Tired of Credit Card Compromise? Secure Your Purchasing with Virtual Credit Cards
Does putting your credit card information online make you anxious? You’re not alone. Credit card compromise is an all too common occurrence, especially within the business sector. The arduous process of credit card replacement at one time or another is something that we all can relate to. So, how do you and your organization avoid this cycle of replacement headaches? In today’s world, many feel as though they cannot avoid this process due to the ubiquity of online purchasing. Thankfully, technologies like the virtual credit card are here to help deliver peace of mind when shopping online.
So, what is a Virtual Credit Card?
Virtual credit cards are meant to bridge the gap when it comes to making online or mobile payments. Physical credit cards always have defined numbers. These numbers allow you to make purchases both in-person and online. This form of payment was fine up until the recent history of data breaches online. If someone has access to your credit card information, they have the keys to make any purchase that they want. This is where virtual credit cards come in.
With virtual credit cards, there is no actual card involved at all. When you are ready to make a payment online, the virtual credit card will generate a unique number. This number is then used to make a specific purchase. Once the payment has been processed, this number will no longer work to make any further purchases, thus helping to avoid the issue of hackers having your credit card information. Even if hackers later locate that unique number, they do not have the ability to make any purchases in your name.
Advantages of Using Virtual Credit Cards
Now that you know how a virtual credit card works, should you opt-in to getting one? Is it really that much more secure than a regular, physical credit card? By looking at the data, the answer is a resounding yes. According to Patrick Whatman of Spend Journal,
“A VCC’s usefulness lies in the way that it shares card data. The physical data printed on your card (credit card number, security code, address, and expiration date) are always the same and, accordingly, are subject to storage and misuse by hackers. Virtual credit cards provide online retailers with dynamic information so that every time you pay using a virtual credit card, the verification data is different.”
Beyond this dynamic information that updates every time a purchase is made, users have more control over virtual credit cards than a traditional card. Business owners can:
- Set limits on how much is spent in one transaction
- Determine where or when the virtual credit card can be used
- Make accounting easier for their business
- Easily create a unique virtual credit card for every employee
- Generate single-use virtual credit cards that expire after one use
Are you ready to make the jump to online financial security? If you are, the virtual credit card is the first big leap. These cards provide a simple and secure way of making payments online across your entire organization. If you are looking to save company time and effort, virtual credit cards provide the peace of mind that you are seeking.