How to get a business virtual credit card in Singapore?
Virtual cards are quickly emerging as the fastest and the most convenient option for making corporate transactions. This rising popularity is mainly because the whole world is on the surge of adopting new digital payments and money transfer methods.
Almost everything is and can be done online. The basic benefit of virtual cards is hassle-free payment processing and contactless spending. The latter point is especially contributing to the increasing adoption of virtual cards, as contactless payments were highly prioritized during and after the pandemic.
So, if your business is looking for a safe, easy, and quick channel for making payments, virtual cards are your best bet. Virtual credit card is a viable option for all B2B payments.
Virtual card vs. physical card: What is the difference?
Physical cards are tangible, the ones we all use generally. On the other hand, virtual cards aren't exactly tangible; these are present in your mobile or expense management system.
Physical cards have to be carried around everywhere. These can be used to make online as well as in-store purchases. Plus, it is the most preferred one when it comes to travel. Employees just have to carry one card, and all expenses from flight and hotel booking to entertainment spending can be taken care of with a physical card. Each employee of your company can be given one physical card. But the more advisable way is to give physical cards only to some higher position employees. This would give them easy access to the company funds.
In contrast, virtual cards can be seen as the digital version of the normal cards we use. These cards also have a 16-digit card number, CVV, and expiry date. Depending on the purpose for which the virtual cards have been created, they can either be recurring payment cards or burner cards.
Burner virtual cards are the ones that expire after one use. Whereas recurring payment virtual cards are the ones that are used to make monthly subscriptions or vendor payments. There are various platforms that offer businesses the facility to create unlimited virtual cards. This can be used for keeping expenses and categories separate.
Plus, these cards aren’t directly connected to the business’s bank account, so the chances of fraud or breaches get eliminated.
How to get a virtual credit card for your business in Singapore?
The answer to how to get a virtual credit card is pretty simple. There are two ways, either through your business bank or neo banks, and the other one is through other card providers like fintech platforms.
The core requirement for getting a virtual credit card in Singapore is that your business must be a legitimate registered business in the region.
The next step in the process is checking the eligibility and credit performance of your business.
Virtual credit card providers check the business's previous credit score, annual revenue or turnover, cash flow, and some other details. All these details are businesses related, so the personal credit score does not count.
The only thing you have to do is submit the proper and accurate documents and any details supporting those documents. If your business meets the eligibility criteria and fulfills the credit score requirements, you can successfully get a virtual credit card and can start using it immediately for your business.
Looking for virtual cards to manage your business expenses?
Best business virtual card providers in Singapore
1. Volopay
Volopay is a holistic expense management software. Along with providing financial management features, it also offers businesses virtual corporate cards.
Volopay virtual cards are tightly integrated with the platform, giving the business access to most of the expense management features.
These virtual cards provide features like spend limits, accounting integration, real-time transaction updates, conciliation with departments and projects, an international payments facility, unlimited virtual card creation, and more.
2. DBS
Virtual cards offered by DBS can be used only for corporate purposes and can be bought under the company’s name only.
Plus, the main purpose of these cards is to help businesses with corporate travel and bookings.
All financial, booking, protection, and travel expense management requirements can be fulfilled using the DBS virtual cards.
3. Wise
To get free Wise virtual cards, businesses are first required to purchase a physical card. Every Wise user can get up to three virtual cards.
It is not necessary that first, the business would get the physical card and then the virtual card.
You can get the virtual card early and start using it immediately. It is the best for making quick business shopping expenses.
4. HSBC
To get an HSBC card, customers must have an HSBC application. These cards provide real-time transaction updates, spend analysis features, spend control features, and more.
HSBC virtual cards are versatile, and businesses can use the card feature to exercise control over their finances.
5. Aspire
Aspire virtual cards are linked to their expense management system and offer high-level security and international transactions facility.
The virtual cards provide detailed reports, real-time transaction updates, and spend analysis. Complete visibility and control are the added benefits of these virtual card features.
Along with this, Aspire virtual cards are also integrated with accounting software.
Why should you choose Volopay virtual cards over others?
Choose Volopay virtual cards over any other because, undoubtedly, they are the best. In comparison to any other provider, Volopay offers a wide range of spend management and control features. Along with it, these cards are easy to create and even easier to use.
Once you have a Volopay business account, you can create unlimited virtual cards.
Following are the amazing virtual card features and services offered by Volopay:
Volopay virtual cards are connected to the Volopay expense management software, which means that all activities of the card are recorded and updated in real-time.
Plus, these cards have bank-level security and double encryption to keep your funds safe. These virtual cards are not directly connected to your bank account, so there is so real connection to breach or break.
The Volopay cards dashboard provides users with Block and Freeze control to instantly stop the functioning of the card if any suspicious activity is detected.
Traditional cards do not provide any budget or spend control attributes. However, Volopay virtual cards have in-built spend control characteristics.
The admin or managers can create cards and set the maximum spend amount limit, authorize who can use the card, assign the cards to departments or projects, get real-time updates of all the expenses, and more.
This way, you exercise seamless control over the money movement in the company.
Once a virtual card user, always a virtual card user. When you realize and start reaping the benefits of virtual cards, you want them even more.
There are various virtual card providers who offer only one-three cards per business or one virtual card over a physical card, and various other types of limited schemes.
Volopay breaks the barriers and provides its customers with the facility to create unlimited virtual cards. This means that you can give one card to each employee, department or project, or vendor.
While trying to avail of the Volopay virtual cards with credit, you are not required to submit your personal credit score or details.
The only formalities required are the business’s credit score, bank statements, and spending pattern details. Plus, no personal guarantees or collateral is required.
All charges, fees, and payments taken by Volopay are clearly communicated to the users. There are no hidden costs or extra fees charged for any service.
You can enjoy the benefits of Volopay virtual cards without paying anything additional.
In comparison to other credit and virtual card providers in the market, Volopay offers a much higher credit limit on virtual cards.
Conventionally you would have to fill out various forms and match insane levels of eligibility for a greater credit limit, Volopay easily provides you the same but in a more hassle-free style.
All spends and expenses incurred through the virtual cards and the Volopay platform are recorded in real-time. All the details of any spend can be accessed within seconds.
Along with this, the Volopay platform also offers spending analytics and expense reports with charts and graphs.
All-in-one platform with an all-in-one dashboard. Volopay offers a centric dashboard, meaning all information and features can be accessed in one place. You don't have to go around looking for sheets, records, or reports.
Plus, all services and features can also be effortlessly accessed from the side panel on the dashboard.
One of the most amazing characteristics facilitated by Volopay is multi-currency wallets. You can hold and make expenses in more than 60 international currencies.
Plus, Volopay charges the lowest FX rates on all international transactions.
How to get a Volopay virtual card for your business?
The process of getting Volopay virtual cards is pretty simple and effortless. There are a few basic documents that need to be submitted to onboard on the platform and make the most of the features and facilities.
1. Identification documents such as the business owner's passport, business registration number, NRIC, etc.
2. Audited financial statements
3. UEN number and company details like incorporation, etc.
4. Latest bank statements of the company
5. Letter from the authorized person