Benefits of using virtual cards for B2B payments
Discard paper checks and manual reconciliation, and instantly create an unlimited virtual card for easy b2b payments
Virtual cards are like a card housed online, containing a 16-digit card number, created digitally for a one-time purchase at set amounts. Nothing can beat their convenience, security, and speed which have helped them gain traction in the B2B payments industry.
A unique number is assigned to each virtual card, ensuring security and lowering risk. Employees can now use a card payment in more situations, while still adhering to their employer's pre-approved spending policies.
- Approvals to gain control over overspending.
- View all spend owners and automate accounting.
- Taking control away from vendors.
- Reduce the risk of fraud and its consequences.
- Increase employee productivity by making online purchases easier for them.
- SaaS software subscriptions and renewals.
Depending on your card issuer and the platform you use to manage your account, the process for using a virtual card may differ slightly. Overall, the first step is to set up an account with your card issuer & then pretty much the steps outlined below:
- Create and instantly issue employees their own virtual card.
- Set custom spending limits with a pre-determined budget for each employee’s card.
- Set approval workflows to accept and reject card funds requests.
- Pay online or in-store through your phone app by accessing virtual cards.
- Snap and upload photos of receipts for easy expense reporting.
- Get real-time insights into employees’ spending through an easy-to-use interface.
- Exports all your expense data to your accounting software and reconcile expenses easily.
Volopay takes security to heart by making it nearly hard for your credit card information to be stolen or scammed. We follow VAPT (Vulnerability Assessment and Penetration Testing) on our network and applications every 2 months.
Also, we do not store any of your card details or any sensitive data, and our partners are all fully PCI DSS compliant. Additionally, the cards are exclusively visible to you, there is no risk of cloning or fraud.
What happens in B2B payments? Payment arrangements are established, bills are sent, and then they wait for the payment to begin. After you receive a payment, you may have to wait for the funds to clear before you can utilize them. When paying suppliers, the roles are reversed, yet the process may be just as time-consuming.
Volopay redefines the payment criteria for the b2b payment industry. At the same time providing flexibility, security, and convenience.
Volopay’s virtual credit cards are one-of-a-kind cards that add an extra layer of protection and control to online transactions. Users can create and assign a separate card for each online retailer, giving them the ability to handle them appropriately while also isolating their primary account from any fraudulent behavior related to that vendor.
You can give each employee a separate virtual card and prefix budgets in them with Volopay. This eliminates the need for employees to share cards, increasing their independence and creating transparency.
There is no accurate tracking of your budgets with traditional business cards. Volopay allows you to track where, when, and why of your money in real-time on a single platform. Create specific budgets according to the cardholder & requirements.
Because payments are made promptly using virtual card payments, your company's working capital can be optimized. Finance teams, in particular, notably account payable teams, will no longer be required to hold funds for longer than necessary. By getting real-time insights on overspending, saving ideas, duplicate subscriptions you can streamline your cash flow easily.
There's no need to be concerned over who owns the business card or where it was last seen. Eliminate manual trades and lengthy approval processes to save time and money. Employees and management can concentrate on their primary responsibilities rather than wasting time on administrative activities.
Pay your domestic and international bills faster with our Bill Pay feature. You can make immediate payments against the invoice of each vendor. Send money to more than 130 countries worldwide with SWIFT & non-SWIFT payment options.
Integrate your expenses with your accounting systems to keep your books up to date and accurate. Reconcile and report expenses with all the automated coding.
Virtual cards give you the freedom to manage all of your recurring payments for online subscriptions from a single dashboard by pausing or cancelling any subscription leaving the rest of your subscriptions unaffected.
As every employee has their own virtual card, so it eliminates the need of sharing company cards which reduces a very high risk such as theft, loss, and data breach.
Volopay provides 5% for cashback on all foreign currency payments with no upper cap on purchases made with our cards, As a result, every time you use one of our cards, you save a bit more!
Payment processing is not free, and some ways are more expensive than others. Virtual payments are five times less expensive than check processing. Furthermore, virtual payments can clear in one to two days, compared to seven to ten days for check payments.