Tag: Online virtual credit card

A fascinating step towards sound business spending is virtual credit cards. They provide businesses with a safer, more personalized, and transparent way to pay for rent, vendors, GST, bills, and many other things. A company can make purchases using a virtual card directly from their desktop, which makes managing finances easy for the finance team.

Reduced processing costs, simplified vendor payments, and improved internal accountability are just a few advantages that the virtual card business offers to businesses. Compared to physical cards, these well-known virtual card businesses aid in more cost savings while enhancing simplicity and security for employee purchasing.

This article will cover all that you need to know about using a virtual card business, including how to get an instant virtual credit card free right away and the advantages of doing so. Continue Reading!

What is a virtual card for business?

A virtual credit card is just like a standard credit card, except that you do not possess a physical copy. The cardholder’s name, credit card number, billing address, CVV, and expiration date are all included in a virtual card business, along with all other relevant facts and identifying details.

It acts like a Visa, MasterCard, or any other physical card when making an online transaction. Its ease of use has helped the virtual card business grow swiftly into one of the most affordable, practical, and secure e-payment methods, especially for online transactions.

A digitally constructed virtual card business can be issued for recurring payments, to settle a single transaction issue for a predetermined amount, or to establish a card that can be created on demand and used individually. The cardholder might make further purchases up to the monthly business spending limit in the second circumstance.

Benefits of virtual card business as a payment solution

The primary objective of virtual credit cards is enhanced safety in an increasingly digital world, as is the case with the new financial technology. However, security is just one aspect of the innovative technology connected to virtual card business payments. There are other additional advantages listed below:

1. Security: Making business payments with virtual cards is extremely secure. Your physical and virtual cards are connected to your primary account. Still, the virtual card business protects your data by restricting the information revealed when you make a transaction. These systems tokenize data, encrypting your account details and generating a random sequence or token that you can only use to make one-time payments.
2. Easy to use: The ease of use of virtual cards over real ones is one of their key advantages. With the help of these solutions, users may make timely payments without having to deal with the trouble of passing around a business card.
3. Control on expenses: You may choose your spending limits and the number of merchants you wish to pay using virtual cards. These measures ensure that your employees use business money appropriately and defend your account from hackers.
4. Get it free of cost: Most card issuers offer this free virtual card, and that too without charging extra. As a result, you can get an instant virtual credit card free right away, and you don’t need to pay anything more to get one.
5. Enhances accountability: You should no longer stress about making payments or track down the accounts department to acquire receipts for processed payments because of the categorization, labeling, and orderly organization of every payment made so far or still to be paid.
6. The remaining balance can be transferred: If your virtual card business expires and you still have available credit on your card, it will be transferred to your main credit card to ensure full utilization of your credit card limit.

Steps to apply for a virtual card

Follow these 6 steps to apply for a virtual card:

1. Visit EnKash’s Website and click on sign up tab
2. Tap on the credit card tab under the freedom section
3. Enter GSTIN/PAN details for verification
4. Save the details and enter the OTP received on your phone number
5. Upload your company documents, director’s PAN card, e-mail, and mobile number for verification
6. Submit your application and get your free virtual card

How is a virtual card helpful for businesses?

1. Manages your budget across teams: When a team member needs a virtual card number, the virtual card business can help you generate, manage, and distribute them. Then, it will be simple for you to keep an eye on that team member’s spending and make sure they stick to the allocated budget.
2. Act as a business travel card for employees: You can use your virtual card business to arrange travel for personnel representing you at events or on business travels, including lodging and travel.
3. Serves as an expense management tool: By offering spend analysis and other financial reporting data, some virtual card businesses act as an expense management tool. This helps you know how much money an employee spends and where you don’t want someone to end up overspending or making unwanted expenses.
4. Monitoring subscriptions and campaigns: Your company may have subscriptions that require monthly or yearly payments. The virtual card business eliminates the hassle of coordinating various payments for multiple subscriptions by filling the card with funds that will cover each subscription service.

Virtual credit cards are superior in many ways compared to traditional credit cards. These cards lower the danger of credit card fraud because they don’t reveal your credit card information to anyone other than you. One of the top digital spend management platforms, EnKash enables companies of all sizes to automate payments and take advantage of paperless transactions.

