While the world is busy transforming everything online, you should choose a solution for payments that is trustworthy. Now, you must be wondering how one can do that- with EnKash.
So, you must be wondering what a free virtual card is. Read further with EnKash to gain an understanding of free virtual cards!
What is a free virtual card?
Free virtual cards are digital versions of physical credit or debit cards that can be used for online transactions. Virtual cards in India are gaining popularity among small businesses in India thanks to their numerous benefits. One of the key advantages of virtual cards is that they offer increased security compared to physical credit or debit cards.
Virtual cards are not linked to your bank account or physical card, which means that even if your virtual card details are compromised, your bank account and physical card remain safe. When you create a virtual card, you are assigned a unique card number, expiration date, and security code.
This article will explore the benefits of free virtual cards for your business, how they work, and best practices to maximize their security.
How to get started with a virtual card in India for your business?
Many banks and financial institutions offer free virtual cards to their customers. EnKash in collaboration with a few banks is one such free virtual card provider. To get started, log in to your bank account or mobile wallet app and look for the option to create a virtual card.
When selecting a business credit card in India, it’s essential to research and compare different providers’ features and benefits. It’s also necessary to ensure that your virtual card provider is reputable and has a track record of providing secure and reliable services. Some providers of providers of business credit cards in India, offer additional features, such as cashback rewards or discounts on select merchants, which can help you save money on your online transactions.
Creating a free virtual card with EnKash
Once you have chosen a virtual card provider, creating a virtual card becomes straightforward. Log in to your bank account or mobile wallet app, select the option to create a virtual card, and follow the instructions. You will be prompted to enter the details, such as the card number, expiration date, and security code. Once coated, you can use it for online transactions.
One of the main advantages of using virtual cards for your business is that you can create multiple virtual cards with specific limits and expiration dates for each transaction or vendor. This can help you keep track of your expenses and prevent unauthorized transactions. It also lets you control your spending by limiting the amount charged to each virtual card.
Best practices to maximize security with free virtual cards
While virtual cards offer increased protection for online transactions, taking precautions to protect your financial information is still essential. Read below some of the best practices to keep in mind:
Use a strong password and enable two-factor authentication for your bank account or mobile wallet app
Only use virtual cards for reputable and trusted websites and merchants
Regularly monitor your virtual card transactions for any suspicious activity
Always use a secure internet connection when making online transactions
In addition to the above-mentioned best practices, keeping your virtual card details confidential is essential; do not share them even with your family or friends. Be cautious of unsolicited emails or calls requesting your virtual card information, as they may be fraudulent attempts to steal your financial information.
Another effective way to maximize security with virtual cards is to use them for one-time transactions or with a limited spending limit. This way, even if your virtual card details are compromised, the damage is limited to the spending limit set on the card. Some virtual card providers also allow you to set spending limits or restrict usage to specific merchants, adding an extra layer of security.
When making online transactions, it’s crucial always to verify the website’s security features, such as SSL encryption and the padlock symbol in the browser address bar. This ensures that your financial information is transmitted securely over the Internet.
By following these best practices, you can maximize the security of your virtual cards and prevent fraudulent transactions. It’s essential to constantly scan your virtual card transactions to detect any suspicious activity and report it to your virtual card provider immediately.
Future of virtual cards
Virtual cards are becoming more popular in India as they are a safe and convenient payment option. As more people shift towards online payments, the demand for virtual cards will increase. With technological advancements, we can expect virtual cards to become even more secure and user-friendly soon.
Conclusion
Virtual cards will likely become essential to our financial transactions as the world becomes increasingly digital. Free virtual cards from banks collaborating with EnKash offer a secure and convenient way to make online payments without needing a physical credit or debit card. They are especially beneficial for small businesses that may need more money for a business credit card in India. Following best practices to maximize security, virtual cards can provide peace of mind when making online transactions. Get high-end free virtual cards with us and enjoy a safe and secure transaction in this digital age!
Virtual banking has penetrated the large-scale sector, and every small-scale and medium-scale business is also moving towards virtual banking. Virtual bank accounts are trending because of features such as an extra layer of security, real-time transaction monitoring, and virtual cards to streamline transactions. For the B2B sector, virtual bank accounts are a boon. But many businesses are still apprehensive about using these services, and we are here to help them realize the benefits of doing so.
So, if you are also wondering what is a virtual account number or what is a virtual bank account, how it is different from a traditional account, its benefits, and how you can open one, keep on reading!
Understanding the intricacies of what is a virtual accounts
As the name suggests, virtual bank accounts operate entirely online and can be accessed through mobile or desktop. The virtual account is linked to a primary bank account, and a system-generated account number is provided, masking the key account number. These virtual accounts cannot be traced to the primary bank account by people other than the account holders, which offers the company an extra security layer from online fraud or theft.
Meaning of what is a virtual account is really easy. Virtual bank accounts are easy to set up and can be used for various purposes, such as paying vendors, receiving funds, making online purchases, and paying bills. Some virtual bank accounts may also offer features such as virtual debit cards, which can be used to make purchases at merchants that accept card payments, pay employees, and more.
Now that you know what a virtual account is, learn how it differs from traditional bank accounts. One of the key reasons businesses use virtual accounts is that they charge zero processing fees, helping companies save costs on bulk financial transactions. In case your business is also looking forward to expanding and exploring overseas markets, virtual accounts can be beneficial as they can be used as an alternative payment method.
Benefits of virtual account
Types of Virtual Bank Accounts
Virtual bank accounts have become increasingly popular due to their convenience, security, and cost-effectiveness. They are designed to cater to a variety of business needs, and each type serves a specific purpose. Here are the main types of virtual bank accounts:
Single-Use Virtual Accounts
These are set up to handle a one-time transaction, and therefore they are perfect for companies that have a sporadic need to pay for the occasional vendor or contractor’s work done for a client. For example, if a company pays a particular vendor or contractor for a specific project, it can easily create a one-time virtual account for the single payment. Once the transaction is done, the account can be deactivated. Single-use accounts are great for companies that want to treat specific payments as separate from other transactions, which offer a very secure and easy way to do it without having to maintain multiple accounts.
