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Paystand: What is a virtual expense card?

By Eduardo Lopez
Paystand

July 23, 2020 — Scotts Valley, CA

(Image credit: Paystand)

Virtual expense cards streamline payments, reduce fraud risk, simplify company and employee management, and add powerful automation and efficiency for businesses

Virtual expense cards are like prepaid cards that employees can use to securely make purchases online and over the phone. These cards work exactly the same way as physical cards and allow businesses to issue 16-digit card numbers in just a few clicks. To the merchant, the transaction looks no different than any other payment, but neither the employee nor the merchant has access to your bank information, adding a layer of security to the transaction.

(Video above: Paystand CEO Jeremy Almond speaks on B2B’s roadmap for fully digital payments)

With virtual expense cards, finance teams get better control and visibility over company spending, Accounts Payable (AP) processes become simpler and more efficient, and all parties in a transaction are better protected against fraud. Some virtual card providers even offer loyalty reward points that can be used on payables or expenses or redeemed for cashback.

Key Takeaways:

  • Virtual expense cards are prepaid cards that employees can use to make purchases online and over the phone.
  • They give finance teams greater control over expenses, make AP processes simpler and more efficient, and help ensure all parties in a transaction are better protected against fraud.
  • Virtual card use is on the rise for businesses looking for better ways to manage company spending. By 2022, virtual card use is expected to reach $355 billion, up from $136 billion in 2017.

Continue reading here: https://www.paystand.com/blog/virtual-expense-cards

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