As we move further into 2024, business finance tools continue to evolve, placing more emphasis on efficiency and security. One of the standout innovations is the increasing use of virtual payment cards. These digital cards are essentially online versions of our traditional plastic cards but without the physical counterpart. They’re designed to be used for online purchases and over-the-phone transactions, providing businesses with a versatile tool for managing employee expenses.
Virtual payment cards also combine the convenience of digital payments with enhanced control over spending, allowing for immediate issues, specific spending controls and complete transaction visibility. Whether you're a small startup or a large enterprise, the right virtual card can streamline your financial operations and safeguard against unauthorised transactions.
With digital agility playing a big part in business success, virtual cards represent a pivotal shift in managing corporate finances. Here are a few ways adopting virtual cards can elevate your financial operations to new levels of efficiency and security:
Virtual cards offer a live view of expenditures as they happen, so that managers can make informed decisions instantly. This real-time oversight helps tighten budget controls and improve cash flow management, which is essential for fast-paced businesses.
Integrating virtual cards with financial software automates expense reconciliation, cutting down on mistakes and admin work. Employees can focus more on their main tasks instead of dealing with complicated expense claims.
With configurable spending limits and vendor-specific usage, transactions automatically follow company policies. This setup helps prevent unauthorised spending and makes audits easier.
Advanced security features mean that virtual cards protect your payment info by using tokens instead of actual card numbers. This extra layer of security significantly reduces the chances of fraud and data theft.
Unlike traditional banking, which comes with various fees, virtual cards are usually more budget-friendly. They eliminate the need for multiple physical cards and can lower transaction and processing costs.
With multi-currency support, virtual cards are perfect for businesses working with international suppliers or clients. They make foreign transactions easier by cutting down on exchange rate fees and speeding up the process.
Using virtual cards in your business isn’t just about keeping up with trends – it’s a smart move to improve financial control, boost security and increase efficiency in all your spending. From small startups to large companies, virtual cards offer flexible solutions for today’s financial challenges and help you prepare for the future.
Let’s review our top picks for the best virtual cards of 2024, with a rundown of their key features, pricing and the unique advantages they offer to different types of businesses.
Revolut Business is tried, tested and trusted by hundreds of thousands of businesses globally. The platform offers physical and virtual company cards you can link directly to your main business account, providing secure financial control with minimal effort.
Key features:
Real-time spending notifications, budgeting tools, unlimited virtual card issuance and support for Apple Pay and Google Pay.
Pricing:
Starts from £0 per month with basic features, with more comprehensive plans offering additional features.
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Soldo is one of Europe’s leading virtual prepaid card platforms, known for simplifying complex expense management needs. With features that support separate budgets for departments and projects, Soldo allows businesses to give controlled access to company money while safeguarding against overspending.
Key features:
Custom spending limits, real-time expense tracking, automated finance tracking and instant receipt capture.
Pricing:
Plans start at £21 per month. Offers flexible plans tailored to various business needs, with no hidden fees or fixed contracts. Plans include free unlimited domestic transactions and a fixed 1% foreign exchange fee.
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With features like adjustable spending limits and real-time spending analytics, Pleo ensures that businesses have all the tools they need to prevent overspending, avoid lost receipts and keep expense details accurate.
Key features:
Prepaid virtual debit cards with individual spending limits, real-time notifications and the ability to freeze or disable cards.
Pricing:
Offers a flexible pricing model starting at £0, making it accessible for startups and small businesses.
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Curve simplifies payments by consolidating multiple bank cards into one and provides real-time spending insights, helping businesses manage finances efficiently. You can also earn Curve Cash Points with every purchase, boosting the value of every pound, euro or dollar spent.
Key features:
Curve consolidates multiple bank cards into one and supports various digital wallets like Google Pay, Apple Pay and Samsung Pay. It also offers innovative features like the ‘Go Back in Time’ transaction switch.
Pricing:
Free basic plan with the option to upgrade to higher tiers at £9.99 or £17.99 per month for additional benefits and features.
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Moss stands out for its intelligent and flexible card solutions, which cater to modern businesses. Popular features include the ability to manage employee expenses with high-level control and simplify financial workflows with innovative credit and debit options.
Key features:
Moss provides both virtual and physical Mastercards, with instant issuance and detailed expense tracking capabilities. The system allows for real-time notifications and receipt submission.
Pricing:
Offers flexible terms with the availability of both credit and debit card options. Specific pricing details are tailored to business needs and can be adjusted based on spending limits and card types.
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Provides global payment solutions with the ability to hold, spend and manage money in over 46 currencies. Airwallex offers both virtual and physical corporate expense cards integrated with world-class security measures.
Key features:
Multi-currency support, no foreign transaction fees and the ability to issue cards globally.
Pricing:
Transparent and straightforward pricing with zero setup fees, maintenance fees or hidden charges.
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Wise Business is extensively used by over 300,000 businesses each quarter, trusted for its ability to handle complex international financial transactions with ease.
Key features:
Wise Business lets you set up local bank details in 19 currencies, making it quicker to get paid by international customers. It also provides easy, low-cost options for international payments and currency conversions.
Pricing:
No monthly fee, with transparent costs on currency conversions and payments.
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It’s safe to say that virtual payment cards are revolutionising how businesses manage their finances. These innovative tools help keep your spending secure and efficient, reducing the hassle of month-end close and giving you better control over every transaction. If you're ready to elevate your business finances, embracing virtual payment cards could just be the smartest move you make this year.