Virtual cards, also known as digital or e-cards, represent the next evolution in business payment solutions. As per Juniper Research, virtual commercial card transaction values will exceed $7.3 trillion globally by 2026, rising from $1.2 trillion in 2021. This exponential growth underscores the increasing relevance of virtual cards as companies seek more secure and convenient ways to pay suppliers, automate expenses, and optimize cash flow.
This article provides a comprehensive overview of the top virtual card providers that every size and type of business should consider leveraging in 2024. Let‘s dive in:
What are Virtual Cards and Their Benefits?
Before exploring the top providers, let‘s quickly define what virtual cards are and what makes them a better choice compared to physical credit cards for managing business expenses:
- Virtual cards are digital, one-time or multi-use card numbers that act as a buffer between a business‘s bank account/master card and the payment transaction.
- They allow setting per-transaction and monthly spending limits to control expenses.
- Help prevent fraud as actual financial details are not shared with the merchant.
- Enable easier tracking and categorization of expenditures for accounting purposes.
- Automate and streamline processes like employee reimbursement submission and vendor payments.
- Provide real-time visibility into cash flow.
Now that the benefits are clearer, next let‘s overview suitable virtual card solutions for different business scenarios in 2024.
13 Top Virtual Card Providers for Seamless Business Spending
1. Brex Corporate Card for High Growth Companies
Brex is one of the most widely-used spend management platforms built specifically for ecommerce brands and fast-growing tech startups. Key highlights include:
- High limits: Up to $5 million in no-collateral credit lines.
- Rewards: 1.6% cashback on purchases.
- Integrations: Sync card activity with QuickBooks, Netsuite, Xero and other accounting tools.
- Perks: Get AWS credits, free bank transfers, and tailored rewards schemes.
Brex makes it simple to provide employees virtual or physical cards with customizable budgets and spend alerts. With 60% of Brex customers getting cards the same day they sign up, it‘s easy to see why high-growth companies love them!
2. Moss for Complete Virtual Card Management
Moss is a versatile spend management ecosystem catering to companies of all sizes and across all industries. Standout features include:
- Budgeting capabilities: Easily allocate resources and set monthly/annual budgets for teams or projects.
- Integrations: Connects directly with ERPs like SAP, Microsoft Dynamics to extract real-time data.
- Dashboards: Robust reporting provides insights into expenditure trends.
- Fraud prevention: Uses machine learning to spot anomalies and block suspicious transactions.
Country managers can instantly issue prepaid debit cards to employees traveling abroad rather than deal with cash advances. With Moss, every payment happens on your terms.
3. Ramp for Rewards and Savings
Ramp issues business credit cards focused on helping companies maximize rewards and reduce MDR (merchant discount rates). Key details:
- Lower rates: Interchange Plus Pricing model brings down transaction fee to 0.2% – 0.3%.
- Control: Approval workflow and spending limit rules.
- Integration: Connects with accounting tools like NetSuite, Sage Intacct, QuickBooks etc.
- Rewards: Up to 7% cashback on subscriptions/recurring payments.
The "Auto-Categorize" feature automatically labels transactions for simpler accounting – no more manual tagging! Best suited for SMBs looking to maximize card rewards potential.
4. Airbase for Real-Time Expense Monitoring
Airbase shines when it comes to providing transparency and control over expenditures thanks to powerful data integrations. Key differentiators:
- Sync transactions in real-time with accounting tools.
- Configurable workflows for spend authorization.
- Benchmark expenses against historical averages.
- Financial insights like cash burn rate and projections.
The user-friendly dashboard makes spend analysis a breeze. Airbase offers one of the most thorough virtual card solutions for tightening the purse strings!
5. Soldo for Multi-User Spend Automation
Soldo helps companies reduce wasted hours tracking receipts and expenses with tools to control the payment process from start to end. Core features:
- Allocate budgets across teams or departments.
- Capture receipts and match transactions automatically.
- Custom reporting for spend analytics.
- Rewards programs give cashback on spend.
The Mastercard-backed Soldo is ideal for medium to large businesses aiming to optimize expense management through automation.
6. Payoneer to Streamline Global Spend
Payoneer empowers cross-border commerce for globalizing businesses with virtual card capabilities tailored to international vendor payments. Benefits include:
- Pay 200+ countries in 100+ currencies.
