Similar to your corporate credit or debit card, A virtual dollar card is a non-physical dollar denominated card that is used for all kinds of online transactions. It can be used to make online payments securely, shop from local and international stores online, renew subscriptions for movies or music streaming sites etc.

A virtual dollar card possesses the same properties and functions of a physical card with only one exception - It is stored in digital form on your mobile. Although it is a virtual card, it has the usual 16-digit card number, an expiry date, name of the card issuer and a Security. Despite the fact that a virtual dollar card shares the same properties with a physical card, it cannot be used for cash withdrawals.

In the world of B2B, the integration of virtual dollar cards as e-payment methods are growing rapidly due to the limitations of international transactions on naira debit cards. For businesses in Nigeria that perform international transactions frequently, virtual dollar cards have become the preferred payment solution because they are convenient, accepted globally and provide more security when it comes to making payments online.

What are the Benefits of Virtual Dollar Cards for Businesses?

Irrespective of the scale of your business, virtual dollar cards offer numerous benefits that enhance efficiency and security in the financial operations of your business.

Here are 3 major reason why virtual dollar cards are an ideal payment solution for your business;

Improved level of Security: A major benefit of using virtual dollar cards in the financial operations of your business is the improved level of security it provides when it comes to making online payments to your vendors or suppliers in other parts of the world. Unlike a physical card that can accidentally get lost or stolen, a virtual dollar card is stored in digital form on your mobile and helps to prevent sensitive information of your real card from getting into the hands of fraudsters. For businesses that have multiple vendors, suppliers and App subscriptions, a virtual dollar card is an ideal way to make payment because you can set a monthly spend limit to prevent being overcharged by vendors, set an expiry date and also create unlimited number of cards to suit different purposes e.g you can create create a card for each vendor. Also, if you fear that your virtual card might have been compromised, you can freeze or delete the card and generate a new card easily via your banking App or a trusted fintech platform that issues virtual cards. Although virtual cards are not totally free from risks, they are a great way to provide security for online payments.

Manage Vendor Payments Easily; Managing and tracking vendor payment is very essential to the lifespan of a business. Whether you have a small or large scale business, it is very likely that you engage the services of different vendors or merchants which means that the use of one corporate card for all financial operations of your business is a bad financial practice because it reduces transparency and exposes your business to risks. And this is why Virtual cards are very important in modern businesses today because they play a vital role in tracking and managing payments easily. Instead of exposing your business to risks by sharing sensitive information on your physical cards at checkout pages of multiple vendors or merchants, you can generate an unlimited number of virtual cards easily via your mobile banking App or a trusted card provider and restrict each card to a specific merchant. This helps to track and manage business expenses easily.

Globally Accepted: If you are a business owner in Nigeria who patronizes merchants in different parts of the world then a virtual dollar card is an ideal way to make payments internationally without any hassle. Due to the current challenges faced by entrepreneurs, merchants and businesses in Nigeria when it comes to international transactions, a virtual dollar card is a fast, secure, and convenient means of paying merchants in any part of the world. An added benefit of a virtual dollar is that generating single or multiple virtual cards for personal and business purposes is very easy. You can generate virtual dollar cards on fintech platforms that are trusted and offer maximum security to its users when it comes to online transactions.

With fraudsters finding new and creative ways to put businesses at risk and cause havoc for business owners, a virtual dollar card is an ideal way to make online payments securely without sharing sensitive information.