Virtual cards: a seamless way to manage your business expenses

Virtual cards are practically identical to traditional bank cards, with the important distinction that they do not exist in physical form.

For every new transaction a unique and temporary card number is generated, making it impossible to access your banking information in the event of fraud.

Virtual card users can only use their card to make purchases online (e.g. for travel expenses like plane tickets or hotel reservations).

You can select one of two payment settings for your card: one-off or recurrent. If your team needs to make an exceptional purchase for example, the Instant card is the better option.

On the other hand, you can save time when approving regular monthly payments like software subscriptions by issuing a recurrent virtual card, where you pre-define its expiration date.

The rise of cybercrime has prompted many trading sites to turn to the 3D-Secure system. However, threats still exist, including the ever-more prevalent tactic of phishing.

Fortunately, virtual bank cards are something of a game-changer in this respect, as they offer increased levels of security to account holders. For example, the limits for each payment method and virtual card can be defined in advance.

With Qonto, you can change the limit of each of you cards whenever you wish. Get a notification as soon as an expense is requested and keep the control of your finances at your fingertips.

This solution significantly reduces the risk of you having your money stolen because someone has accessed your bank details online. If necessary, you can block your virtual bank card immediately if you suspect any fraud or improper use.

When making an online purchase with a traditional business bank card, you need to enter:

1. Your 16-digit card number;
2. The expiration date;
3. The verification code on the back of the card (CVV).

A virtual bank card, be it Mastercard or Visa, works exactly the same. You go onto your user account to issue a card and follow the same steps to complete your online transaction.

Using a virtual card to make purchases on the internet changes nothing for the vendor. On the other hand you as a customer benefit from better security when making purchases online and better protect your bank information from piracy.

As the account holder or administrator of your business account, all you need to do is log into your Qonto app on your phone or on your desktop to create a virtual payment card.

1. Go to the Cards section
2. Click the Create card button in the upper right-hand corner
3. Select the virtual card
4. Set the spend limit and other card parameters
5. Enter the confirmation code you’ll receive by text

Once you complete these steps, your card is activated and ready to use. You can enter the card number, expiration date and verification code (CVV) to make your online purchases.

The preferred payment method for businesses

Many companies offer virtual bank cards to their employees. It allows managers to set spend limits to better track expenses.

Indeed, virtual accounts offer a clear advantage since they’re often paired with modern management tools. This gives you the ability to view your balance at any given moment.

Some businesses turn to virtual cards in order to simplify the process of verifying and saving receipts. Having every transaction linked to a receipt makes spending easier to track and organize.

With Qonto you get a 100% online business account with a number of features included in your plan. Give your teams more freedom when making purchases by giving them access to online payment cards all while keeping full control of your budget.

Reinforced security

The rise in cybercrime has pushed many online merchants to opt into the 3D-Secure system. And yet, their security remains at risk, especially with the rise in phishing attacks.

Thankfully virtual cards are changing the game on that front, as they offer increased security for those who surf the web. Card payment limits as well as expiration dates are completely within your control.

With the Qonto virtual payment card, you can change the spend limit whenever, from wherever. You also get notifications as soon as a payment is processed, so you can stay in control of your finances.

These features significantly reduce the risk of having funds taken from your account if ever your bank details fall into the wrong hands. You can even instantly block your virtual card if you notice suspicious activity on your account.

More peace of mind

Living in an increasingly digital world means living with an increased risk of card fraud. There’s always chance you might lose your physical card, and the risk is even greater if you’re issuing dozens (if not more) of cards for your employees.

If you lose you card, or suspect that it may be being used fraudulently, it’s often recommended that you report your physical card as lost or stolen (article in French). But before resorting to this rather inconvenient step, Qonto gives you the option to block your card from your app, so you can make sure it isn’t just misplaced. That way you can either unblock it or order a new one if necessary.

Regain your peace of mind with a virtual card. And never have to fear losing your money online ever again.