- Lower forex fees compared to banks or wire transfers.
- Compliance guaranteed across regions.
- 24/7 support in case of payment issues.
Payoneer allows users to instantly book and release funds to recipient‘s local bank accounts abroad or overseas suppliers.
7. Plate IQ for Restaurant Accounting
Plate IQ goes beyond traditional virtual cards to provide a restaurant-specific financial management platform covering accounting, bill pay, and more. Key strengths:
- Menu cost tracking for purchase trends.
- Invoice automation and bill pay.
- restaurant payroll capabilities.
- Catering management tools.
This end-to-end solution helps hospitality businesses get clarity into their finances with virtual cards facilitating supplier payments.
8. Codat for Accounting Integrations
Instead of issuing cards itself, Codat takes an integration-first approach enabling connections between businesses systems. Benefits:
- Sync data from commerce platforms like Square, Shopify etc into accounting software.
- Automated reconciliations without manual importing/exporting.
- Centralized overview of fintech applications.
- Insights into cash flow health.
This makes Codat the "glue" tying together small business technology stacks. Partnerships with Stripe, Xero, QuickBooks fuel card payment automation.
9. Skyflow for Robust Data Security
For security-conscious enterprises, Skyflow mimics the functionality of virtual cards while keeping sensitive card data locked down. Key security protections:
- Tokenization to replace PAN information.
- End-to-end encryption for data in transit and storage.
- Isolated data access to minimize insider risks.
- GDPR and PCI compliance guaranteed.
Skyflow allows payment flexibility without sacrificing enterprise-grade security – crucial for public sector companies and regulated industries dealing with financial information.
10. Plastiq for Supplier Invoice Payments
Plastiq has an innovative invoicing platform to pay any supplier regardless of whether they accept credit cards. Core features:
- Pay bills with any name-brand business card.
- Accept payments via credit card or ACH.
- Visa Supplier Network to easily onboard new vendors.
- Early payment discounts to build supplier relationships.
This unique payment flexibility makes Plastiq worthwhile for fortifying B2B relationships beyond just transactions.
11. Square for Retail Business Management
Known for its point-of-sale hardware and software, Square also offers transparent pricing for payments along with other capabilities like:
- Invoices to easily bill clients.
- Payroll management for employees.
- Business loans based on payment history data.
- Appointments to manage bookings.
Square virtual cards help the retail ecosystem manage everything from inventory to accounting in one unified platform.
12. Chrome River for Travel & Entertainment Compliance
For companies with employees regularly incurring travel, lodging, or dining expenses, Chrome River provides tools to not only manage but optimize T&E spending along with:
- Custom approval workflows to match expense policies.
- Spend categories for better budgeting.
- Duty of care for traveler visibility and security.
- Mileage and per diem calculations.
Chrome River lets finance teams adjust levers on employee business trip spend while ensuring compliance.
13. Fyle for Midsized Business Expenses
Fyle makes it effortless for growing companies to take command over expenses in all departments across various spend categories:
- Corporate card management with app-based workflows.
- Real-time expense reporting for visibility.
- Project cost insights for budgeting decisions.
- Integrations with 100+ business apps.
The focus is on automation through AI to allow staff to focus on value-driving initiatives over administrative tasks.
Key Considerations When Choosing Virtual Cards
Here are crucial decision-making factors for picking the best virtual card programs for your unique needs:
- Available monthly/annual transaction limits
- International payment capabilities
- Level of accounting software integrations
- Options for physical card issuance
- Fraud monitoring capabilities
- Customer support responsiveness
- Data protection and security measures
- Contract flexibility in case of changing business requirements
Be sure to properly evaluate providers across these aspects before jumping in. Many offer free trials to experiment firsthand.
The Future of Virtual Cards is Bright
Virtual payment methods are projected to become the norm for businesses managing budgets across distributed workforces. Lower risks from financial information exposure paired with superior analytics into expenditures will drive adoption.
With increasing acceptance and connectivity using solutions like Apple Pay, Google Pay, and cryptocurrency wallets, virtual cards in some form can reshape B2B payments at scale in the coming years through innovations.
By selecting and implementing the right virtual card platform for their needs, finance teams can optimize spend control and unlock employee productivity in 2024.
Read Next: Related Articles on Business Payment Tips
Share on:
