Why choose Virtual Cards over Physical Cards

Why choose Virtual Cards over Physical Cards

Are you fed up with the hassle of traditional expense management? Have you been spending hours just trying to fill out complicated claim applications and then having to wait for weeks simply to get reimbursed? 

Come discover the future of business financial management for SMEs in Singapore with virtual cards. Offering flexibility, efficiency and simplified expense management, virtual cards are transforming how businesses manage their finances. Step into the future of financial management and explore the benefits of virtual cards!

Benefits of Virtual Cards

  1. Global Acceptance:

Virtual cards can support multi-currency transactions and are extremely ideal for Singapore SMEs that need to deal with cross-border payments. The virtual cards help to save cost by eliminating all foreign transaction fees and currency conversion charges, while at the same time, offering a 1% cashback on total spending. This enhances financial efficiency and streamlines international transactions for more seamless and cost-effective operations.

  1. Instant Card Creation:

Virtual cards offer local SMEs with immediate use and can be swiftly cancelled or replaced if needed. Such prompt actions help to ensure that operations are not disrupted and enhances the company’s financial security. By leveraging virtual cards, SMEs can streamline their expense management and boost operational agility.

  1. Empower Employee Spending

Virtual cards bring about value-added convenience by allowing employees to make official purchases without the hassle of processing any further reimbursement. Businesses can also have the flexibility to set spending limits and usage restrictions in advance, thereby ensuring policy compliance and stricter financial control. There is also the ability to track expenses real-time for higher operational efficiency.

  1. Streamlined Expense Management

Virtual cards help to streamline expense management for SMEs by integrating expense systems with automated expense tracking and categorisation. This will provide the companies with real-time visibility, accurate budgeting and reduces administrative overhead through speedier reconciliation. The time savings will allow companies to focus on their strategic tasks and help to enhance overall financial management.

  1. Enhanced Security

SMEs in Singapore can also enjoy enhanced security with the use of virtual cards by having the option to instantly freeze or cancel their cards should there be any suspicious transactions or potential fraud. Customisable controls provide a safer environment with pre-set spending limits and merchant restrictions. Unlike physical cards, virtual cards also eliminate the risks of loss or theft, thereby providing a more secure way to manage the company funds.

Virtual Cards VS Physical Card

Features Virtual Cards Physical Cards
Form Digital format, accessed via mobile wallets or payment apps Tangible, plastic cards carried in wallets or purses
Security Can be instantly frozen or canceled, requires login or biometric authentication Risk of loss or theft; less advanced security features
Issuance Generated instantly online for immediate accessibility Longer processing time, may require mailing to user
Tracking & Monitoring Real-time tracking of transactions, integrates with accounting systems such as Xero or QuickBooks Manual entry of transactions, prone to errors; less efficient for integration with accounting systems
Flexibility Offers flexibility in budget control and expense management Less flexible; standard options provided by issuing banks
Efficiency Streamlines expense management, reduces administrative overhead Requires more administrative effort and time for reconciliation

Get Started on Airwallex

Airwallex is a financial technology company that helps reshape how businesCuses handle international finances. Their all-in-one platform simplifies various financial services, making it easier for Singapore SMEs and other larger corporations to navigate.

With the Airwallex multi-currency card, companies can get access to card instant issuance, customisable spending controls, as well as seamless integration with digital platforms. This enhances flexibility and efficiency in managing international transactions and expense tracking, surpassing the capabilities of traditional physical cards.

Your 3% Cashback!
Enjoy up to 3% of unlimited cashback on Airwallex card spend! Limited time promotion. Register by clicking the button below. Alternatively, you can contact us at 6515 7906 or enquiry@361dc.com to learn more.

Related Posts