Get the best virtual credit card to manage business expenses
Virtual cards for business are the new way to manage payments efficiently. Having a virtual credit card in Australia allow you to go ahead with contactless payments at merchant checkouts, as well as online payments.
They’re a great way to empower your employees with financial control, and the ability to make business purchases without having to dip into their own funds.
Trusted by finance teams at startups to enterprises.
Manage subscriptions with virtual credit card
Business virtual cards are most often used for subscription management. They’re an excellent way to keep your SaaS payments in control and to ensure that no multiple or outdated subscriptions get in the way of money management.
Create one-time burner cards for lump-sum payments, or create a vendor-specific card to manage budgets and payouts for each SaaS invoice.
Safe payments with virtual cards
Our virtual cards in Australia are compliant with the ASIC standards of security. Issued by VISA, they have the encryption and safety of any bank-grade credit card. The ability to generate unlimited virtual cards means that you no longer have to share cards or worry about data leaks.
Moreover, these instant virtual credit cards are not directly linked to your company bank account so there’s no threat of hacks. Keep cards neat and separate, load or freeze as required, and have it all in one place for your peace of mind.
Visible spend metrics in real-time
The virtual credit card linked to your Volopay account update information in real-time. Every swipe, every transaction gets recorded as soon as it happens.
There is no threat of data loss, and you are always updated on where your money is going. These spend metrics are always available on the mobile app, meaning they’re accessible at all times, from anywhere.
Take charge of your business expenses
Incorporated spend limits with virtual card
Our virtual credit cards in Australia are not just handouts with unlimited access to funds. Instead, they have very precise spending limits so that you can control how each card is used. Company expense policies are applied by default, which includes auto-decline for transactions over a certain limit.
But aside from that, you can also have a fixed budget and expiration date on these cards. You choose whether they get reloaded each month, or if the funds are only for one-time use. Your business virtual cards are powerful and smart.
Approval flows with multi-level verification
The security of your cards also comes with multi-level approval systems. You can set up 5 tiers of approvers, all of whom verify expenses and fund requests. This is a one-time setup, after which push notifications and instantaneous payouts ensure that everything happens with transparency.
Any non-compliant transactions on these cards automatically get declined, saving effort even for approvers.
Easy employee expense management
Assigning each employee with their virtual card is very easy and you can set custom budgets and spending limits for each one of them.
Since all expenses made using virtual cards are tracked in real-time, you can be sure that the chances of internal fraud or expenses that do not comply with the company’s policy will be instantly detected.
Easily integrate with expense systems
A virtual card is a payment tool that is easy to link with an expense reporting system. Most of the time, the virtual card providers themselves have a capable expense tracking and reporting platform that updates transaction data in real-time.
This helps the finance team stay on top of how budgets are being spent by employees who have access to virtual cards.
Integrate with accounting systems
Virtual cards often operate using platforms that are capable of integrating with accounting and bookkeeping systems.
This makes it easier for the company using virtual cards to sync and export their expense data seamlessly without manual intervention into their accounting software.
This way the organization is not only able to manage their expenses using business virtual cards but also makes sure that they are entered in the company ledger accurately.
Financial stack for business
No more switching between multiple bank accounts and tools to run your smart business. We have combined great software with every service you are using a bank for, to produce a state-of-the-art financial platform.
Empower your employees with physical and virtual cards
Manage and track every dollar that leaves your company
Open a global account with multi-currency payments.
Manage vendors, approve invoices and automate payments.
Save hours daily, and close your books faster every month.
Integrate with the all the tools and software that you use daily.
How do virtual cards work?
Virtual cards work just like any other payment card such as a credit or debit card. They have a unique 16-digit code, expiry date, and CVV that you must enter to make payments online.
The difference is that you can only use these cards for online payments as they are not tangible in nature and only exist virtually in a digital format.
Another unique aspect of prepaid virtual cards or virtual cards, in general, is that they are made through a method called tokenization.
Tokenization is when a card’s details are replaced with a unique code or token, allowing you to make online purchases without revealing sensitive card details.
A great benefit of this is that you can do this as many times as you like and create unlimited virtual prepaid cards for your business to handle different types of expenses in a secure manner.
How are virtual cards used in business?
1. Employee expense management
In a specific company there may be many employees that need access to the company budget on a day-to-day basis. It can become tedious to manually give them approvals to fund requests for each task.
Instead, a company can issue prepaid virtual cards to their employees and give access to funds in this manner.
2. Supplier and vendor payments
Paying your suppliers and vendors are a critical part of the business to keep operations running smoothly. You can issue virtual cards to make payments to your suppliers and vendors.
These are great payment tools even if your vendors or suppliers are abroad as you can make international payments using your virtual cards.
3. Subscription services and recurring payments
One major area of payments for any modern business is for all the SaaS tools or subscription services that you use. Many teams and employees might be using different subscriptions across the organization.
