Single-use virtual credit cards are one of the newest and most exciting conveniences to hit the payments industry. Most organizations can benefit from learning more about these types of cards and the various advantages to using them, beyond helping them pay their vendors in a timely and secure manner.
What Are Single-Use Virtual Credit Cards Good For?
Single-use virtual credit cards are normally used by organizations that are searching for an efficient and secure method of paying their vendors. As its name suggests, this virtual card is not a physical piece of plastic. When you authorize a single-use virtual card for your merchant account, this payment method creates a 16-digit credit card number for each and every payment that you make. The number that is generated is one of a kind, intended to be used one time only. The next time you use the card, it will generate a whole new number.
Single-Use Virtual Cards Offer Major Security Advantages
There are clear security advantages offered by these single-use virtual cards. By creating a number for a single use, these cards limit the ability of hackers, phishers and other cyber-criminals to trace the IP from which they originate. In fact, a number that is used only once, then discarded forever, can’t be traced or duplicated in time to suit the needs of an identity thief. The number appears and disappears too quickly for any outside party to catch and make use of for their own purposes.
Single-Use Virtual Credit Cards Help Avoid Dishonest Vendors
Another way in which single-use virtual cards come in handy is in the area of avoiding dishonest vendors. You can set the exact amount of the payment you make with each virtual credit card number. This will prohibit vendors from receiving more than the specified amount of the payment, even if they attempt to invoice you for a larger amount (intentionally or not). It will also prevent the conversion of a one-time payment into a recurring charge, since the credit card number with which each payment is made disappears immediately after its one and only use.
Single-Use Cards Improve Efficiency at Your Office
Making use of single-use virtual cards is a great way to improve overall efficiency when it comes to making payments to your vendors. This is because there is no paper involved and no need to keep track of card numbers. Once the amount of the payment has been agreed upon, you can set the system to make automated payments to your vendor on the specified date. This eliminates the waiting game involved in such transactions. Your office will know exactly where a payment is going and when it is due to be delivered. And your vendor will know exactly when they are getting paid.
Convenience and Security Are the Hallmarks of the Single-Use Card
The single-use virtual card offers benefits to organizations that no other payment method can match. If you are looking for a way to improve the efficiency and security of your B2B payments, this is one to look into. Want to learn more about single-use virtual credit cards?
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