Virtual credit cards (VCCs) are becoming increasingly popular due to the convenience and security they offer entrepreneurs. Here are a few things you want to look for when choosing your VCC provider.
Card Grouping & Organization
One of the key benefits of grouping your cards together is that it enables you to set and manage spending and merchant limits across multiple cards. This not only helps you stay within your budget and avoid overspending, but it can also provide you with greater flexibility in managing your finances. By grouping your cards together, you can also keep them organized, reducing any friction in your business process. This can be especially important when you have multiple cards to manage, as it can be challenging to keep track of all the different details associated with each card. Overall, the benefits of grouping your cards together are numerous and can help you better manage your finances and achieve your financial goals.
Instantly Pause & Unpause Cards
One of the benefits of being able to instantly pause and unpause virtual credit cards is the convenience and security it provides you. If you suspect that your card has been compromised, or if the card has been misplaced, you can take immediate action to prevent any unauthorized transactions from occurring. This level of control helps you better manage your finances and protect yourself against potential fraud or unauthorized charges. A good VCC provider should offer this ability with a few clicks, and allow for single, groups, or all of your cards to be locked or unlocked, whenever you need.
Merchant Controls & Restrictions
A merchant limit allows you to choose which merchants are permitted or prohibited from a group of cards. This limit can be used to restrict a group of cards to a single website, such as Ticketmaster, while disallowing all other websites. It can also be used to block specific websites, while allowing all others. This limit would be useful if you have a specific group of cards intended for a particular purpose. Your VCC provider should provide you with a comprehensive list of merchants that you can allow or block on your cards at the single, group, or total card level.
With a transaction limit, you can have complete control over the dollar amount of each transaction on your card or group of cards. Whether it's a minimum, maximum, or an upper and lower range, you can set the precise amount for each transaction. These limits work in tandem with utilization limits to provide you with total financial control. By having transaction limits, you can ensure that you stay within your budget and avoid overspending, adding an extra layer of control over your finances.
A utilization limit on a credit card allows you to control the total amount that can be spent on a single card or a group of cards. This limit can be set daily, weekly, monthly, yearly, or as a total all-time spending limit. Not only will this help keep your card(s) secure, it also helps you stay within your budget and avoid overspending, providing an added layer of control over your finances. Your VCC provider should offer some kind of utilization limit, especially as you get into higher numbers of cards making more and more purchases.
A VCC provider should have features that allow you to group and manage your cards effectively, such as instant pause and unpause controls, merchant and transaction limits, and utilization limits. These features provide added financial control and security, which can help you stay within your budget and avoid overspending, while also protecting you against potential fraud or unauthorized charges. When choosing a VCC provider, make sure to evaluate their card controls and other features to ensure that they meet your financial needs and goals. We think we might know a provider that checks all these boxes!