You can use virtual cards to track and ensure that there is no duplicate purchase of a software service and that all payments are being made with efficient utilization.
4. Online and international transactions
Virtual cards are the perfect tool for making payments online. The reason they are better than using a traditional card is because of the added safety and security that is provided by them.
Because a virtual card is tokenized, it is safer to use it online for domestic and international payments as your actual card details won’t be compromised. Plus you can easily freeze or block the card instantly if the card is compromised.
5. Employee & business travel expenses
While a virtual card cannot be used physically while traveling for business purposes, it can still be used to make bookings for corporate travels online.
Things like booking flights and accommodation is a great way to use the virtual card for business travel while keeping your payment and financial data safe and secure.
Advantages of using a virtual credit card
Simplifies the reconciliation
Virtual card payments make it easier for finance teams to track and understand transactions with the help of labels and codes that are attached to them. Further, they do not need to rely on the accounting team for receipts or explanations.
The automatic syncing of these payments with the general ledger also helps to eliminate the need for manual efforts to reconcile card payments.
Easy to manage vendors
Create the instant virtual card in Australia for all your vendors and assign them. This allows you to manage and pay them online quickly and efficiently. You can also track the spending department-wise and by vendor-wise.
Get the flexibility to add additional cards as needed as you work with more vendors. This way you can now easily manage all your vendors.
Quick payment option
These cards help for fast and efficient business payments, such as booking tickets, making reservations, and recharging fuel cards. Employees can easily enter the card details and complete transactions without needing approval.
This helps both cross-border and local transactions, as virtual card payments are generally quicker than wire transfers and checks.
Virtual cards for secure and fast payments
Why should you choose Volopay virtual credit card?
1. Easy to create
It's easy to create virtual cards and assign them to a spending category or employee with just a few clicks. One of the best ways to manage your spends properly.
2. No hidden fees
Volopay provides some of the most competitive exchange rates available, and there are no hidden fees when making local or international payments through our platform.
3. Personal guarantees not required
To determine your eligibility, we only require information about your business credit score, statements, and spending history, rather than personal credit score or statements.
4. Get credit limit
If you're having difficulty managing expenses, you can request a high credit limit with flexible repayment terms by submitting a credit request through Volopay.
5. Unlimited cards
The Volopay card management system allows you to create an unlimited cards, making it ideal for businesses that are growing and have a large number of suppliers and payment categories.
6. Control over cards
With admin control, you can set spending limits on each card and designate approvers for any exceptions, giving you a high level of control over spending amounts.
How to implement virtual cards for your business?
Defining spending policies and guidelines
Implementing virtual cards for your business might be easy, but if it is not done in a proper way, it can lead to more issues.
You need to ensure that you also establish concrete spending policies and guidelines for how an employee can and cannot use a virtual card that is issued to them.
Monitoring and tracking transactions
Once your organization gets in the flow of using virtual cards for business, the finance team or administrative team must start tracking and monitoring these transactions.
This way you will be able to ensure that the employees are using the payment tool correctly or not.
Training employees on virtual card usage
Once the necessary policies and spending guidelines have been established, the company must also ensure that each employee gets trained on its usage.
Different aspects such as how to request a new card, how to use it online, whether it can be used multiple times or it is a single-use card, etc. must be taught to the employees.
Regularly reviewing expenses
Another reason to regularly monitor and track all transactions is to use this data to analyze the spending behavior of employees, teams, and the organization as a whole.
This will help you get insights regarding the spending patterns and behavior which in turn will help the company make smarter financial decisions and optimize its processes.
Streamline your business spend with Volopay virtual cards
Allocate individual virtual cards
Many employees find expense reporting to be a tedious and time-consuming process, but virtual cards can help streamline business spending.
By creating unlimited cards, each authorized employee can be assigned their own card, which can also assist in tracking and regulating employee and department expenses.
Assign a unique budget
Each business virtual card can be connected to a departmental budget for more precise allocation and to monitor spending within specific departments.
By routing departmental funds to card payments, you can get a clearer view of how your company's funds are being used and can have more control over their utilization to avoid overspending.
Track your employee spending
Virtual cards can provide employees with the ability to handle their own business expenses without depending on the accounting teams.
At the same time, these cards can also assist accountants in monitoring how employees are spending their money and can be useful for maintaining compliance with expense policies.
Implement spending limits
Giving employees their own cards empowers them to make business purchases on their own, while also putting limits in place to control spending.
For expenses that may be unpredictable, you can create virtual cards with adjustable limits to provide the flexibility.
Set multi-level approvals
If a cardholder needs to exceed their assigned spending limit, they can request additional credit and get it approved from the authorized person.
To ensure compliance with your company's spending policy, you can set up multi-level approval processes for these requests.
Automate payments
Paying for subscriptions can be more challenging to keep track, as forgetting a payment can result in loss of access to the product.
However, virtual cards for businesses can help you to automate these payments, eliminating the need for manual payment.
What are the security features of virtual cards?
