Virtual cards for business payments

Virtual cards – another essential part of digitalization within the financial sphere. But what are these cards exactly, and how can they be used for your company?

Genome is here with all the answers! Find out about virtual cards for business and how to order them in this article. 

What are virtual cards for business?

Before diving into the business virtual cards, let’s first take a look at virtual cards in general. Don’t be misguided by the “card” part of the naming – it is just a term and does not include a plastic card in its original form. Instead, it is nothing more than a set of bank account details without a physical carrier.

So, what else differentiates virtual and physical cards? Well, virtual cards are more catered to online payments – no matter if you use a personal or a virtual business debit card. But they can also be used at stores and other locations, but there is a catch. Because virtual cards exist only in a digital form, they need a carrier to transmit the payment information. Such a carrier comes in the form of phones and smartwatches that use NFC for contactless payments. 

So, you bind your virtual card to the mobile wallet and use it through a phone or a smartwatch.  

Another thing is cash withdrawal. You, of course, will not be able to get cash out from the ATM as you do with physical cards. However, some ATMs service contactless payment options that will allow for cash withdrawals. 

As for virtual cards for business – it is all in the name. Companies use these virtual cards for business-related operations and payments. 

Now that we have pinpointed all the main information about virtual cards, let’s move on to more important things – who and why can benefit from such cards.

Everyone, actually.

These cards are easy-to-use for personal purposes and for corporate expenses too.

A virtual business debit card allows you to save money: for example, your company is a startup, and every penny is essential now – why spend money on plastic cards when virtual options are usually much cheaper?

On the other hand, imagine you have a business trip, and you need to take funds with you. No doubt that is serious, and a virtual corporate credit card will come in handy for traveling, especially if you worry about losing a physical card. 

What types of virtual cards are there for business?

Just as with physical cards, virtual cards commonly come in two types: debit and credit.

Virtual business debit card

This card will allow you to make business transactions with money coming straight from your account. 

Virtual corporate credit card

With virtual credit cards for business, your company will make purchases using the bank’s credit. You will need to return the funds spent. Otherwise, you will face interest and fines if you drag out the money return. 

Advantages of virtual cards for business

Trouble-free when it comes to ordering and usage

You can start using your virtual card faster than the plastic one, as the second option will take time to arrive. Just get your virtual card and start making payments online and contactless.

Security

On average, a person will lose something or forget something important at least once or twice.

The more people you have working at the same company that regularly use corporate cards, the bigger the probability of a data breach. Don’t get us wrong, it is rare, but even one card lost at an ATM can cause such trouble.

Virtual business debit cards nullify this issue, as they don’t exist physically, and all the payment data is stored inside your banking app.

Not to mention that financial institutions consider virtual corporate cards much safer. Transactions using virtual cards for business will occur much faster than usual due to smaller verification procedures.

They cost less money

Not the most obvious point, but plastic cards generally cost more money to produce, making virtual cards a cheaper option. And if you need to order multiple cards, you can definitely save money ordering virtual cards for your company.

No more plastic

Virtual cards allow you to be more environmentally conscientious, as you can still make payments without carrying around plastic. 

Get virtual corporate cards at Genome 

If this article convinced you that you need a virtual business debit card, then we know just the place you can get these. We are talking about Genome’s virtual corporate cards, of course! 

We provide virtual cards for our business wallet users, which you can easily order online. Here’s how it works:

1. If you haven’t already, start a business wallet at Genome – check how to do so in the detailed tutorial;
2. Go to the dashboard, and open the cards menu;
3. When there, you will have the ability to add a new card;
4. Choose a virtual card option and link the account you want to use for payments;
5. Your virtual corporate card will be available soon after! 

You can also have multiple business virtual cards inside Genome, as we offer accounts in EUR, USD, and GBP.

Our virtual corporate cards allow you to pay for things online or contactless, as the cards are Apple Pay, Google Pay, and Garmin Pay-compatible. 

We have everything for you to manage your payments securely. For instance, there’s an access management feature that allows you to give your employees access to your business account so that you can run it together. 

And, to protect your money, we also issue the Genome token. This device will allow the wallet owner to authorize each outgoing payment remotely, so you will always be sure that your employees won’t overspend funds if they are making a payment.  

FAQ

What are the benefits of virtual cards for business?

We have described the main benefits above, but generally, virtual corporate cards are fast to order, easy to track, they are safe, and you don’t have to carry plastic around with you. 

What are the disadvantages of corporate virtual cards?

One of the disadvantages is that only some physical locations you make purchases at have the equipment necessary to accept payments from virtual cards. Namely, they need a contactless reader, and you need an NFC-enabled phone or smartwatch to make a payment.

Another issue is cash withdrawal, as, again, you need to find a special ATM that will allow you to withdraw cash from a virtual card. The ATMs for contactless payments can help with that.

Can you use virtual company cards in-store?

Yes, you can. For instance, with Genome, you can do so using the contactless payment option. Meaning you need to link your virtual corporate card to the mobile wallet of a respective OS you have (iOS, Android, or Garmin Pay). Using these mobile wallets, you can pay with your virtual business debit card via a phone or a smartwatch. Just make sure that your device has NFC.

Can you receive payment on a virtual card?

You can receive transfers from other people to your card. But if you need to accept payments from customers in-store or on your website, you need a merchant account*. 

You can apply for one within Genome and start accepting payments in over 20 currencies and via cards and 40+ alternative payment methods*.

*Please note that Genome’s merchant services have been temporarily unavailable since September 2024. 

Are corporate virtual cards safe?

Yes, they are. For one, they can’t be lost or stolen. All the information about transactions is tracked inside the app, so you will know everything about payments made.