Multiple-Use Virtual Accounts
Multiple-use are these unlike single-use virtual accounts, which are designed to be recurring. This kind of account would suit businesses that would like to track regular transactions in terms of payments to suppliers, contractors, or service providers in order to conduct a repetitive financial flow. The great flexibility of having to make such regular payments by making use of the account without having to create a new one, makes it quite convenient to operate with. Using multiple-use virtual accounts makes everyday balancing of accounts simple, while at the same time it’s quite safe and legal when many payments are taken care of individually.
Escrow Virtual Accounts
An escrow virtual account is an intermediary where two parties deposit funds before completion of a transaction under agreement until fulfillment of certain terms. It is ideal for lofty business transactions, particularly when the transfer of payment is made contingent upon some service or contract completion. In a real estate transaction or a business acquisition, an escrow account ensures that one party does not run the risk of being defrauded or that the service is not completed satisfactorily. It further assures buyer and seller protection, since disbursement is only possible once specific per-determined criteria have been fulfilled.
Cross-Border Virtual Accounts
Cross-border virtual accounts, by offering a simple way to make payments and receive money from a different country for businesses operating internationally, do away with the difficulties and much higher costs associated with conventional banking channels. This is especially beneficial for organizations that require doing payments or may be receiving them in several currencies, making cross-border transactions simple and inexpensive. Virtual cross-border accounts provide a better platform for businesses in efforts to stretch worldwide.
Virtual Savings Accounts
There are virtual accounts that allow a business to earn a return on idle funds without doing straightforward transactions. Virtual savings accounts offer all the advantages of online banking coupled with the upside of passive income. Businesses can save their surplus cash in such accounts so that they are not pressed to come up with money whenever they need it, but they have the power to keep withdrawing and accessing the money whenever they want. Such virtual accounts ensure that businesses can maximize their finances by providing interest free from traditional savings accounts.
Features of Virtual Bank Accounts
Virtual bank accounts come with a wide range of features that make them highly attractive for businesses:
No Transaction Fees:
Unlike the traditional accounts, where there is a fee transaction for every payment or transfer, virtual bank accounts do free transactions and all the business activities will be economical with this facility.
Paperless Setup:
Virtual accounts can be opened online and paperless, and customers do not have to visit any branch at all to have an account set up within minutes.
Security Features:
Advanced security features such as two-factor authentication (2FA), encryption, and secure password policies are often included in virtual accounts to provide security against cyber threats.
Virtual Debit and Credit Cards:
Most virtual bank accounts give businesses virtual debit or credit cards for online purchases or payments without needing a physical card.
Transactions Monitoring in Real Time:
Companies will be able to monitor online in a secure place their transactions in real time, thus assisting them in managing cash flow and avoiding discrepancies.
Customizable Alerts:
Virtual accounts can have custom alerts set for certain actions when it comes to alerting, such as low balance or huge transactions. Therefore, businesses will always know their financial position.
No Minimum Balance Requirement:
Today, very few virtual bank accounts have a minimum balance requirement like traditional bank accounts; thus, these accounts can be used flexibly to manage business funds.
Difference between a virtual account and traditional bank account
Listed below are the key differences between virtual and traditional bank accounts:
No physical branches
Unlike traditional bank accounts, virtual accounts exist only online and do not have any physical branches to carry out operations.
Easy account setup
While setting up a traditional bank account, you may have to visit a bank branch, fill out a form, and submit it to the bank official, whereas when we think of what is a virtual account can be created online with paperless KYC.
Accessibility
Traditional bank accounts can be accessed through multiple channels, such as bank branches, ATMs, bank applications, and net banking, whereas virtual accounts can be accessed through mobile or desktop.
Transaction fees
Traditional bank accounts charge transaction fees for making payments through UPI or NEFT, whereas virtual bank accounts do not charge fees.
Security
Both traditional and virtual bank accounts are subject to federal regulations and are required to have specific security measures in place to protect customer information and funds. Whereas, virtual bank accounts may have additional security measures, such as two-factor authentication, to protect against online threats.
Benefits of Virtual Bank Account Number
Virtual bank account numbers bring multiple advantages to businesses in terms of security, cost-cutting, and efficient financial management. The following are the main advantages:
Increased Security
One of the biggest advantages of having virtual bank accounts is increased security. A virtual account number is not directly related to the primary bank account; hence, it provides an added layer of security. This reduces fraud and online robbery since cyber thieves cannot access the main account through the virtual account.
Economically Beneficial
Virtual accounts tend to be free of processing fees; this is beneficial compared to traditional bank accounts that charge transaction fees during payments. For business entities that regularly engage in high volume transactions, this would translate into massive savings, reducing the overall cost of operations.
Effortless Cash Management
With the virtual bank accounts, it is possible for businesses to open as many bank accounts as they want for payments to vendors, employees, or even subscriptions. This will greatly help in organizing the revenue and making tracking the movement of cash easier, and help avoid confusion concerning where the fund allocations are directed.
Easy-to-use
Virtual account access can be gained via desktop or mobile devices so that business can have the flexibility to manage their finances anytime and anywhere. This is particularly useful for multinational companies or businesses requiring constant access to financial information.
International Expansion
Yet another benefit is for those considering international expansion for their business. The virtual accounts will allow easy transacting across borders without the need to maintain several local bank accounts. This becomes a lot easier and more efficient in operations and costs.
Real-time monitoring
Instead, it gives such companies a window of real-time transaction monitoring. Henceforth, the company can effectively keep track of incoming payments, ensuring they are processed when due. In this way, it hosts reduced errors associated with processing and clear operational flow in finances.
Advantages of virtual bank accounts for businesses
Moreover, to help you understand what is a virtual account number in detail, let’s learn about its advantages. A virtual bank account helps businesses simplify their cash management and offers several other benefits, as mentioned below:
Businesses can allot different virtual accounts for vendors, freelancers, utility bills, and subscriptions to streamline transactions
Facility to accept payment via various modes such as UPI, NEFT, RTGS, IMPS, and QR
With the proper documentation of each transaction, there are zero chances of manual error
Ability to build a separate wallet for consumers to receive, send, or even request funds
Can use the virtual account as an escrow account to protect the business from online fraud
Significant savings on maintenance charges, transaction fees, and minimum balance fees
Quick transactions and confirmation to ensure timely payments to service providers to maintain healthy business relations
How can you open a virtual bank account?