1. Dynamic CVV (Card Verification Value)
Generally, payment cards have a 3 or 4-digit CVV code printed on the back to authenticate and execute payments.
A dynamic CVV is one that keeps changing on a frequent basis allowing the user to stay safe from theft and fraud online in case the virtual card’s details are leaked.
2. Time-limited usage
Unlike physical cards, a virtual card can be created according to your specific needs. For example, virtual cards can be single-use or multiple-use in nature and you can also set a custom expiry date for each card.
Single-use cards can be time-bound or even expire immediately after a payment has been made through it.
3. Geographical and merchant restrictions
Similar to how merchant category blocking works on physical and virtual cards so that employees can’t use a card to spend on certain categories, virtual cards can also be restricted to be used only for specific merchants or in a specific geographical location.
4. Two-factor authentication
Probably the most important and prominent security feature is two-factor authentication. This is a system such as receiving an OTP(one-time password) on a mobile number or email to confirm a payment request.
This ensures that even if someone else gets access to your virtual card details, they cannot confirm the payment if they do not get the OTP you received.
Vendor payments made easy and fast
Learn more about our virtual cards
Volopay brings together the innovation of smart cards and bill payments, combining them with efficient accounting, approvals, and reimbursements. It’s a single place to get all your expense needs met.
Subscription management
Manage your subscriptions with a single click. Create payments and schedule them to avoid any kind of late fees or disruption in services. Real-time tracking lets you avoid multiple payments. And pause options stop you from overpaying for SaaS models you no longer require.
Real-time visibility
Virtual cards for business are most efficient when you can monitor the payments easily. Your expense reporting system is designed for complete transparency and accountability. The details of all your transactions are updated as soon as they happen, allowing you to have an eagle-eye view of all your cash flow. Whether it’s accounts payable or a quick swipe of a card, all of it gets recorded with accuracy immediately.
Business credit
Stop counting pennies to meet your business expense needs. We offer a flexible business credit line for you to manage business investments, payrolls, and day-to-day office expenses. These are super-easy to avail of, and you can apply for them without the long waiting period of traditional business bank loans. Spend smartly to build your revenue.
Multi level approvals
Bring in a level of responsibility by utilizing maker-checker systems and approval levels. On the platform, you can create up to 5 levels of approvers, all of whom verify and ensure that payments are in order and nothing is done frivolously. Pre-set limits ensure that non-compliant transactions get declined automatically.
Accounting automation
From the first card swipe to the books being closed, your account structure can benefit greatly with the help of accounting automation. The world’s most beloved accounting software list integrates easily with our platform for seamless reconciliation and data analysis. No need to sync manually. Just integrate and watch two automated systems work in tandem to keep your data updated.
Customer stories
Volopay provides your business with the perfect financial control centre. Don't take our word, let our customers tell you how we empower their organisation.
Volopay helped BukuWarung in managing their expenses across different countries.
Volopay helped Deputy smoothly integrate with an accounting system.
Using Volopay, AdCombo eliminated the hurdles of cash flow management.
They loved Volopay, you will too
FAQs on virtual cards
Yes, it is possible to create virtual cards for business for free in Australia. There are a number of financial institutions and payment service providers like Volopay that offer virtual card services that you can use to make online payments, manage expenses, and track your business transactions.
In Australia most big banks like Commonwealth Bank, Westpac and HSBC provide virtual credit cards while other, more modern financial platforms like Volopay also provide virtual credit cards.
Yes, a virtual credit card is perfectly legal to be issued by banks in Australia. It is also legal for other providers and financial platforms like Volopay to issue virtual credit cards in Australia.
Setting up a free virtual credit card is easy. For example, with Volopay all you need to do is create an account, get on the dashboard, click a few buttons and you'll have your card within seconds.
You will obtain your virtual credit card number as soon as you create one on a provider's platform like Volopay, the number of the card created is automatically generated and visible to the owner/user of the card.
The number of times a virtual credit card can be used depends on the provider you choose as well as card type. For example, with Volopay you can create one-time or monthly recurring virtual credit cards. Users can also choose a custom expiry date for it.
With some digital banks you do get the option to create virtual cards pretty quickly. Better, faster options for creating virtual cards instantly come with setting up an account with platforms like Volopay where all you have to do is click a few buttons to get your card.
A burner or one-time credit card is essentially a single-use card. They mostly come in digital form and are used for online transactions. Using Volopay you can create unlimited burner virtual credit cards for various different online payments.
Yes. Considering that virtual cards don’t have a physical form, it could be argued that they’re even safer than physical cards. You won’t run into the risk of losing your virtual cards. Not only that, but you can also create virtual cards for one-time purchases, meaning that your virtual card details won’t be tracked after the one-time payment.
Generating a virtual card doesn’t cost you money. They are also generally free to use. However, when used to make a payment, a small service fee might be applied to the receiver of the payment. This would function similarly to a credit or debit card payment in a store.