How and When to Use Virtual Multi-Currency Debit Cards
Virtual multi-currency debit cards have several benefits for staff, companies, and customers.
As the world has shifted online, so have payment methods. One of the most innovative developments in recent years has been the rise of virtual multi-currency debit cards.
Read on to learn more about how this exciting new tech works and its benefits for your business, staff, and customers.
So, what are multi-currency debit cards?
A multi-currency debit card is a virtual card your customers and staff can use to pay for goods and services anywhere in the world and online — just like a regular debit. They’re connected to a linked bank account which makes them easy to manage and select the currencies you want to use, check spending, and see what fees you pay.
When to use virtual multi-currency debit cards
You can use a virtual multi-currency debit card practically anywhere you would use your physical card. The card data is generated online and you receive the card number and other details to pay for goods and services.
Software subscriptions
Software subscriptions are usually something you prefer to set and forget. This is where virtual multi-currency debit cards come in handy. You can create a virtual payment card for specific software providers. This allows you to create a recurring payment at a certain time each month or year, depending on your billing cycle. You can also set the card to expire at a certain time, putting an automatic end date to your subscription.
Single online purchases
What’s great about virtual multi-currency debit cards is you can create individual payment cards for one-off payments. Simply set the amount you need to pay, then — once the payment is made — the card number becomes inactive and can’t be used again. This is ideal for large purchases and new or unknown merchants. They also provide you with the comfort and certainty that your money is only being used for its intended purpose.
Bookings and travel
You can assign specific merchant types to your virtual multi-currency debit cards and create payment cards specifically for bookings, accommodation, international merchants, etc. You can set the card currency too, so you can make payments online or wherever you go without getting hit with high FX fees.
Better business payments
If you run a business, you can assign cards to specific departments and even team members to keep track of your budget and spend as you know exactly where and what your staff are spending on. Virtual multi-currency debit cards even let you drill down to specific expense codes and departments, so you can streamline your reconciliations each month without chasing down receipts and invoices.
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