Knowing what a virtual account is is not enough. You should also know how to open a virtual bank account and enjoy its benefits thereafter. Below are six easy steps to open a virtual account:
Open the website and log in with all your information
Fill in the personal information and submit the identity proof, including PAN card, voter ID, Aadhaar card, and other details
Sign the disclosure agreement after reading the terms and conditions
Upon completing the procedure, you will get a virtual account number
Transfer the amount to the account from your existing account and link the cards
Now start the transaction as required
Here, you can monitor all the data from the dashboard from their online platform. You can limit and monitor transactions, get certain rewards, and even block the account as per your will. Furthermore, you can also access archived data at any time and anywhere.
In case your company is planning to launch any credit card or prepaid card programs and needs a virtual account to transfer funds to other accounts, let EnKash assist you. We offer virtual bank accounts powered by reputed banks. Having a virtual bank account will take away most of your worries related to bills and invoices, and every payment will be automated.
Now you know what is a virtual account and opening a virtual bank account is easy and hassle-free as the entire process is paperless. Once you log in to your account and complete all the procedures, including verification, you will instantly get your virtual account number and access. With EnKash, all your data is protected and secured. So, what are you waiting for?
Virtual debit cards are the easiest way for businesses to manage and track online expenses in real time. These cards are like ATM cards but exist only in the virtual form. The card is used for online transactions without the need to carry it around. This helps businesses protect themselves from online fraud, theft and losing the card. The biggest benefit for businesses that a business can apply for an instant virtual debit card online and then activate the one-time use virtual debit card feature, meaning they will expire after one transaction. Getting a virtual debit card is extremely convenient as there are platforms such as EnKash where you can apply to get an instant virtual debit card online in just a few steps.
A virtual debit card is like conventional debit cards and contains the below-mentioned information
Virtual debit cards are a perfect alternative to physical debit cards as they are extremely convenient and secure for all transactions. In addition, you can connect your account in the bank with virtual debit cards and use them to make online purchases or other transactions that can be made with a physical debit card.
Usually issued by financial institutions or banks, you can also apply for an virtual card online. These virtual debit cards have additional features, such as setting spending limits or tracking transactions. To use a virtual debit card, you will need to link it to your bank account and provide the necessary information to complete a transaction. For example, companies often transfer a certain amount to the linked business account in bank with virtual debit card, which reflects in the overall balance. Some virtual debit cards may also require you to provide additional authentication, such as a one-time passcode or biometric information.
You can apply for an instant virtual debit card online from your preferred platform to avail the benefits mentioned below.
Understanding the Difference Between Physical vs. Virtual Debit Card
While both are payment methods linked to your bank account, there are key differences between physical and virtual debit cards:
Physical Debit Card:
Tangible: A physical card you can carry and use for in-person transactions and ATM withdrawals.
Wider acceptance: Accepted at most stores and merchants globally.
Security: May have chip and PIN technology for added security.
Risk of loss or theft: Can be lost or stolen, potentially leading to unauthorized transactions.
Replacement: Requires contacting your bank and waiting for a new card.
Virtual Debit Card:
Digital: Exists only electronically, used for online transactions.
Limited acceptance: Not accepted at all physical stores, and some online merchants may not accept them.
Enhanced security: Often offer unique card numbers for each transaction, reducing fraud risk.
No risk of loss or theft: Cannot be physically lost or stolen.
Instant issuance: Can be created and activated immediately online.
Choosing between them depends on your needs:
For frequent online transactions: Virtual debit card offers security and convenience
For regular in-person purchases: Physical debit card is necessary
Virtual Debit vs. Virtual Credit Card: Choosing the Right Digital Card for You!
Both virtual options offer similar benefits like convenience and security. However, there are some key differences:
Debit cards: Directly deduct funds from your bank account, limiting spending to your available balance.
Credit cards: Allow you to borrow money up to a credit limit, requiring repayment later with interest.
Choose based on your spending habits:
For controlled spending: Virtual debit card ensures you don’t overspend
For building credit or larger purchases: Virtual credit card may be suitable (use responsibly and pay your balance on time)
Benefits of a Virtual Debit Card for Businessess
These virtual business cards offer immense benefits to organizations. Considering these are digital cards, they are environmentally friendly and safe to use. Here are the key benefits of virtual debit cards for companies:
How is instant virtual debit card is helpful
1. Extra security layer
Virtual debit cards are unique, extremely secure, and can be used as a one-time debit card. This practice makes the transaction more secure as it helps prevent fraudulent activity and reduces identity theft risk.
2. Ease of convenience
Virtual debit cards can be easily created and used online, which makes them convenient for businesses that need to make frequent or large payments. They can also be used to pay employees or contractors remotely.
3. Excellent cost savings
Virtual debit cards can help businesses save money on fees associated with traditional debit card transactions, such as ATM or international transaction fees.
4. Greater control
Businesses can limit the amount of money spent with virtual debit cards, helping prevent overspending and enabling better budgeting and financial planning.
5. Enhanced tracking and reporting:
Virtual debit cards can give businesses greater visibility and transparency into spending, enabling them to track expenses and analyze financial data more effectively.
6. Block it at your convenience
To block the physical debit card, you must connect with the respective bank’s customer service or apply for it via the bank. Whereas for the virtual debit card, you must log in at the provider platform and block it. You can block the card within minutes if you suspect unauthorized spending or activity.
7. Discounts and offers
Before applying for an instant virtual debit card online, you need to check the exclusive offers provided by these lenders. Multiple platforms offer various additional services, discounts and offer on various items, including food, dining, and shopping. At times, users also get points which can be redeemed to score more discounts on stores or items. This varies as per the card providers.