EnKash lets you manage your financial transactions across your company’s divisions from a single platform. So, manage vendor payments easily, pay recurring bills on time, and allow your finance department to conduct an audit without difficulty with EnKash.

Businesses must keep track of expenses, increase cash flow, pay vendors on time, and maintain records for hassle-free auditing. While you may depend on the good old National Electronic Fund Transfer or NEFT to process payments, you may sometimes not have money in your account and face a cash crunch, also you need to know the NEFT timings. Waiting a month for the funds to arrive might affect your relationship with merchants, vendors, and even your employees. And so you might use your credit card, which might create problems for your company’s finance department. Hence, businesses must have a corporate credit card to ensure timely payments and to avail themselves of many benefits that come along.

This is where Virtual Credit Card India can help you and your business stay on track with all the financial requirements. Want to know more? Read ahead to find out what a virtual credit card in India is, its advantages, and how you can get an instant virtual credit card in India.

Unraveling the mystery of virtual credit card India

While businesses are aware of corporate credit cards, virtual card in India is still a mystery for many. Functioning similarly to regular credit cards, they offer additional security and can be used for different purposes.

The virtual credit card in India includes a temporary 16-digit card number, validity date, and the CVV. Linked to the primary credit card, these cards do not disclose users’ information and are safe to use. Businesses can set a spending limit for the virtual credit card to reduce expenses to keep expenditures under the budget. Additionally, as a business, you can limit its use and where it can be used to make payments.

Advantages of virtual credit card for businesses

Virtual cards in India are one of the most convenient, reliable, and credible payment solutions, especially for small and medium-scale businesses. Due to the security it offers and complete control over transactions, the virtual credit card is becoming the preferred mode of payment for the B2B sector. Here are a few reasons why businesses opt for a virtual credit card:

1. Create virtual cards for different purposes
   Unlike the plastic credit card, you do not have to use one virtual card for different payments. You can create multiple virtual credit cards for each department, set a payment limit, and monitor their expenditure. Extremely convenient, right?
2. Helps streamline transaction records
   It becomes tedious for the finance department to maintain records by keeping a collection of receipts and bills. It is often challenging to explain why a particular team made a payment or whether the invoice is right or wrong. With the help of a virtual credit card, there’s no such hassle of maintaining the records. Additionally, with a virtual credit card used on the EnKash platform, all your payment records will be archived on one platform, and you can easily access the data online.
3. Complete control of cards
   Suppose you have monitored some unusual activity or lost the card, blocking the physical card might take several days. But when you opt for an instant virtual credit card from EnKash, you get the DIY features to instantly block, unblock, set limits, monitor transactions, and such. All you have to do is log in to your account, access the dashboard, and check data without additional support.
4. Paying your vendors on time
   Virtual credit cards are instrumental when it comes to paying vendors. You can create individual virtual cards for vendors associated with different departments of your company. Once you pay them with a credit card, you will have an entire month to pay the card bill. During this duration, you can increase the cash flow, and by paying on time, you can also increase your credit score.
5. Increasing credit score
   Any company must have a good credit score. With the help of virtual credit cards, your score will increase by paying bills on time. This will help you get instant approval on loans with low interest rates.

Furthermore, you can set monthly budgets for your employees, conduct a budget analysis with the consolidated report, and get better security and safety from online fraud or theft.

How to get an instant virtual credit card?

Getting an instant virtual credit card is now easy with EnKash. Follow these simple steps to get your virtual credit card:

1. Visit the official EnKash website
2. Sign up or log in with your official details
3. Once the login procedure is completed, you will have access to the EnKash platform
4. Click on the setting icon on the top right of the screen and fill in your details
5. Upon saving details, go back to the home page
6. Scroll down and click on the credit card option in the freedom section
7. Enter your GSTIN info
8. Upload your company’s documents
9. Enter the director’s PAN card, email, and mobile number for the bureau check
10. Submit your application successfully

Get a virtual credit card with EnKash today

EnKash is one of the best digital spend management platforms that allow businesses of all scales to streamline their payments and enjoy paperless transactions. With the help of EnKash, you can control your financial transactions across different branches of your company from a single platform. Easily manage vendor payments, pay recurring bills without a miss, and let your finance department run a hassle-free audit. Sounds exciting? Connect with EnKash and get your virtual credit card in India today!