In the age of dematerialization, payment methods are no exception to the trend. In addition to the physical bank card, it is now possible to pay for purchases with a virtual payment card. A dematerialized version of a traditional bank card, it has almost the same characteristics. Using this virtual means of payment can be particularly effective, not least because it facilitates expense management.
What is a virtual card?
The Mastercard virtual card is the next-generation bank card solution. Like a classic Mastercard, it can be used to pay for any online or remote expenditure: online purchases, transport costs, hotel reservations or supplier invoices.
Of course, this type of card has no physical form. It consists of a unique 16-digit number (as on a conventional payment card), a validity date in MM/YY format and a 3-digit cryptogram. This information is communicated to the user by SMS, email or via a dedicated application.
There are 2 types of virtual cards:
- the single-use card, valid for a single payment only.
- the recurring-use card, which can be used to pay for subscriptions or recurring transactions. Linked to the purchase in question, it cannot be used at any other vendor.
The main advantage of the virtual bank card is the high level of security it guarantees, whether it's a single-use or recurring-use version. Indeed, even if a hacker manages to steal your banking data during a transaction, he won't be able to do anything with it afterwards.
How the Mastercard virtual card works
Obtaining a virtual payment card is simple. Simply visit the dedicated banking application or website. As the card is generated for a certain amount, it is necessary to indicate the transaction amount.
The user is then given a unique card number, which he can use to pay for his purchase.
Of course, the virtual card can only be used for remote or online payments. For on-site payments, the physical bank card remains the best solution.
An asset for expense claim processing
Employees no longer have to pay in advance
Managing team expenses without virtual cards requires a certain amount of logistics:
- when the company's bank card is made available to employees, it must be provided for each new expense.
- in other cases, employees must make an advance with their own money and draw up expense claims for reimbursement.
In the first case, this implies full trust in employees. Passing the card from hand to hand also entails a significant risk of loss.
Then, in the case of an advance made by employees, it is necessary to set up a process for handling expense claims. As this expense item is the leading cause of URSSAF reassessments, it is essential to be vigilant, and all the more so with the supporting documents provided. The best solution is to equip yourself with specific software. Managing expense claims is time-consuming, both for employees and for the finance and accounting departments. What's more, when expenses are substantial, such as for a trip abroad, it quickly becomes difficult to get the employee to advance the money. In such cases, an advance on business expenses must be arranged.
With Mastercard virtual cards, any employee who needs to make expenses on behalf of the company can obtain a temporary card number. The amount of the card is defined by a referent, who can track movements via an attached application. This eliminates the need to provide employees with a physical bank card. What's more, payments are made directly from the company account. Employees no longer have to advance expenses and deal with the tedious task of expense reports.
Simple management thanks to a dedicated application
Dematerialization means everything can be controlled at your fingertips. When you use a pro account like Anytime, you benefit not only from Mastercard virtual cards, but also from a comprehensive, easy-to-use application.
On the financial side, everything is easily monitored and controlled. Card limits are managed with a few clicks, and virtual cards generated in a matter of minutes. For employees, it becomes extremely simple to attach an invoice or receipt to a payment. A simple photo taken from a smartphone and the receipt is attached directly to the relevant expense line. So there's no need for the heaps of paperwork and invoices that accountants have to check and link to expenses. Everything is already done upstream by the employee and validated by a manager.
Much more than just payment cards, Mastercard virtual cards are linked to a complete environment, facilitating the day-to-day management of team expenses. Time and peace of mind are replaced by time-consuming, stressful expense management procedures. With its bankless account, Anytime offers you a complete range of services to facilitate the day-to-day management of your company's finances.