Genome’s team is back with yet another article that dives into different types of fraudulent financial situations that people and businesses can face. And this time, card-not-present fraud is on the agenda. Want to know how to avoid scams associated with card-not-present transactions? We gathered some tips below. What is a card-not-present transaction? Before we get to the fraud part, let us first explain what card-not-present transactions are in general. Card-not-present transactions (also known as CNP transactions) are the type of payments a person makes with their debit or credit card. Such payments happen remotely, meaning that the card and
Today there are lots of options for business cards for freelancers, small businesses, and even companies. This Genome article is dedicated to the comparison of different providers, viewing their pros and cons, and identifying the best cards in 2022.
Comparison table of best cards for businesses
|Card availability||virtual only for the free plan||plastic for the free plan||plastic for the free plan||plastic||plastic, virtual|
|Accounts in different currencies||–||GBP|
Data thief-proofed card
|Design||depending on the plan||depending on the plan||depending on the plan||one option||two optionsplus thief-proofed card|
Types of payment cards and their purposes
A payment card is issued by an authorized financial institution to its client. It enables the client to possess, buy, and receive products, services, funds, or other values from a private person as well as from companies.
When we are talking about different types of payment cards, we must realize that there are many factors on which the typology itself can be built. That is why we propose to regard various classifications based on the four most important features.
By the overall type
By the overall type, a payment card can be physical or virtual. A physical card is delivered to a client, normally made out of plastic or metal. While a virtual card has no material embodiment and exists only in digital wallets or payment apps. At the same time, a virtual card can be equally used as a physical one for purchasing online and in retail with contactless technology. Some virtual cards even have an option of ATM cash withdrawals.
By the function
- Credit cards. Credit cards enable a user to loan money from the financial institution up to an established limit to purchase goods or withdraw cash.
- Debit cards. Debit cards let a client spend money by drawing on funds that are deposited at the bank account.
- Prepaid cards. They allow a user to spend up to the sum of money that is loaded onto the card, without drawing on the main account funds.
- Charge cards. Unlike credit cards, charge cards do not have a spending limit and allow a client to have credit, but in return, they require paying a statement balance fully.
By the role
There are mainly two types: personal (private) cards and business (corporate) cards. Private cards are issued to the persons to cover their payment and transaction needs. Normally, private cards permit to purchase online and in retail, transfer money online, accept funds, and so on.
Business cards are issued to businesses. They have an adapted functionality that is practical for managing incomes, such as multiple digital wallets, different administrative roles in wallets, currency exchange, statistics, and invoice data. Still, cards for business obtain all the basic functions of private ones like transferring money online or accepting funds.
By the brand
The brand is not an account issuer which is usually a bank or a fin institution, it is a card issuer. They are also called card networking organizations, and they are responsible for the facilitation of payments and transactions. Besides that, they do have their regulation to follow, especially for merchants.
The most popular card brands
- American Express
- China UnionPay
What is a business bank account?
As business cards are delivered to the owners of business accounts, it makes sense to briefly explain the matter. A business account is used specifically for freelancers and companies but not for personal funds. It has a wider range of financial services that help to manage incomes for a big, medium, or small business.
The most popular features of the business online account
- Multiple wallets within one institution allow to divide funds into categories and help with administration. And as for Genome, a business wallet user can start up to 15 business accounts, in different currencies, too;
- Inner currency exchange that lets an owner accept funds and transfer money online within foreign markets easily;
- Shared access to create various roles for the account management;
- Statistics and analytics that comes in handy with general business tracking and tax reports;
- Advanced fraud protection to prevent any suspicious activity.
Attention! Having a business bank account alone won’t let its owner accept card payments either on the website, not in the store. To accept funds from card payments there must be opened a merchant account.
Reasons to have a business bank account
- Profiting from business bank account functionality. All the described functions above, along with others, are available within the account to manage business funds better.
- Separating business funds from personal money. Getting paid on a private wallet might work well in the beginning, but as time goes by and the company or freelance project grows, the messier it gets.
