Ever more business transactions are moving online, increasing the demand for secure, convenient payment solutions. Virtual credit cards are an area that is predicted to grow significantly in the future. Oscar Letterblad at Eurocard is not surprised. – “ There is a great interest in our virtual corporate cards”, he says.
A recent study by Grand View Research suggests that there will be a sharp increase in virtual cards by 2030. Demand is mainly driven by the increase in online spending by private individuals, which requires extra purchasing security. The use of virtual corporate cards is also expected to grow in the coming years.
According to Oscar Letterblad, the SME Sales Manager at Eurocard, the global trend curve is reflected in the interest shown by its own business customers.
“ Many of the customers that don’t have a virtual card want to know more about the benefits and how the cards are used”, he explains.
He stresses the fact that virtual corporate cards are not a replacement for traditional physical corporate cards, but are complementary tools used for online payments.
“If you are a company that buys products, services or digital advertising online, I think you should definitely consider using a virtual corporate card for this”.
Eurocard has been offering virtual corporate cards for several years and is closely monitoring developments in digital payments.
“Things are developing fast and it is important to stay on top of the game in order to have a product that is relevant, easy to use and meets the increased security demands. We ourselves are well placed to offer our business customers the digital payment options that will be needed in the coming years”, he says.
4 questions that are frequently asked about virtual corporate cards
What is a virtual corporate card?
It is a non-physical corporate card that works just like a regular plastic card. The one important difference is that it can only be used for online purchases.
What are the advantages compared with a physical corporate card?
The company does not have to worry about cards being lost or misused. If several employees are buying different things online, such as software licences or office supplies, you can use a common virtual card. All the transactions are also consolidated in an invoice sent by Eurocard once a month.
Why would a virtual corporate card be beneficial for my company?
It would be more convenient and secure, for occasional or regular online purchases, than using a physical plastic card. Such a card is ideal, for example, for companies’ marketing, human resources and IT departments if they are buying social media ads or software licences. The virtual card is also automatically added to the Eurocard Portal, where the administrator then can set purchasing limits and view transactions in real time. With help from Eurocard, it is also easy to change the administrator for the card if someone changes jobs or leaves the company.
How do I get a virtual corporate card?
By contacting Eurocard, or by applying online on eurocard.com.