8. One-time use virtual debit card
In case you want more safety during transactions, you can enable the one-time use virtual debit card feature. In this, once the transaction is initiated, the debit card will expire, and you will apply for a new instant virtual debit card online.
8. Instant virtual debit card online
Unlike physical debit cards, you will not have to visit the bank or apply for the card and wait weeks to get it delivered to your address. Instead, you can easily get an instant virtual debit card online in simple steps. There are various banks with virtual debit card offers; however, you must compare these exclusive offers and read the terms and conditions thoroughly before applying for one.
9. Resolve all the issues online
When you apply for an instant virtual debit card online at a platform, you get an account from where you can track all the expenses and raise queries if needed. You will not have to visit banks with virtual debit cards and then complaint and then wait for days to get answer.
Now that you know the multiple benefits, let us find out how you can apply for an instant virtual debit card online and how EnKash can help you with it.
Steps to Get Instant Virtual Debit Card Online
Applying for an instant virtual debit card online is easy and saves extra time and effort. The first step to applying is to find the right financial institution that provides ease of service, convenient access, and exclusive discounts or offers, if any. Once you have confirmed the institution, here are the steps that you must follow:
Choose a Reputable Provider: Research and select a reputable virtual card provider that offers a user-friendly platform, secure infrastructure, and competitive rates
Download the App or Access the Platform: Download the virtual card provider’s mobile application or access their online platform
Apply for a Card: Complete the online application process, providing necessary information and linking your business bank account
Activate Your Card: Once approved, activate your virtual card by setting a PIN or password, following the provider’s instructions
Start Using Your Card: Make secure online payments and transactions using your virtual card details
Various organizations provide instant virtual debit card online, such as EnKash. In addition, the spend management platform offers virtual cards that businesses can use to initiate transactions and track spending in real time.
Where Can You Get a Virtual Debit Card?
Several financial institutions and platforms offer instant virtual debit cards. Here are a few examples:
Traditional banks: Many banks now offer instant virtual debit cards through their online banking platforms
Fintech companies: Fintech companies like EnKash specialize in providing virtual debit cards and other financial services
Payroll providers: Some payroll providers offer virtual debit cards as an option for employees to receive their wages
Apply for an Instant Virtual Debit Card Online with EnKash
EnKash is a spend management platform that helps businesses track their overall expenditure and manage transactions such as vendor payments, rental payments, and more to optimize their financial performance. In addition, you can apply for an instant virtual debit card online at EnKash and enjoy the feature of cashless transactions without worrying about the fraud and identity theft that usually happens in the case of physical debit cards. Connect with us today!
Conclusion
Virtual debit cards offer a secure and convenient alternative to traditional debit cards, particularly for online transactions. They empower businesses to simplify expense management and individuals to enjoy safer online shopping experiences. By understanding the benefits, functionalities, and key differences between virtual debit cards and other options, you can make an informed decision that aligns with your individual needs and financial goals.
FAQs
Q: Are virtual debit cards safe? A: Generally, virtual debit cards are considered safe due to features like unique card numbers and limited spending capabilities. However, it’s crucial to choose a reputable provider and practice safe online habits.
Q: Can I use a virtual debit card internationally? A: Some virtual debit cards may work internationally, depending on the provider and merchant. It’s best to check with your provider beforehand.
Q: What fees are associated with virtual debit cards? A: Fees can vary depending on the provider. Some may charge issuance fees, processing fees, or inactivity fees. Be sure to understand the fee structure before applying.
Q: Can I use a virtual debit card for cash withdrawals from ATMs? A: Virtual debit cards are primarily intended for online transactions and may not support cash withdrawals from ATMs.
Q: What happens if I lose my virtual debit card? A: Since the card details are stored digitally, losing a virtual debit card poses no risk. You can simply block the card through the provider’s platform and create a new one instantly.
Q: Can I use a virtual debit card for recurring payments? A: Yes, virtual debit cards can be used for recurring payments, such as subscriptions or utility bills. However, you may need to ensure that the card has sufficient funds available for each payment.
Q: How long does it take to receive an instant virtual debit card online? A: The process of receiving an instant virtual debit card online can vary depending on the provider. In many cases, you can receive the card details immediately after completing the application process and activating the card.
Q: Are virtual debit cards reloadable? A: Some virtual debit cards offer the option to reload funds onto the card, while others are designed for one-time use only. It’s essential to check with the provider to determine if reloadable options are available.
Q: Can I use a virtual debit card for offline purchases? A: Virtual debit cards are primarily designed for online transactions, so they may not be accepted for offline purchases at physical stores. However, some virtual debit card providers may offer options for using the card with select offline merchants.
Virtual bank accounts have been in high demand for the past couple of decades, offering unique advantages to users compared to traditional bank accounts. Open a virtual bank account if you do not have one already and witness the positive change in many aspects of the way you manage finances.
What is a virtual bank account?
Virtual bank accounts are unique account numbers assigned to traditional bank accounts, also known as settlement accounts. Virtual bank accounts are like traditional bank accounts, but they offer users some additional benefits, such as speed, security, etc.
A virtual business bank account offers online banking services and has no or fewer physical branches. A virtual bank is different from a traditional bank as it requires a physical place to run its operations, while virtual banks work exclusively online. In addition, virtual banks need no minimum balance and do not charge any service fees.
Virtual accounting management gives customers an online solution to access and send money, handle their debts, and make money transfers easier. Since virtual accounts are unique, receiving funds into a specific virtual account makes it easier and faster for businesses to identify who made the transaction. E-commerce merchants can use these as an alternative payment method.
Why do you need virtual bank account
How does a virtual bank account work?
Working with a virtual business bank account is simple and easy. A virtual bank operates by allowing its customers to do business activities online.
Virtual bank accounts are operated in 3 following ways –
Creating an account First, a customer must activate a virtual account within his or her existing account. You can also open a new account can be opened by filling out an online application and making a deposit in it. The customer can either submit the form online or can print it. Then, the customer must transfer the amount electronically or pay via cheque to make a deposit.
