Online payments have become a common phenomenon for many businesses in various industries. The case is no different for the construction sector, where the carpentry business is going for various payment methods to pay for the tools and the parts necessary to carry out their job.
Virtual cards for carpenters are increasingly becoming more common since it helps businesses to streamline their process. Also, it is comparatively safer compared to other forms of transactions. Cyber threats and data breaches are the biggest threat many businesses are facing.
Your carpentry business is no exception since you will make online payments through various methods which are subject to threats or attacks? So, what is a virtual credit card? And how can it help your carpentry business? Let's take a deep dive and understand the nitty-gritty of virtual credit cards.
What Does a Virtual Credit Card Include?
A virtual credit card is pretty much the same as the conventional card where you can find a:
- 16-digit code
- Card Verification Value (CVV)
- Expiry date
All of these things will be available in the virtual credit card, but it will only be missing the chip, strip, and other things. The best part about these digital cards is that carpenters can use them to make business-to-business transactions in a few minutes. Moreover, you can use it for many more features.
Another great feature of the virtual credit card is that carpenters can create it for suitable business needs. You can create one for a general use or give one to your worker to make a one-off purchase. It helps you get complete control over the transactions where you can choose the vendor, budget, etc.
And this is one of the just amazing benefits that you can get from a virtual credit card. There is estimation by the Mercator Advisory Group for virtual credit cards used for commercial purchases that it will go around $315 billion by the end of 2021.
Advantages of Using Virtual Cards for Carpenters
Virtual credit cards open up your business to many benefits, enabling you to streamline your operations and much more. Therefore virtual cards can help your carpentry business in many different ways. So, if you are wondering what advantages you can get, here is a list of them.
One of the top reasons why people choose to get a virtual digital card is for fraud prevention. You can enable the toughest settings to ensure that the workers or anyone else do not misuse the virtual credit card for their purposes.
Carpenters have complete control over the virtual credit card since they can issue, cancel, and suspend it within a few seconds. You can use it to specify the categories that the cardholders can buy items from and keep the approval process in your hand.
Holds Cardholder Accountable
The best thing about the virtual credit card is that you can use it to check and get all the details you need regarding transactions. For instance, many virtual credit cards remind the cardholders to include receipts or other documentation to show proof of the transaction.
You can use your mobile phone or computer to upload the supporting document. Moreover, it gives the option to check your card balance and helps you to stay on top of the business expenses. In a nutshell, virtual credit cars make it easy to hold people accountable for the transactions they make.
The best part about instant virtual cards is that they increase transparency by allowing carpenters to know about the spending of their business. Also, they give you the options to help in handling and controlling the expense.
The usage of the same card by different people makes it challenging to track the person who used it. Therefore, you can get a hard time effectively managing business transactions. It is where the virtual cards have the upper hand since they allow you to have a clear idea of the business spending.
You can use it to issue numerous business cards for each particular team or individual. The virtual credit card allows you to set limitations for the amount and the category you want them to spend on.
It would enable you to stop anyone from violating credit card usage, and you can keep an eye on the cash flow of your carpentry business in a better way.
Usage of Virtual Cards for Carpenters
Now that you understand the benefits of using a virtual credit card, you might wonder how to use one? There is no rocket science or difficult processes that you need to follow. You can use the virtual cards as per your advantages in the following ways.
Virtual Card for Different People
The best way to use virtual credit cards is to assign each team or worker one for themselves. If everyone starts using the same card for their expenses, it can complicate managing expenses for you. Therefore, each group or individual should have one of their own to simplify expense management.
Virtual Card for Functions
In case there is a particular function that you want to keep a separate record of, you can create a virtual card for that function. For example, you can create a virtual card to pay for the social media advertising of your business. And there are many other functions that you can use virtual cards for as per your choice.
Virtual Card for Events
If your carpentry business is holding an event, you can have a virtual card designated for that particular event to keep track of all the expenses. It will ensure you stay on track and do not exceed the budget you have set for that specific event.
Using virtual credit cards can help you reap multiple benefits for your carpentry business. Even sole carpenters can take advantage of the exceptional perks of virtual cards. But what if you can get the same benefits from a digital debit card?
VERGO is an all-in-one solution that allows you to carry a digital debit card and offers a wide range of extensive features. It simplifies the overall process of sending an invoice or receiving payments to the customers. So, use it today for a streamlined process for your carpentry business.
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