Using Virtual Cards at Rho
A key responsibility for anyone managing corporate finances is minimizing risk. It’s your job to ask: How can we reduce security risks? How can we reduce the risk of human error?
Increasingly, virtual cards are becoming a popular tool to answer those questions. Virtual cards are digital versions of the corporate card you have in your pocket. You can issue and cancel virtual cards in minutes, create unlimited combinations of unique card numbers, CSVs, and expiration dates.
Here are two ways virtual cards can be used to reduce risk within your business.
1. Reduce Risk of Compromised Data
Each time you use a virtual card, a new combination of data for the card is created. That means if a bad actor were to scrape card information from a transaction made using a virtual card online, it would be worthless for further use. Unlike the fixed card number on an executive’s physical corporate card, virtual cards create randomized data for each transaction.
Using virtual cards across your company for online purchases reduces the likelihood more precious physical card data will be compromised.
2. Reduce Risk of Human Error
Recurring payments for SaaS services like AWS, Atlassian, Hubspot, Zendesk, and Justworks are critical elements of your business’ tech stack.
If you’re using a single corporate card to cover all of your monthly expenses, an issue with that physical card — whether it gets lost, stolen or compromised — can wreak havoc on your operations.
For example, imagine the physical card gets lost, and you need to cancel it. You would then need to manually update payment information across dozens of vendors, without forgetting any.
Instead, managers can use virtual cards to issue a separate card for each payment. That means each virtual card — linked to only one vendor — can run independently, ensuring critical payments go undisrupted no matter what.
How Can I Get Started?
Clients at Rho Business Banking can create an unlimited number of virtual cards, entirely free of charge. At Rho, we don’t charge any hidden fees for our corporate cards, or our checking and savings accounts.