The traditional methods in which a business would use a virtual prepaid card typically centered around remote workers, employees on the road who were in immediate need for gasoline or cash and contractors needing to make an unexpected, but timely purchase. However, there are novel ways in which a business can use virtual prepaid cards. Thinking outside of the box can help companies make better use of the tools they already control.
A Virtual Prepaid Card As An Employee Gift
Virtual prepaid cards can be used for employee bonuses or end-of-year gifts. As opposed to cash or a check which typically ends up in a bank account used for day-to-day expenses, a virtual card is more likely to be used for something special. The fact that the virtual card can be reloaded means that it can be used for multiple bonus periods or holidays. And using virtual cards cuts down on the number of checks that need to be written and cashed, saving time and money for everyone involved.
Virtual Prepaid Cards In Place Of Customer Refund
If you need to reimburse a customer, a virtual prepaid card is an easy way to issue store credit. It ensures the customer has instant access to the funds, the card doesn’t get lost and when it finally gets used, the money comes back to the company. The fact that a virtual card can be instantly created means it’s immediately ready for use and the customer isn’t out of pocket for any length of time. Virtual cards can’t be misplaced and can always be called up by the administrator at a later date. By specifying where the card can be used upon creation, you can be assured that the funds will eventually return to your company.
Online Shopping With Virtual Prepaid Cards
A virtual prepaid card is perfect for online shopping because it isn’t attached to any bank account or sensitive personal information. It’s possible to limit the purchase amount so there’s no fear of overspending or overcharging. A virtual card is flexible in that it can be limited to a one time payment, set up to make recurring payments for things like subscriptions or regular monthly charges or used like any other debit or credit card.
Where Do You Get A Virtual Prepaid Card?
Emburse is an industry leader in virtual prepaid cards, reloadable debit cards and other types of expense management tools. Contact Emburse today for a free 1month trial.