- Structuring incomes for tax purposes. Another reason to have one separate space for the income is to calculate and structure tax obligations.
- Protecting a personal identity. Being paid as a business does not require inputting as much personal data as accepting funds with an IBAN.
- Giving a more professional impression. After all, if one wants to be taken seriously, one must act this way. Issuing a card for business does this job perfectly.
- Be ready to get the merchant account. Only after creating a business one, a merchant account can be issued. It will allow a business to accept electronic payments online and in retail.
Factors to rely on when comparing business cards
Having one or another card band for business cards mostly matters when it comes to the country of payment. Evidently, Visa and Mastercard are the most popular brands in the world, including Europe and the UK.
American Express is leading in the US but is also accepted widely around the globe. Discover is spread across the United States. JCB stands for the Japan Credit Bureau, and here we have the location in its name. Same thing with China UnionPay.
Besides the location, there are rewards programs for card clients. There are types of rewards such as traveling perks and miles, cash backs, store-specific rewards, and other bonuses.
Multiple accounts within one digital wallet let an owner separate funds better and perform better management. This feature is particularly useful when it comes to the separation of incomes and funds to spend.
Multiple accounts also come in handy with tax reports. Without them, it wouldn’t be easy to create various wallets for different currencies and have an option of shared access.
Currency exchange in the online account might not be the ultimate feature. But it quickly becomes a necessity when a company or a freelancer works within multiple markets. The best example here is a strong economic bond between the EU and UK.
Having an option to invoice and after get paid or transfer money online in the currency of the client is what an established and respected business aims for. Normally any provider would take a conversion fee for the currency exchange. But still, it is less than exchanging through third parties and way simpler to have all the processes in one online account.
Shared access allows to, first of all, create roles within an online account for team members. Secondly, it gives the main owner the right to moderate an administration limit of each role. In simple words, a level of functionality.
So for example, there can be the role of an accountant that has access to all the incomes and accepted funds data, and can pay taxes from a specific wallet, but has no right to perform payments from other spaces, or exchange currency.
For small businesses, shared spaces work particularly well. Any team member can just join the common company account by an invitation without providing complex documentation. And then they can manage the role in the business.
Any respected provider of cards for businesses would surely obtain 3D Secure protection and Two-factor authentication. Both verify the user’s identity and reduce fraudulent attempts.
The 3D Secure protection or 3DS is a protocol designed by Visa and Mastercard to imply an extra level of protection for internet credit and debit card transactions. 3D is a reference to the “three domains”: the merchant domain, the issuer domain, and the compatibility domain.
Two-factor authentication or 2FA is an e-authentication process that requires a user to present two or more pieces of identity evidence to access a website or application. These pieces can include the following factors: something a user knows, such as a pet‘s name; something he or he has, for example, a phone to send a text message confirmation; something a user is, like an ID document and biometrical data.
Today most of the providers offer a smooth banking ecosystem to have a personal and business account in one digital space. This financial service is welcomed by small businesses and freelancers. But there is more to it.
Best card providers offer not just the combination of private and business spaces, they add a merchant account upgrade, as Genome does. With this feature, there is a full business symbiosis that permits a person to grow in a business way from a one-person company to an enterprise.
Online providers are easy to deal with: it is simple to open an online account, simple to manage it. But the distance between a user and the provider can become infinite without decent support. Especially if there is a problem to solve. Luckily, most of the providers are not difficult to contact, as they provide live chats in the apps or on the web.
The last characteristic is the card design which still matters. Usually, cards for businesses do not have the customization option but only upgrade modification choices. In simple words, if a user pays for a monthly plan more, they get to decide on the color and material.
Top 5 best cards for businesses in 2022
Genome offers a fully-built ecosystem that includes personal, business, and merchant accounts all in one space.