Paying funds in one way Virtual banks allow users to deposit money into virtual accounts by having the employer deposit their paycheck directly into their account. It is also possible for the user of a virtual account to transfer funds from another account into your virtual bank account.
Paying funds out Like traditional banks, virtual banks also issue debit cards, and thus, a customer can order cheques. In addition, virtual banks offer users the option of paying their bills online. However, the virtual business bank account does not have ATMs.
How to open a virtual bank account?
By following these steps, you can easily open a virtual bank account:
Provide account owner information The application will ask for the personal contact information of the applicant, which contains identity proof (Aadhar card, voter ID, PAN card, etc), address proof, and more information that the bank can use to identify you.
Read and sign disclosure documents In this step, you will be asked to read and agree to the terms and conditions of the account. These documents are stored and easily accessible from your online account.
Fund the account Once you get a bank account number, you must fund your account. You can fund your account by transferring the money from an existing account at the same bank, from your debit card or a credit card if the bank allows these transfers or wire transfers from another financial institution.
Advantages of having a virtual bank account
Having a virtual bank account can benefit you in many ways. Some of them are listed below:
• Guaranteed security Virtual accounts are operated online and utilize a secure platform that guarantees customers’ data is secured. In addition, virtual business bank accounts have multi-factor authentication features, which result in added security.
• Convenience Virtual bank accounts allow you to access banking services wherever and whenever you want. Whether at home or traveling in any corner of the world, you can easily manage your account and access your banking services. It also saves time that is usually wasted on transactions when done physically.
• Better spending insights Virtual bank accounts offer numerous customizable benefits. For example, as virtual banks work with artificial intelligence and machine learning, it becomes easier to get insights into your spending that help you build your budget and set financial goals.
• Online customer support As there are no physical branches, most virtual banks offer 24/7 hours customer service, which saves you time and effort compared to the traditional bank, where you must wait for your transactions. Virtual banks also employ better technology which simplifies many banking operations.
• Higher interest savings A virtual bank has many advantages and is much cheaper than traditional ones. Therefore, the savings received come as interest on your savings.
• Environment-friendly No paper is used for making statements, no need to go to the bank using cars emitting pollution, and no additional space is needed for staffing or housing. Virtual banks allow you to become genuinely cashless.
With the benefits mentioned above to look forward to, EnKash is the best spend management platform that offers efficient financial management services to users. We offer virtual accounting management solutions for more accessible collection and reconciliation of our users. So, you can enable a strong self-service orientation and get flexibility with our services. With the virtual bank accounts we offer, we ensure the bank reconciliation process becomes quick and more accessible.
Start exploring the solutions that EnKash offers and streamline collection efforts. So, do not wait; connect with us today to enjoy the benefits of virtual accounts.
In today’s digital world, virtual credit cards have gained huge popularity. They are the digital form of everyday plastic credit cards. Customers can make use of these cards to carry out their online transactions.
A virtual credit card is the same as a conventional credit card that contains details such as:
A card number
CVV
Validity dates
A virtual credit card protects your credit card information and helps lessen the risk of exposing credit card information to any vendor or merchant. A virtual credit card offers multiple security benefits to users. Virtual payment cards can be used as many times as needed, so even if a company you have done business with falls victim to a data breach, you will not have to stress, as your account information will not be compromised. In addition, virtual cards provide much more flexibility to the user.
Here is a detailed guide about virtual credit cards and what makes them the best payment option.
How does a virtual credit card work?
A virtual credit keeps the physical credit card details of the users safe when the cardholder shops online. A temporary card number is created that helps to replace the 16-digit card number printed on the plastic card to ensure data safety.
In technical words, an operational number is generated the same as a plastic card number with an EMV chip. But there is no need to enter a 16-digit card number. Instead, you need to enter the generated number in the payment box. The only difference is that virtual payment cards have limitations regarding when and where they can be used. These limitations are applied to prevent data thieves from using credit cards.
Benefits of a virtual credit card
Let us look at some of the benefits of a virtual credit card highlighted below:
• Improved security– Virtual credit cards offer users a security advantage compared to physical cards. In addition, most virtual payment cards are valid for a specific time as these cards can only be used for online purchases, so the risk of digital fraud decreases
• Flexibility– You can use your current internet banking account to make payments utilizing a virtual prepaid card. It is more flexible than a real credit card because it can be made for any amount and used at any online retailer accepting credit cards
• Convenience- Virtual credit cards have no physical form. Instead, it contains important details, such as card number, CVV, cardholder name, and more, which are available online, and you can easily access them through a mobile phone, so you don’t have to carry your physical credit cards anymore
• Easy cancellation- The virtual credit card provides a facility for easy cancellation to its customers. If you want to cancel the card, you can do it effortlessly through your smartphone
• Subscription management- Online subscriptions can be challenging to manage. It’s hard to find what you are being charged for and when renewals or upgrades happen. With virtual credit cards, you can manage all your online subscriptions
In addition, you can always use a new virtual card for a new subscription. That way, you can track your subscription in one place.
• Monthly budgets– You can set a monthly budget on your virtual credit card and give it to employees for their day-to-day expenses to track your monthly spending
• Single purchases– Suppose you are purchasing a single product, which may be a promotional product. In that case, you can save your company’s card and use the virtual credit card, which may help for security purposes, and your company’s details will not be leaked
• Budget analysis- With virtual credit cards, it’s faster and easier to see exactly where the expense occurred and who spends how much can be easily tracked
How should one use a virtual credit card?
While shopping or purchasing goods with a virtual credit card can be a little tricky as opposed to using a normal credit card, it has gained huge popularity as it helps to protect the card user from identity theft and fraud. Here are some points that will make a virtual credit card much more helpful.
You may need to log in to your account from the website to make the transaction using a virtual credit card
Once you have signed in with a username or a password, you can generate a one-time password. After that, a unique credit card number will be generated automatically. In addition, you may be asked to set an expiration date for your virtual credit card
Additionally, you can set a spending limit on your virtual credit card, which can be helpful when sharing your card with someone else. It helps in tracking all your spending
To enjoy the numerous benefits, you must get a virtual credit card at EnKash. EnKash is a spend management and cards platform, offering digital solutions to manage all your cards conveniently and spend on the go.
