Gone are the days when employees needed to go through the hassle of filing their claims with stacks of receipts while the finance and administrative team crack their heads on reconciling the company’s finances. With the advancement of digital payments technology, Visa is delivering payment solutions to large and small businesses across Malaysia as they look into growing their businesses in the post-Covid world.
Introducing Visa virtual card solutions
Virtual cards are payment solutions that work just like physical cards, except they are not. Visa virtual cards are a single-use randomly generated credit card number designed for only a predetermined amount and time.
Since virtual cards do not require production, companies can request as many virtual cards as necessary to meet their needs. Moreover, employees do not need to wait around for a plastic card to be delivered.
The disbursement of virtual cards allows employees to make business payments where and when it suits them, be it for on-demand delivery payments, subscription and renewal payments for online services, online travel bookings, ad hoc expenses, B2B wholesale payments to merchants, or even purchases on online platforms.
To adapt is to thrive
These virtual cards are not just for the convenience of employees but also for companies. Thanks to the digitalisation of payments, business owners will have complete visibility over money movement, even from months ago. In other words, after the transaction has been made, companies get in-depth, accurate details about each expense through a dedicated online control portal. When this is integrated with the company’s accounting system, each approved expense report is fed straight into the system to facilitate accurate accounting, giving companies even greater control of their financial health.
Let’s take a closer look
With the Visa Virtual Card, businesses will offer secured disbursement to its suppliers at every transaction. The card also maximises float and gives the ability to extend days payable outstanding.
Suppliers who accept the Visa Virtual Card stand to improve days sales outstanding as the payment method will enable faster, more reliable receipt of the company’s payments. The risks of bad debts and lengthy collection process can be reduced and eliminated eventually.
The ground in the payments industry is shifting. The Visa Virtual Card is a no-cost alternative to traditional fee-based payments. They are convenient for account holders and can reduce fraud. Moreover, the whole process helps companies make the world greener as they removed the need for plastic card creation.
These cards are already here, and their usage will only continue to grow, so the time for virtual cards is now. Businesses interested in applying for Visa’s virtual card solutions can check with their banking partners for more information or visit https://www.visa.com.my/ to learn how virtual cards work and how they can help take your business to a new level as the new year approaches.