Temporary credit card for businesses in Singapore

Systems have become much more pioneering as a result of new advancements in technology. The main purpose of this improvement is to make operations easier and to improve service quality. Payment systems, too, have modernised their operations by following the same path.

The fintech industry has seen and continues to see numerous ground-breaking advancements during the last decade. A virtual credit card, often called as a temporary credit card is one among them.

What is a temporary credit card?

A temporary credit card, sometimes known as a virtual credit card, is a digitised counterpart of a regular credit card. It performs the same functions as a physical card without the need for a physical counterpart. Virtual credit cards, which have a unique 16-digit number, are a faster way to access a credit line and manage costs.

A fintech business, financial institution, or online banking service can issue a corporate virtual credit card. They also provide superior data security since, unlike actual credit cards, they cannot be stolen or lost. They have the same legitimacy as actual cards and can affect your credit score.

virtual credit card

How do virtual credit cards work?

Temporary credit cards or virtual credit cards can be created with just a click, which makes them extremely convenient to use. Fintech businesses like Volopay allow you to create a temporary credit card with as little as three pieces of information: the user's name, the credit limit and expiration date you desire, and the departmental budget you want to associate the card with.

All transactional data appears in real-time on the administrator's interface, allowing for effective monitoring of these cards. Additionally, this one-click creation option allows you to create one-time use cards or vendor-specific cards. A card number is available to use as soon as it is generated.

Advantages of temporary credit cards over business cards

Spend visibility in real-time

Transactions made with a virtual card are promptly logged, and a real-time expenditure report is generated. Spend management solutions such as Volopay provide web, email, and mobile applications that notify you whenever a card is swiped and what the transaction information is. These expenditures can also be evaluated and synced in real time with your accounting software. Employees have a healthier spending culture as a result of this transparency in spending patterns, and they are held accountable for all transactions. Approvers can also reply quickly to budget increase requests, validate uploaded receipts, and refuse transactions using real-time transactions.

Reduced fraudulent incidents

Virtual cards do not carry the same level of risk of data loss as physical cards. The possibility of hacked software obtaining card information is greatly decreased because they cannot be swiped at a vendor or ATM machine. Your banking information is also safe because these cards can be linked to certain vendors without being linked to your company's bank account. Having a different virtual card for each merchant also allows you to figure out which payment gateway is the most dangerous. Compliance staff can therefore keep track of any problems without having to go through a tangle of data.

Increased expense control

Although it may seem scary to simply hand over virtual cards to your staff, rest assured that this process is completely within the supervision of the company's administration. Every virtual card has the ability to have its usage rules altered. You have control over who can use which cards, who approves any modifications to the limit, and what the maximum limit is. If the details given are insufficient, all delegated approvers have the authority to deny the charge. Auto-decline options are also available to help enforce financial regulations.

Fast and secure payment option for employees

Employees who spend business money can be issued a virtual credit card in their own name. Departments can better watch how and when their money is spent, as well as how they may optimise their financial goals, because cards are tied to budgets. Virtual credit cards not only speed up bookkeeping, but they also speed up transactions. Cross-border and domestic payments are much easier with credit cards because they don't require the same level of security as debit cards or wire transfers. Because the payment is made on a credit basis rather than a money transfer, there is less risk and liability.

Who is eligible to apply for virtual credit cards?

Virtual card eligibility varies from country to country and from card provider to card provider. UOB and American Express only issue cards to businesses in Singapore with a minimum of 15 approved employees. Although the restriction is no longer imposed on travellers, it can be difficult to determine which 15 employees (at first) will be given a card. Make sure you have a minimum of 15 employees assigned as approved cards before applying for a corporate card programme in Singapore.

Companies must also have a minimum yearly revenue of $4 million and a minimum annual spend of $250,000. These figures should be verified and point to a well-organized company with solid financial strategies.

How to get a temporary credit card?

A virtual credit card can be applied for through a bank or a spend management platform like Volopay. Keep in mind that your personal credit score has no bearing on your eligiblity for a business credit card program.

All of the papers you'll be asked for will be business-related, and you'll also have to meet the country's terms and conditions for virtual card eligibility. Certain requirements for issuing virtual cards may be imposed by your card provider. This procedure may appear daunting, but it is lot easier than it appears.

Alternatively, Volopay offers corporate credit cards. We'll walk you through the steps and make sure you know what to expect throughout the application process. Your account will be onboarded and your finance team orientation will begin after it has been approved. After that, all you have to do is click a button to access your virtual cards.

Related page: Virtual debit cards for businesses in Singapore

Why choose Volopay as your virtual credit card provider in Singapore?

Volopay's corporate card program is great for organisations searching for spend management solutions as they grow. 

Built-in spend limits

It's difficult to keep track of a large number of corporate virtual credit cards. Volopay strives to make your job easier, particularly when it comes to approvals. On all cards, you can establish spending limits and spend controls. These allow you to require explicit clearance for transactions over a particular amount and auto-decline any transactions that violate your company's policy.

Low exchange rate

Volopay offers some of the best exchange rates available! Swift and non-swift cross-border payments are supported, and you can choose from over 130 currencies. International transactions are a thing of the past with your Volopay virtual credit cards!

Instant issuing

With a click of a button on the Volopay administrator interface, temporary credit cards can be issued. Simply select the budget to which the card will be tied, the name that will appear on the card, and the card's expiration date. Set the credit limit, and your virtual credit card is ready to use right away. You can add money to your Volopay corporate debit card by using your bank account. You can get a company credit line of up to $500K if you use a Volopay credit card. Your cards will be preloaded with credit.

Set custom controls

You will have complete control over how your company's transactions are handled as a Volopay client. Custom restrictions can be set up on cards, allowing you to choose which ones are renewable and which are one-time use. Company policies can be tailored to your needs, and funds can be given to department-specific policies (all of which get automatically linked to cards under them). You may also assign multi-level approvers to certain cards and budgets to manage who needs to approve a transaction or repay a customer.

Map every receipt to the payment made

Receipts are matched to invoices by Volopay's software, which allows you to track everything in one place. Paid bills can be instantly linked to receipts and the credit card used to pay them, and pending invoices can be noted. All of this information can also be synchronised to your preferred accounting programme. Integrations with bookkeeping software such as Xero, Quickbooks, and Netsuite are possible with Volopay, and none of them require any human transliteration or modification. To access your paper trails and spend data, simply plug and play.

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