We make virtual credit cards available to you in two ways, that is, either by placing a request with EnKash or by linking your pre-existing card to EnKash. You can generate customizable virtual credit cards and instant virtual debit cards per the business’s needs and requirements. In addition, we offer the DIY advantage to our users to create, manage, and monitor virtual cards.
So, what are you waiting for? Get connected with EnKash and get your instant virtual debit card and credit card today!
The number of SaaS-based start-ups in India has seen an astonishing rise over the past couple of years. Demand for SaaS products is increasing day by day among industries like e-commerce, healthcare, and BFSI. But to manage a lot of subscriptions in SaaS becomes a tough job, and to manage the same, you will have to look for automated software for subscription management, and this article deals with the same.
Most of start-ups and MSMEs are now adopting SaaS into their business portfolio to boost productivity without affecting the existing workflow. Pretty soon, SaaS products will become indispensable for company operations, no matter what the business size.
When such a huge number of SaaS tools are employed in the business, it gets very hard very soon to keep track of all the subscriptions that you’ve opted for. Each new SaaS tool addition is a new paid subscription to manage. And not just that, each SaaS tool is deployed in different departments of a company.
Hence, it gets really difficult for finance teams to keep track of each subscription payment. This is where payment automation takes the cake for being the most reliable way of managing multiple subscriptions.
SaaS – At a Glance
Let’s first understand what SaaS tools are. SaaS is a cloud-computing-based software licensing and delivery model in which software is created and distributed by a vendor by hosting it centrally on a cloud.
Users can avail of the SaaS payment management feature via the Internet on a subscription-based model as per their requirements and convenience.
Basically, instead of setting up a team in-house to develop these tools, businesses can avail this ready-to-use software for a set period on a recurring payment basis.
There is a huge benefit of virtualization in cloud computing, and one such is SaaS payment management. Let us understand SaaS in a simpler form with an example if you want to set up your internal communication email model for your business. Before SaaS, you’d need to hire a developer to create the mail portal and build it from scratch. Not to mention the added expense of hosting it on servers and then maintaining them, fixing bugs, and regular updates.
With SaaS, all you need to do is go to a mail-hosting SaaS tool and just get registered. And since SaaS is a cloud-based service, you do not even need to maintain dedicated servers for it. There are many types of SaaS tools available in the market for Sales Automation, Customer Service, Internal Management, Code Developer, and Communication.
When you have several SaaS subscriptions under your belt, it gets hard for the finance team to keep track of renewals, cancellations, and overlaps. Thus, it is necessary to have a SaaS payment management strategy before it’s too late and you find yourself drowning in SaaS subscriptions you don’t need anymore.
Why choose SaaS Payment Management Utility?
To manage SaaS spends, you should not depend on a single company’s virtual cards or physical cards for all your SaaS spending. What if the card is lost? Or the credit limit is reached, and you cannot renew a subscription you need the most?
This is nothing short of a nightmare for the finance department to manage SaaS spend. To handle such a situation, you need robust expense management software that comprises ample tools, including the virtual card, and using such software; you can smoothly manage your business cash flow.
With EnKash cards, you get two benefits in one. Want to know how? Have a quick look here.
Power of Virtual Cards
Virtual cards can be created on the fly by your finance manager and sent to individual employees for use when asked for. These cards are not physical cards and can be used digitally for all kinds of business expenses.
Simply enter your card details on the website and use it like any other card- the only difference being that each card’s credentials are unique so even if the card’s security is breached, you can easily cancel it from the platform and refurnish another card in its place; all in a matter of minutes.
Since the card is virtual, it can be shared with all the employees. If the card is maxed out, you can instantly create another card. You can also set different max limits for different cards to avoid overspending.
You can allot different levels of access and authorization for different team members. Managers can be given a virtual card with a preloaded monthly budget amount. Employees can be given virtual cards but they would need pre-authorization from your +1 to make any payment.
The payment can be acknowledged and authorized online through the spend management platform. This provides a high level of visibility and expenditure tracking.
When payments are made via a company virtual card, processes like expense reimbursement and automated reconciliation are simplified, so your accounting department doesn’t have to manually look after these processes at the end of each month. So, a virtual card is the best tool to manage recurring payments for SaaS subscriptions. Many top SaaS companies in India are opting for SaaS spend management utilities to speed up their business by following the current demand of time.
Your Hunt for a SaaS Management System Ends Here!
EnKash offers a powerful spend management platform along with virtual cards for easy subscription management. It gives you full flexibility, high visibility, and efficient control over all kinds of spends.
You can keep a detailed track of all your SaaS subscriptions and view them on a single dashboard. It gives you a bird’s eye view of all your SaaS spends- upcoming renewals, SaaS that needs to be canceled, and new SaaS that needs to be added.
Now, you don’t have to bother about the question, what automates your business processes? The simple answer is expense management software. Using this tool, you can monitor recurring payments in real time. Spend Management is the best tool for monitoring free trials as well.
Free trials are a boon to test-drive the SaaS cards that you are itching to add to your business portfolio. But all that glitters is not gold. You might find it underwhelming when you use it or you might realize that it is similar to a SaaS tool you’ve already subscribed to.
Hence, visibility in your SaaS spends can help you judge which free trials to welcome into your business family and which ones to give the boot to. In a nutshell, EnKash can help your business save a lot of cash! Try our “Free Demo” today! We are confident that you will find us important enough to make us a permanent member of your family.
After the demonetization on 8th November 2016, when the high-valued notes overnight, people in India were obligated to acknowledge the significance of going cashless; even though India is still majorly cash-reliant, the majority of the transactions are still carried out with physical cash. However, due to the COVID-19 pandemic, people are slowly transitioning from cash to cashless, and virtual credit cards for business is one such way of money transactions that is gaining momentum. For example, virtual cards let you manage your payables and expenses in one place with just a few clicks.
What is a Virtual Credit Card?