Genome offers two types of cards for businesses: virtual and physical Visa cards. The first type can be used for quick and secure online transfers and purchases. The data is stored securely within your wallet, which no one can access except the wallet owner or their employees if they were assigned specific roles. Get the virtual card in the currency you prefer – USD, EUR, GBP, and order more if you need – they will be available right away!
As for physical debit cards – these can be used anywhere in the world where Visa cards are accepted! Withdraw money, pay your employees and contractors, track everything through the app. The physical debit cards are data thief-proofed. It means that if you request, the card won’t have a number, CVV2, and expiry date printed on it.
Besides that, Genome has an option to open many accounts within one wallet, including accounts in EUR, GBP, and USD for the better experience of transferring money online and accepting funds. The currencies can be exchanged easily between spaces, and there are shared roles such as director, financial director, accountant, and analyst.
The support is available through online chat, email, or social media.
N26 presents to its clients a virtual card for business in the free plan, and afterward, there are plastic and metal cards with various designs for the upgraded versions. The bank is fully secured, has decent support, and provides a smooth ecosystem of private plus business accounts.
It also has an option to have multiple accounts and have different managing roles. Yet, there is no currency exchange, and so no possibility to have accounts with different currencies.
Revolut offers various cards and designs depending on the user’s plan. It allows users to accept funds and transfer money online in a fully secured way. Also in Revolut, it is possible to have private, business, and company online accounts.
There is an option to have multiple accounts and currency exchange, but multiple accounts can be issued only in GBP and EUR. And at last, there is in-app live chat support.
Monzo issues plastic Mastercard debit cards for clients within private and business accounts. It gives an option to obtain multiple wallets with absolute digital protection. Also, Monzo offers live chat support.
But besides that, there is no option to be upgraded to the merchant, no currency exchange, and no various administration levels. The design of the card for business would depend on the user’s plan.
Monese does provide the full ecosystem of private, business, and company accounts. The last one supports only solutions in the partnership with Stripe PSP. Also, a business client can have multiple accounts, but without shared spaces.
The currency exchange and currency accounts are not present at Monese. But the bank is supplied with security measures and support. Regarding the design, there is just one unique design available.
How to get a card for business with Genome?
The card for business at Genome is quite useful both for freelancers and small businesses. To get there, a person first must apply for the business wallet. There are several simple steps:
- Apply for the business wallet;
- Pass the verification;
- Fill in company details;
- Attach documents;
- Confirm the ownership.
Here we have the full tutorial that includes the list of needed documents for the issuing.
What’s next? Progressing to the merchant account
A merchant account is the next level of business. It transforms a business into a way that it can accept credit cards for payments.
A merchant account with Genome grants owners improved benefits, security, and personal support. Check here how to apply for it.
What are the best credit cards for businesses?
The best card would be a card that matches up with your needs. You don’t necessarily need a credit card, as the debit one can be more useful if you worry about overspending funds. There are a lot of companies on the market. We recommend checking Genome if you are looking for virtual or physical debit cards.
What should be on a business card?
Normally, the same data as on the private one. That includes name, CVV, expiration date, plus basic info about the bank and brand. But there are special cards that are more secure, as they do not have private data printed on them.
What business cards should have?
It should have basic bank data, name, CVV, and expiration date. But not always. There are more secure cards without private data on them.
What are business cards called?
They are called credit or debit cards for businesses, or corporate cards. They are suitable both for companies and freelancers.
How can I create a business card?
You should start by looking for a provider. Then check the perks of each bank. And after, simply apply for it.
What is the cheapest way to get business cards?
The cheapest way is to find a cheap solution. But in fact, it won’t be the best one. Best cards do cost money, and they are worth it, as money usually goes to improving its security features.
What’s the difference between business debit cards and corporate cards?
This refers to different classifications. Debit cards are those which are connected to the account and do not have an option of credit. A corporate card is the same as a business one, and it represents the role of the owner.
What’s the difference between business credit cards and debit cards?
Debit cards do not let you spend money that you don’t have on the account. Credit cards have a credit margin that allows a user to pay or get cash even if the funds are insufficient.