The virtual card is essential today in the banking world and especially that of neo-banks as the fashionable means of payment. The increase in fraud on card payment transactions, which jumped 13.4% in 2018 alone, is undoubtedly not for nothing. Both individuals and professionals are seduced by this new trend which offers much more than a simple payment card ...

What is a virtual card?

A virtual card can offer various functions, but its main advantage is above all that it is dematerialized. Like a traditional payment card, it has a PAN code, a CVV code or an expiration date, but will not have a physical representation. It will be displayed on a digital screen (mobile phone, computer or tablet) with secure access. Thus, it is the ideal means of payment for purchases made on the internet. Inexpensive (because it does not require manufacturing), it has the advantage of being issued in real time (no delays or postal costs), and promotes the security of online transactions by avoiding fraud, hacking, loss or theft. By definition, the virtual card is therefore digital and designed for online purchases, but it can offer more services. Indeed, these cards can be:

• Prepaid: you can load or unload them in the amount you want without the possibility of overdraft or credit, only for cash payments

• Single use: issued for a specific purchase and amount, they are deactivated once the purchase process is complete. A new card will be issued for the next purchase.

• With dynamic code: they offer a CVV (Cardholder Verification Value) security code or a Cryptogram which is renewed with each purchase; which provides the user with a very high level of security, particularly against hacking

Beyond the obvious advantages for individuals and the security of their purchases on the Internet, companies and in particular advertising agencies find their interest more and more: the immediacy of the service, its unlimited nature (or almost) and its capacity to streamline business expense processes.

Actually, virtual cards are now used more and more in the advertising sector, in particular in "Media Buying" (in other words, the purchase of advertising space for example on social networks). The agencies or advertising networks which carry out thousands of online transactions on a daily basis are faced with recurring problems:

  • Pay by card for regular expenses and often large amounts,
  • Multiply the means of payment according to the number of campaigns or customers,
  • Juggling between suspensions of campaigns (and therefore of payment cards) following the blocking of administrator accounts (often decided arbitrarily by the media)
  • Promote the independence and flexibility of accounts according to periods, media and advertising budgets,
  • Etc.

Going through the issuance of prepaid virtual cards thus becomes the essential solution for several reasons:

  • Real-time issuance of virtual cards at will: to compensate for unforeseen events, emergencies and gain flexibility
  • Instantly loading and unloading cards: the company remains in control of its budget and granularly controls each expense
  • Autonomous management of cards and virtual accounts: the company is free to manage its transfers and is not dependent on its bank
  • Total and immediate visibility of transactions: for better accounting, administrative and budgetary monitoring
  • Choice of currencies: the company is free to choose cards and accounts in the currency that suits it (eg EURO, USD, GBP) and thus avoids exchange rates
  • Low costs

In a world where payment and its various methods are increasingly dematerialized, the virtual card stands out as a solution of the future that is inexpensive, secure and allowing better management of professional expenses. This is why today, many advertising agencies and networks use the services of Programme Managers like E-Pay Space in order to develop tailor-made offers that meet their needs.

Ready to switch to the virtual card with E-Pay Space? Click here!

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