Virtual Credit Cards are still relatively new to many people in India. If you are wondering what a virtual credit card is, keep reading. The concept is simple, a virtual credit card for business functions exactly like a traditional credit card, but the only difference is you don’t have to use a physical card to make transactions.
A virtual credit card is much more secure as it is a digital card created online. It allows us to generate a random 16-digit unique number with an expiry date and card verification number (CVV) without any physical existence. The basic requirement to get a virtual credit card is to have an existing credit card, as the unique number generated is attached to this parent card.
Virtual Credit cards for business are an add-on for your existing credit card, providing extra security to your sensitive card details. Indian virtual credit cards can be used anywhere if the merchant accepts online payments.
Also, with Virtual Credit Card India, you can create unlimited virtual cards without affecting your credit score. It means you can use different virtual card numbers at different places without having to worry about your parent card details getting leaked or hacked by fraudsters.
Know how Indian virtual credit cards can help businesses?
Virtual credit cards can be used for all professional needs. Businesses and enterprises need to share their card details with employees to make necessary business payments, which risks overspending.
It allows you to set spending limits on your card, so accidental spending or rogue spending can be curtailed. It also ensures businesses with additional security for their money as the fear of getting overcharged by vendors is eliminated.
Maintaining accounting records comes with various challenges if accurate details are not provided. In large corporations and enterprises, errors are likely due to the volume of invoices generated and received every month. Moreover, it is humanly impossible to monitor or audit every transaction in detail. But with virtual credit cards, accounting records of a business enterprise and corporation can easily be tracked and recorded with accuracy as transactions are immediately updated, avoiding any delay or discrepancy using the AI-based spend management system.
Benefits of a Virtual Credit Card
Using a virtual credit card gives you an additional level of security as it reduces the risk of theft or fraud. The details you provide for payment do not stay in the records forever; instead, they disappear from the recipients’ records within 24 to 48 hours.
Benefits of using a Virtual Credit Card
It is easy to set a limit on the card amount and control overspending with virtual credit cards. Having a virtual credit card is extremely helpful for enterprises and corporates as the employees can’t spend accidentally.
For businesses dealing with multiple vendors, recording, and auditing every transaction is not physically possible. With virtual credit card, balancing accounts gets easier as you get notified online for transactions made, without the hassle of maintaining invoices.
Virtual credit card protects your card information preventing you from getting duped as the unique 16-digit number cannot be traced back to your real bank account.
Having a virtual credit card is extremely convenient as you do not have to carry physical credit cards around; you need the virtual card details, which you can easily save on your phone.
Manage your company’s subscriptions smartly with virtual credit cards, as you can make recurring subscriptions for different vendors effortlessly. Also, you can track if any merchant overcharges you for their services.
It is easy to cancel your virtual credit card anytime without closing your actual credit card. If there is a balance of payment on your virtual card at the time of cancellation, the balance gets added back to your parent’s credit card.
Virtual credit cards give you the benefit of one-time usage. In addition, you can easily schedule the date to close the card, which provides you with an extra layer of protection from fraudsters.
The main reason to choose virtual Credit cards is their level of security, and they can be used for both Indian and international payments. EnKash virtual credit card makes it easy to maintain and audit SaaS subscriptions, and vendor transactions and set spending limits for enterprises and businesses.
Also, there are no associated fees charged with virtual credit cards, unlike other credit cards that charge you extra for issuing. Indian virtual credit cards notify you via email about any transactions immediately to keep track of spending.
Today online transactions are safer and more secure due to virtual credit cards.
To know more, visit EnKash. You can also click below on Signup Now and we will reach out to you soon.
A disposable virtual credit card is a digital card that is created online for single use. It functions exactly like your regular credit card, but the only difference is that it has no physical existence. A virtual credit card has a 16-digit unique card number, expiry date, and card verification number (CVV), just like your usual credit cards. But comparatively, a virtual credit card is more secure for making payments, as the transactions are contactless.
To add further security for your personal card details using a disposable virtual card for expenses is another great option. A disposable card is not just useful for personal use but it helps extensively for corporate use as well.
For businesses that are frequently making purchases, sharing card details with employees is very common. But sharing details with a number of employees can raise numerous problems like accidental spending to a vendor twice or unethical spending. To avoid these mishaps, a disposable EnKash virtual credit card in India is an effective option.
What is Disposable Virtual Card?
A disposable virtual card is used for non-recurring online payments. It works just like a virtual card and can be used to make payments anywhere as long as the merchant accepts online card payments. With a disposable card, you can easily make payments without worrying about your details getting leaked or sold to fraudsters as the details get completely discarded with a virtual card API system.
EnKash API system is an integration that allows you to make payments anywhere without risking your details getting phished. The system immediately discards the details of your disposable card the moment you make a purchase. Then the API programming instantly generates a new set of card number and CVV for your disposable card.
This virtual card masks your personal information and adds an extra layer of security. As the card details completely disappear from the merchant’s database within 24 to 48 hours, it is impossible for hackers to track down your personal bank account.
Also, once the transaction is made, the card details are no longer valid as a renewed set of details is generated immediately with the help of the virtual card API programming system, making disposable cards a go-to payment option for a one-time purchase.
If you are still on a fence about why you need a disposable card, here are a few reasons that might help you decide.
Reasons For Using Disposable Virtual Credit Cards For Business
Using a disposable virtual credit card for business has considerably reduced the cases of phishing. The card details get discarded once the payment is made with an API programming system, and a new set of card detail is generated immediately. This disposal of card details means you can not use one detail twice as the details are of no use.
For business, a one-time virtual card is of great use. With EnKash you can create unlimited virtual cards for your corporate use, for all your payables. This means with your virtual corporate card you can make payments to your vendors for any non-recurring transactions using your disposable card.
Having an unlimited disposable virtual card for employees hugely benefits corporates as it increases the level of security while making transactions. Furthermore, after every transaction, the details of your EnKash virtual corporate card get renewed; this enables you to keep track of all the transactions made by every employee and avoid accidental spending on their behalf.
