In a 2021 study, Juniper Research forecast that virtual credit card and debit card spending would skyrocket to $6.8 trillion by 2026, a significant leap from 1$1.9 trillion in 2021.
So, what is an instant virtual debit card? Well, put simply, it's an online version of a traditional debit card that's linked to your online bank account.
These digital cards offer a host of innovative features designed to enhance security, mitigate risk and keep a tight rein on cash flow. As your business grows and your purchasing needs increase, virtual debit cards can streamline spending without the hassle of managing physical cards or worrying about overspending.
Here's why instant virtual debit cards are becoming the preferred choice for all growing businesses.
Ä°layda Birol
#1. Get control over overspending
Traditional corporate credit cards often come with high limits, making it easy to overspend. Instant virtual debit cards offer a solution!
With the wamo app, you can load specific amounts onto each card, limiting the spendable amount by employee or project. This means spending is capped at what you've allocated, and all transactions are transparent.
You can generate reports, track expenses in real-time and oversee all activity from one single dashboard. For instance, if an employee of yours needs €500 to buy a piece of software, with a wamo account you could instantly create a virtual card, loaded with that exact amount, and then simply delete it once the transaction is complete.
Using virtual cards in this way makes overspending impossible, and keeps all team transactions totally transparent. This means lowered business risk as well as empowered employees.
Sinan Elver
#2. Reduced vendor power
Giving vendors access to your credit card details is always a calculated risk, as it gives them the chance to charge you whenever they want.
Virtual prepaid credit cards can minimize this risk. Any vendor you deal with only has access to the funds you've explicitly allocated for a purchase. Smart companies often use these cards to avoid the hassle of creating one-time use card numbers.
With a wamo account, you can use as many virtual debit cards as you need, each pre-loaded with a specific amount to ensure vendors can't make unauthorized changes.
#3. Improved cash flow management
Using a physical debit or credit card keeps all your money available in one place. Virtual debit cards let you load only what's necessary for each purchase, helping you manage cash flow more effectively.
This means the risk of overspending associated with a traditional credit card is removed, since you can monitor and adjust the amounts available to spend.
And, from the wamo app, you can also create as many sub-accounts as you need, and issue virtual debit cards for each, to streamline both payments and accounting.
#4. Enhanced risk management and fraud prevention
Managing multiple employees, vendors and clients increases the risk of fraud and embezzlement. Virtual debit cards address this by providing unique card numbers for each entity.
With an instant online virtual debit card, you can easily track all transactions and instantly cancel any card if suspicious activity is seen. This way, you can maintain control over your online payments and protect your business from fraudulent charges and make online payments peacefully.
#5. Boost employee purchasing power
Dynamic businesses often need to empower employees to make quick decisions.
Instant virtual debit cards facilitate this by allowing employees to handle work-related purchases without waiting for managerial approval.
For example, in a marketing agency, each team member can be given a virtual card with a project-specific budget to expedite campaign setups and other tasks. This way they can set up and get started on projects at once.
Make the Switch to Instant Virtual Debit Cards Today
At wamo, our instant virtual debit cards are designed to offer you unparalleled convenience, security and control over your spending.
Here's why you'll love wamo's instant virtual debit cards:
1. Instant activation: Create and start using your virtual debit cards immediately, ensuring you never miss a beat.
2. Top-notch security: Set spending limits, monitor transactions in real-time and freeze or cancel cards in an instant.
3. Customizable spending controls: Issue as many cards as you need with tailored spending limits and restrictions to suit your needs.
4. Simplified expense tracking: Gain real-time insights into your spending and easily reconcile your accounts and generate reports with a click. And more efficiency means more free time to focus on what really matters: growing your business.
5. Worldwide acceptance: Use wamo's virtual debit cards for transactions across the world, so you can handle transactions seamlessly no matter where you are.
6. Cashback rewards: Earn up to 1% cashback on all your spending to get a little extra value from every business expense.
7. User-friendly interface: Enjoy an intuitive platform with easy integration and management, plus super-responsive human support.
Experience the wamo difference
Ready to streamline your financial processes? Switch to wamo today and see how our instant virtual debit cards make your business life easier, more secure and more efficient. And don’t forget about that sweet 1% cashback on all your spending!
Join the growing number of businesses that trust wamo for their financial needs. Make the smart move today and experience the benefits of instant virtual debit cards with wamo – your partner in financial efficiency and security.
For more information on virtual cards, and how they can benefit your business, visit the rest of our blog, or chat with us directly!
