![[Virtual Cards] That Can Be Issued Immediately](https://cdn.crossborderpaymentsolutions.com/tr:f-auto,w-639,h-225,fo-center/uploads/2024/09/1725458021-Virtual%20Cards%20(3).png)
These cards come with a better exchange rate than you would get with a bank, and being issued immediately makes them simple to use.
Cards can be segmented within an accounting software as well, tagged by team, type or budget line.
Cross border solutions and virtual cards
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Issue immediately
Virtual cards can be issued and active within a matter of minutes.
This includes across different currencies.
This benefits immediate spending needs and allows for businesses to convert money ahead of spending, even if it is a one-off spend in a particular country.
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Group Cards by Team
Virtual cards can be issued at a company, team, budget or individual level.
These cards can also be issued by team leaders within departments, taking into account the specific budget for that department.
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Define limits and purpose of the cards
Virtual cards can be named and grouped for accounting purposes.
This gives a clear view of what the card is for, which team and which budget it comes from.
For multiple streams of cross border payments, this makes final accounting and budgeting easier.
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Multi-currency support
Cards often come with multi-currency support as well. So whilst the card may be associated with EUR, it is possible to allow the card to be spent from USD as well.
This offers a little more freedom, but businesses should be aware that spending outside of selected currency will mean currency conversion at the point of the transaction in question.
Visibility on transactions
Using multiple virtual cards allows for visibility at team and business levels on the different transactions taking place.
Where needed, this makes any reconciliation of funds smoother, even across multiple currencies.
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Compatibility with Ads
Virtual cards can be set up for exclusive purposes, such as ad platforms.
This allows for individual budgets to be controlled through one spending channel.
Why opt for them
There are a number of reasons why businesses opt for virtual card providers:
Skip card fees
Issue cards on a per need basis
Manage expenses
Manage cash flow by currency
Multi-currency accounts
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For regular cross border payments, consider using a multi-currency account.
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Be clear on
Virtual cards are hugely helpful, and different companies offer different levels of service.
Be sure you are clear on:
It is possible to get unlimited virtual cards with some providers, but on the flipside some do have limits.
If virtual cards are an important part of cross border payment strategies, then ensure the company in question meets your requirements.
The providers
Compare virtual card providers
The right virtual card option is different for every business. We always recommend comparing to get a clear picture of what is on offer, vs what it is your business needs.
Use cases
Virtual cards are used by many different company types across the world. Here are some examples of where they have been used.
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Recapping virtual cards
Virtual cards can be actioned in multiple currencies immediately
Virtual cards can be used for individual cases and workflows
Unique submission for expenses can be associated to individual virtual cards
Virtual cards reduce the need to pay card fees on international transactions
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