Virtual credit cards? Business travel in the digital age calls for new payment solutions
With steadily rising demands during travel in these times of digital transition, business travelers are increasingly looking for virtual payment options. Virtual payment makes business travel more efficient, it is less vulnerable to abuse, and it increases compliance with travel policy. Virtual payments function similarly to digital credit cards, in that they can only be used once and therefore provide a safe way for companies to handle all payments centrally, minimizing the risk of abuse of company credit cards.
Among the advantages of digital payment solutions are:
Security: Credit cards can be lost, stolen, copied, or abused. Virtual payment by contrast allows companies to attach certain restrictions to its use, such as a credit limit and a timeframe. This ensures compliance with travel policy while making abuse more difficult.
Reporting: All necessary data for reporting is saved, which greatly facilitates travel expense accounting.
Compliance with travel policy: The credit limit for virtual cards can be set to strictly allow purchases within the travel policy.
Flexibility: There is greater flexibility when business travelers do not own a company credit card.
Find out more about the potential benefits of virtual payments for your company in our whitepaper