When you shop online, you are worried about security. If you shop online from a famous and well-known merchant, then you do not have any fear to pay with the credit cards. But when it comes to a new store by which you shop for the first time them you are concerned about security.
You have to give your billing address as well as your card number, security code and expiration date. These are everything a corrupt merchant needs to dodge you. Yes, indeed, you are not accountable for unofficial charges. However, you have not enough charges for valid purchases until you get your charges reverse back.
Here is a solution to your problem as you can use virtual credit cards instead of using your debit cards. You can pay safely by your virtual cards even when the merchant is tentative. A virtual credit card number is an oddly generated card number related to an actual credit card. You can set a maximum limit of amount. Also, you can set the expiry date of virtual cards, and it will protect your transaction. It looks like the same as your credit card for online merchants. The merchant does not get your actual card number, but the chargers appear on your regular bill without affecting your main credit card number. Also, you can limit to use a virtual card to only one merchant.
The Virtual card has many benefits to use. Let us discuss some of them.
Gift cards
Sometimes it is hard to find a gift for your loves ones. If you are still looking for those gifts which bring a smile on their face so what are you waiting for? You can gift them a virtual gift card, and they can use them in various situations. You can find those Virtual MasterCards in various design for different occasions like anniversaries, birthday gifts, baby arrival, mother’s day and, father’s day, etc. Just select the theme of your virtual gift cards and set the amount. In this way, you can easily give a gift to your special ones. They can avail these cards as per their choice or need.
Provides security
Unlike credit cards and cheques, virtual cards provide security to the buyers and suppliers. You do not have to share your bank account information anymore. This presents a powerful benefit in using virtual cards. Virtual card numbers are randomly created and have a specified transaction amount and time limit. If a thief wants to get your card number without the payment, then the virtual card number is a chain of unrelated numbers that reduce the threat of theft. So, it provides a high-level of security for your payments while saving you from shoplifting.
Strengthen vendor/supplier relationship
Physical credit cards and virtual credit cards work in the same way. The only difference is that the virtual credit card delivers via email and contains a randomly generated number that is temporary and unique for every payment. It can be a significant effect on a distributer’s cash flow when you decide to accept virtual cards. Suppliers can get receive payments sooner when using a virtual card because it can be issued instantly. Buyers mostly prefer those suppliers who use virtual credit cards for cash flow, so it is beneficial for suppliers because preferred vendors are the foremost choice within the organization.
Eliminates Bank Cheque Processing Fee
Virtual cards reduce cost. You do not have to pay for checks. It eliminates dealing like bank deposits, check processing fees and most important it saves time. So you do not have to rush out the bank, all have done with your virtual card.
Provides Better Transaction Detail
Virtual master cards have no space limitations. Two of the alternative methods of virtual cards are ACH and wire transfer. Both of these have a space limitation problem. For transaction details, ACH provides only 80 characters of space, whereas wire transfer has 140-character space. The virtual card allows customized payment information to clarify and possibly remove manual reconciliation. It also speeds up the transition. So this can be better to use.
Virtual Master Card for Business
While most of you are possibly individual users of the virtual cards. If you need help to manage your business, then these cards are the most reliable to use. They can help to solve the biggest problems that you are facing. On behalf of the company, many employees need to make purchases from printer ink and toilet soap to the client’s dinner.
Just like individual credit cards company, credit cards also have security issues and can be easily hacked. The best solution to all these problems is to use virtual cards as it provides flexibility in various purposes. Company employees can easily use these virtual cards for various dealings with no security issues. Therefore, you can use virtual cards for your business to make it effective and threat free.
CONCLUSION
Virtual master cards have a lot of benefits. You do not have to deal with the stolen cheques. You can present it as a gift card to your special ones. It allows the customization of payment information, and it provides the character space with no limitations. When it comes to business, you can use these virtual cards for different purposes with the guarantee of security. It can also boost up the vendor/supplier relationship.
Read More: