Data breaches are now becoming a headache for not just large or small businesses but freelancers as well. Plumbers and other professionals working in the construction industry are also dealing with the same problem.
As businesses expand, they need a robust payment system by their side, which is safe and can manage all their transaction. And that is where the virtual project cards for your plumbing business can help you. These virtual cards can help you in making payments for purchases, managing your cash flow, etc.
So, what is a virtual card, and how can it benefit a freelance plumber or a small plumbing business? Let's dive into the specifics of a virtual project card to have a better understanding of what it offers to plumbers.
What is a Virtual Project Card?
A virtual card is an ideal solution for plumbing businesses to control their finances. It is an online digital card that you can use for making payments and has the same functionalities as a conventional credit card. Unlike a credit card, you can use it to make safe and quick electronic payments.
The best thing about a virtual project card is that it exists digitally, which means you don't have to carry it around like a credit card. You can connect it to your credit card via a 16-digit number. There are many great features of the virtual project cards for plumbers, such as:
- You can set a possible spending limit to ensure you don't end up spending more than your budget
- There is an option available to set an expiration date for the credit card
- You can also limit the usage of the virtual project card to a single-use merchant
And this is just the tip of the iceberg. There are many exceptional features you can get from virtual credit cards, ensuring your main credit card account is safe and does not allow any fraudulent purchasing.
A study by Juniper Research shows how the Covid-19 pandemic led to an increase for companies requiring a remote payment method. As a result, the overall usage of the virtual project cards increased by a significant margin. Let's go over the ways you can use it.
How does Virtual Project Card Works for Plumbing Businesses?
The functions of a virtual project card are similar to conventional credit cards. You can add your virtual credit card details when purchasing anything online and proceed with it. The virtual project card will have all the details you need, such as card number, expiry date, CVC, etc.
The transaction will happen from a credit card or bank account of your choice and will appear on your bank statement. The vital benefit you can get from a virtual credit card is that it will disable the websites from saving the account details. Therefore it will protect you from any fraudulent purchases.
Also, you can create different online virtual cards for different employees or teams. It will help you track the expenses and keep an eye on the overall overheads of your plumbing business. Also, you can set a spending limit an individual or the team can get from virtual project cards.
Moreover, virtual project cards are great for businesses that conduct regular events. If your plumbing business conducts any events, you can always create a different project card to track the overall expenses of the event and ensure it stays within the budget you have set.
The functionalities of a virtual project card allow you to create a separate card:
- Employees or team
- Particular functions
However, it is ideal not to create too many virtual cards as it can turn into a managerial disaster in no time. It is best to have a clear plan in front of you regarding the issuance of online credit cards.
Benefits of Using a Virtual Card for Plumbing Businesses
Using virtual project cards can open you up to many benefits. Here are a few of them.
Mitigates the Changes of Fraud
Sharing out a corporate card increases the chances of any fraudulent activity since it can easily end up in the hands of an unauthorized person. The more people you give access to your corporate card, the more the chances that there will be fraudulent purchases from it.
However, using the virtual project cards enables you to create a separate card for a group and individual. You can track down the spending through each card and set a limit to ensure they don't go beyond it. Therefore, virtual cards make it easier for your plumbing business to mitigate the impact of fraud.
Gives you Control over Spending
Another great advantage of using a virtual project card is that it gives you control over your cash flows. Cash flow management is an imperative part of your business since it ensures your plumbing business's sustainability.
Instead of running around your employees for receipts, you will know where your money is spent using virtual project cards. Moreover, you can also incorporate a cloud-based platform to give your finance team the authority to approve the requests for any transactions the plumbers are making.
Streamlines the Entire Financial Management
Virtual cards simplify the overall business expenditure and financial management system. You can use it to track expenses and keep a record of your money. It will help you at the end of the year when creating financial statements, such as income statements or balance sheets, for your business.
Virtual project cards are now becoming a new reality for many businesses. And with the Covid-19 pandemic increasing the customer reliance on the online market, we can expect the usage of digital virtual cards to become more common in the coming years.
So, now is the time to grab on the opportunity. So, if you are wondering where you can find a digital credit card for your business, the answer is VERGO.
It is a robust solution that allows businesses to reap the benefits of virtual project cards, invoice management, digital banking, and much more. Use it today to streamline your plumbing business's finances!
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