Virtual credit cards can be an excellent way to control company spending. Many businesses are shifting to virtual forms of payments to enjoy better accountability and transparency. Entrepreneurs can choose from several virtual cards available in the market with varying features. But how do you ensure you choose the best virtual credit card for your business?

Let’s find out.

How to Choose the Best Virtual Business Credit Card

Businesses need to keep an eye for a few card specific features and functions to ensure they get the best card. However, you first need to determine your needs to select the right virtual payment option for your business.

Once you are past that, look out for the following:

Ability to Issue Unlimited Cards

Your virtual credit card should meet the growing needs of your business. You should be able to issue as many cards for as many employees or payments as you want. Along with that, look for a card that lets you issue unlimited cards for free.

Otherwise, your expenses can add up over time.

Spending Controls

Virtual cards should come with robust controls to manage your budget. You should be able to set spending limits or vendor locks to prevent fraud and overspending.

In addition, the best virtual credit card should also let you:

  • Set card behaviors like one or two-time use
  • Delete or freeze cards and accounts
  • Define expiry dates

Always choose a card that lets you stay within your budget with the least effort.

Real-Time Spending Visibility

According to a PwC survey, businesses lost $42 billion in 2020 due to fraud. One of the biggest causes for this is poor visibility into company expenses and lack of accountability.

A good virtual credit card can help you overcome fraud with real-time spending visibility. You get an instant notification every time an employee uses their card to make a payment or buy something. Along with that, you get additional information like the name of the approver and accompanying receipts.

Therefore, always ensure your virtual card provides real-time visibility.

Easy Integrations

Your business may use a range of accounting and payment tools. Your virtual card should easily integrate with all these tools for seamless operability and automation. Otherwise, you will have to enter data across several tools and lose out on efficiency.

So, make sure your digital credit card has an API for easy integration. Alternatively, your card’s support team should be able to help you create a connected system.

Credibility

Virtual credit cards are a financial tool. Therefore, you should always be cautious with what you choose. Going with a shady provider can land you in trouble or even result in a financial loss.

Therefore, always check the credibility of the provider when you choose a virtual card. Look for seals of trust like Visa or MasterCard to ensure nothing goes wrong.

Affordable Fees

Even the best virtual credit card can come with high fees. You may also have to pay a fee every time you issue a card or make a payment. So, check the fees before you join hands with your provider. You should take a good look at their pricing page before ordering your card.

Try Mesh Virtual Card

Credit cards still leave room for fraud and can invite several risks. Your employees may overspend, or you might incur a huge balance at the end of the month. Plus, you may also be liable to pay interests on your unpaid balances.

Businesses can resolve these challenges by choosing a virtual card like Mesh. You can dedicate custom budgets and top up your card to never overspend again.  

Additionally, Mesh comes with robust spending controls and provides real-time visibility into your expenses. In addition, you can issue unlimited cards to your employees without any restrictions.

Final Thoughts

The best virtual credit card should help you stay within budget. It should make payments hassle-free and give you complete visibility into your spending. However, a virtual debit card can be more useful for businesses that want foolproof control over their spending. You can try Mesh virtual cards to make your payments and set custom limits. You can also enjoy multiple advanced features like configuring card behavior and use the Mesh API for easy integrations.