards also come connected with a platform that can be used to easily manage all the vendors you have on your payment list.

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