Debit card theft and fraud are, unfortunately, very common. In fact, card theft is becoming increasingly frequent throughout the years.
Not only does this matter to an individual’s personal funds, but it could also threaten a business’s financial integrity.
Virtual debit cards eliminate much of this struggle — all while being extremely convenient.
While this is great for any current debit card holder, it is especially useful for businesses that require employees to make purchases with a company card.
So keep reading to learn about the benefits of using virtual debit cards. You’ll learn what they are, their benefits, and some of their great features.
Virtual debit cards make it much easier to facilitate transactions. That’s because users can simply use their phones for easy online shopping, and with multiple cards!
This way, users don’t have to fish around for physical wallets and cards. There’s also no risk of card reading machines malfunctioning and thwarting the transaction.
Companies like Bento for Business make virtual debit cards that do all, plus more specialized features. So if you’re interested, check out their services at https://bentoforbusiness.com/features/virtual-debit-cards/!
Physical cards are easy targets for petty theft. All it takes a few seconds of distraction. But with virtual debit cards, it’s not too easy to steal card information.
Sure, someone can steal users’ phones. But even then, they’d need the skill to unlock the screen and access private information. While many people are capable of sticky fingers, far fewer are capable of actually using the information locked in it.
This extra layer of cybersecurity will make a difference in the event of theft. Passwords, lock screens, etc make stealing card information so much harder. Even after a theft, virtual debit cards can still be accessed by their rightful users without outside exploitation.
It can be difficult to track transactions when multiple people have access to a bank account. Even if you know exactly where the transaction was made, knowing who made it is another story.
This is a problem if multiple users can access the account’s funds. But since virtual debit cards are typically accessed through phones, it’s easy to see who made what transaction.
Virtual cards, while superior to physical cards, still have the same function as physical cards. But on top of that, they also implement measures to prevent fraudulent activity.
Because even with extra cybersecurity, hackers are always trying to access users’ personal information. If they succeed, they can do a ton of damage to users’ finances.
But instead, virtual cards place a limit on the amount of PII shared. Virtual cards also don’t have physical card numbers or magnetic strips, making it more difficult for a petty thief to run with your funds.
Make Virtual Debit Cards a Part of Your Business
The benefits listed above are just a few out of many. Nevertheless, they should inform you as to how virtual debit cards improve the way your business spends.
If it did, then check out the rest of our posts! We’ve got plenty of other information for savvy business owners just like you.