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Do you manage a big business? Are you in the habit of dealing with a lot of transactions? If yes, what method do you use? With digitization at its peak, using cheques is a part of history now. No one uses them.
Now imagine, you heard about a data or financial breach at any company. You do not want this to happen to your company, right? So why not prepare for the worst and train your team to deal with these kinds of suspicious activities?
Do you know what the most significant financial risk is in the present times? The answer is credit card fraud. Let me support this with a fact. According to research conducted in 2019, there were 9708 instances of compromised credit card data. That was only in the first quarter of 2019. The situation was no different in 2020. Frauds in credit and debit cards increased by 35% in 2020.
What is the solution to this situation?
Virtual debit cards. Its use increased by 40% in 2019. What are these? What are their benefits? Let us get going with it!
As the name suggests, virtual means online. So these cards are created entirely online, with a 16-digit number, CVV, and expiry date. They do not have any physical existence. They support cashless transactions. They are also known as one-time use credit cards.
Let us know about it a bit more, along with its benefits!
No more paperwork – How difficult is it to manage a bunch of paper cheques? No matter what we say, dealing with everything and that too manually can lead to inefficiencies and data inaccuracy.
With these cards, you can be free from writing cheques and stuffing them into envelopes. The process of accounts payable becomes streamlined, which eliminates the risk of human error. According to the professionals at bento, this option also removes the need for plastic money. They are more secure than physical cards.
Put a break to limitless spending – Spending more than the decided amount turns the budget upside-down. You do not want to experience this situation, right? Every organization aims for optimum utilization of resources. Here these cards give you the solution. Spending limits can be set on these. This means you can know your spending patterns. You can see how much exactly is available to you that you can spend.
Appropriately manages the cash flow – It is quite challenging to manage the monetary requirements of a company and carry out its cash flow. A set amount within a set time has to be paid to the suppliers. Things can get a little fuzzy here. But what is the tension when virtual cards are here? These allow companies to efficiently manage the cash flow with proper reporting and data capture. Moreover, it improves internal transparency as you no longer need a separate accounts payable analyst to examine the different payment types.
Bottom line
In the global world, organizations need to adopt effective methods for their success. With the right choice of payment method, you can be ahead of your competitors. Adopt a feasible approach to easy payments and improved security. Now get your virtual cards and have peace of mind with a lot of transactions!
You may also like: Cashless Payments: A Quick Win for your Customers
Image source: Pixabay.com
