Don't worry! Our FAQs Section will Help you Learn about Virtual Cards in detail.
Q. What is a Virtual Card?
A virtual card is a card that is available in virtual format but does not have a physical form. The use of virtual cards started with the need to enable safe and speedy online transactions but has now found other use cases. Unlike a physical card with the risk of being misplaced, lost, or stolen, virtual cards can be kept safe with password-protected access.
Another advantage of virtual cards is that you can issue the card from a remote location and have it activated for usage without being in the same physical location as the user.
Q. How does my business qualify for virtual cards?
Virtual cards are a type of payment card that can be used for online transactions but are not physical cards. To qualify for virtual cards, you will typically need a business account with a financial institution or a payment processor that offers this service.
The requirements to qualify for virtual cards can vary depending on the provider, but generally, you will need to meet certain criteria, such as having a business bank account and verification of business identity, good credit history, etc.
Q. How Can I Make the Most of Virtual Credit Cards?
You can benefit a lot from virtual credit cards not only in terms of the credit limit you get but also for allocation of funds to your extended team, manage business-related fund requirements, funding across borders, and much more. With cards that are empowered by EnKash, you will also get a portal to manage the cards. You can set funds for different purposes and team members. In case the virtual card details are compromised, then you can block the card to prevent misuse. You can also set controls on the type of spends that the card can be used for and much more. The portal lets you manage the set of activities dedicated to expense management from the spend, the receipt management, approvals, and more.
Q. How Do Virtual Credit Card India Work?
Virtual credit cards in India offer more or less the same functionalities that a physical credit card offers. However, the type of features that you can get will depend on the issuing bank, the type of card you get, and the limits that you get along with the card. In most cases, virtual cards in India cannot be used to withdraw cash and could have some limitations regarding the type of transactions that you can use them for.
Q. What Is the Importance of Virtual Card Business?
In any business, having access to a ready source of funding is critical. Virtual cards for business help you meet business-related expenses like travel and entertainment, subscriptions, rental payments, and other related spends. Once you have a credit limit allocated to your business, you can further issue virtual cards for business uses to your team members along with the guidelines and restrictions applicable to the usage.
Q. How Can I Get Free Virtual Card?
The starting point to get a free virtual card is to apply and get a credit card with a credit limit for your business via EnKash. EnKash offers you a free platform that you can use to manage your credit card, including the allocation of free virtual cards to various team members for business-related expenses.
Q. Do virtual cards enable POS transactions and ATM cash withdrawals?
Virtual cards are primarily designed for online transactions and may not be suitable for in-person point-of-sale (POS) transactions or ATM cash withdrawals. However, some virtual card providers may offer a physical card linked to the virtual card account, which can be used for in-person transactions and cash withdrawals.
Q. Will I get a dashboard to control the movement of virtual cards?
Yes, you will get a dashboard that allows you to manage and control the movement of virtual cards. This dashboard gives you real-time visibility and control over your virtual card usage, allowing you to set spending limits, block or cancel cards, view transaction history, and manage user access.
Q. How do I prevent fraud using virtual cards that my team uses?
Virtual cards can be useful for preventing fraud, as they offer high control and visibility over business expenses. You can do the same by setting spending limits, monitoring transaction history, etc.