Additionally, a virtual corporate card enables you to register and update all your transactions in one place. This essentially helps when your business is dealing with multiple vendors, keeping track of all your virtual payables can get difficult leading to delayed payments or accidentally paying twice. EnKash virtual card API system timely updates your virtual payables and receivables resulting in an efficient business process.
Also, it saves your corporation from treachery because it discards the card details once the payment is made, making it impossible for disloyal employees to use company money unethically.
Advantage Of Using Disposable Virtual Credit Card
Disposable virtual cards are suitable for making payments for non-recurring purchases. Its one-time-use feature makes disposable cards the safest option for cross-border transactions without the fear of your bank details getting hacked.
It is convenient to have a disposable virtual card as you only need to have the card details, which can be easily saved on your phone.
A disposable virtual card is easy to use, as it works exactly like a regular credit card. All you need is a card number, expiry date, and CVV while making payments.
Unlike other virtual cards, disposable virtual cards are single-time usage cards. This provides an additional layer of protection to the cardholders because as soon as a transaction is made, the EnKash virtual card API programming system discards your details and generates a renewed set of card number and CVV.
Disposable virtual cards are economical, as you do not have to carry them around while purchasing. Furthermore, you can easily store the card details on your smartphone and access them anytime.
A disposable virtual card enables users to make payments securely. Once a transaction is made, the details of a disposable virtual card can not be used again, which makes it a secure way of payment.
A disposable virtual card is an effective and safe option for both personal and corporate use. Also, you can use EnKash disposable virtual cards anywhere as long as the merchant accepts card payments for services rendered. Slowly disposable cards are making their way to every household given the fact that it’s a highly secured and efficient mode of transaction. Where India is surely heading towards digitalization, virtual cards are a way to go for all your online purchases.
To know more, visit: EnKash. You can also click below on Signup Now and we will reach out to you soon.
Guide To Apply For Virtual Credit Cards To Make Faster Payments
Managing the company’s accounts payable on time ensures the business maintains healthy relationships with merchants, creditors, employees, and customers. However, for SMEs delayed disbursements can affect the overall growth of the business. It affects the company’s credit score, incurs late payment fees, or even gets penalized for delayed payments. A virtual credit card will help with timely payments for immediate expenses.
Cash disbursement through commercial banks or other methods like ACH (Automated Clearing House) are definite ways businesses can make payments, but these methods are not time efficient. Disbursements through ACH can take anywhere between 3 to 5 business days, and processing of the checks can take a couple of days to make the final payment. Plus, there is the problem of errors on checks like signatures not matching, wrong date, wrong amount in words and figures, etc.
For B2B enterprises, late disbursements affect relationships with vendors and creditors. Thus, companies need a robust payment method like virtual cards for business to control their business expenses and secure the business from negative financial exposure.
For starters, let’s define a ‘virtual credit card’
A virtual credit card is a digital card that exactly functions like a standard credit card with a 16-digit card number, expiry date and CVV. For enterprises using virtual cards for business purposes, a virtual card offers an extra layer of security, complete control over working capital, and reduced risk of phishing and hacking.
Also, virtual credit cards enable companies to streamline business expenses in one place with a practical and multi-functional dashboard. This gives them a complete overview of every transaction made.
How do Virtual Cards for business enable safe and faster payments?
To grow successfully, businesses need to have an automated payments system that enables them to make disbursements on time with complete control over their company funds. A digitized payment system like virtual cards for business gives it a centralized authority and a comprehensive overview of where the business funds are being used. Keep reading till the end to learn how virtual credit cards India is a one-stop solution for managing your business expenses efficiently.
One of the benefits of virtual cards for business is the single-use card feature. The feature allows the employees to use the card only once. This ensures that the company has complete control over its spending and avoids any misuse of the card.
Prepaid virtual cards India is a centralized solution for businesses that need to provide access to multiple employees. The company can easily set limits on the virtual cards issued to the employees, which helps them avoid unethical overspending or accidental payments made by the employees.
Additionally, the virtual card India expenses management software notifies the company about payment reminders enabling them to stay in the loop to avoid delays in payments.
How does a free virtual credit card help B2B businesses?
A B2B firm usually deals with multiple vendors, creditors, and banks. Thus, getting credit cards is a costly and time-consuming process, as acquiring them involves document submissions, verification, processing, and delivery.
With EnKash, you can create unlimited virtual credit cards without extensive procedures and documentation. Once you have created your virtual card, your business details are securely recorded in the system, which allows you to create as many virtual cards as you want to eliminate the trouble of incurring extra costs and tedious procedures.
You can easily obtain a virtual card for business use and make disbursements faster, enabling you to grow your business effectively with a few clicks. In addition, a prepaid virtual credit card lets you set a spending limit on the cards to avoid the risk of overspending.
Advantages of unlimited Virtual Cards to manage disbursement
If you have a business, the virtual credit card is the fastest and most secure way to make disbursements. With EnKash, you can create unlimited virtual credit cards to make payments. The feature allows the company to send transaction amounts without risking your business banking details getting phished or hacked.
Also, it can be time-consuming and expensive to acquire and manage different credit cards if you have a business that deals with multiple vendors. The best solution is to get a free virtual credit card India that will help you with disbursements on the go without engaging in lengthy credit card setup procedures.
Unlimited virtual cards for business are the ultimate payment method that provides an extra layer of protection to your company’s sensitive financial details while efficiently managing the company’s accounts payables.
You can create unlimited virtual credit cards to make payments if you have a business. The feature allows the company to send transaction amounts without risking the banking details getting phished or hacked. virtual cards for business are the ultimate payment method that provides an extra layer of protection to your company’s sensitive financial details.
Prepaid virtual cards in India are a centralized solution for businesses that intend to provide access to multiple employees. The company can easily set limits on the virtual cards issued to the employees, which helps them avoid unethical overspending or accidental payments.
Acquiring and managing different credit cards can be time-consuming and expensive if you have a business that deals with multiple vendors. The best solution can be getting a free virtual credit card in India that will help you with disbursements on the go without engaging in lengthy credit card setup procedures.
To know more, visit: EnKash. You can also click below on Signup Now and we will reach out to you soon.
