A virtual card app can be quite beneficial for managing your company's credit card spending. With the right platform, you can instantly create and manage virtual cards through your smartphone or computer, making it easy to keep track of spending, empower employees, and pay vendors. 

Rather than having to hand out physical cards, share card numbers, or ask employees to foot the bill and wait for reimbursement, a virtual card app will allow you to simplify your expense management process and gain more control and flexibility. 

What is a virtual card app?

A virtual card app is a digital platform that allows businesses to use an existing physical credit card to generate as many unique virtual card numbers as their business needs. Within the app, you can track spending, control payments, and set spending limits on each virtual card you create and distribute. 

There are many virtual card applications on the market, each with unique offerings. Unfortunately, most require companies to part ways with their preferred bank and open new accounts, which can be a hassle for businesses already benefiting from their existing corporate card reward programs.  

On the other hand, a virtual credit card app like Extend instantly allows you to extend the capabilities of your existing corporate card by creating unlimited virtual credit cards without having to leave your bank or open new lines of credit. 

You can then use those virtual cards for particular payments, like a specific vendor, employee, project, or site, and continue earning reward points you can reinvest back into the business.

How to create a virtual card

Creating a virtual card is simple and quick. Follow these steps to get started with Extend.

1. Sign up and create your account.
2. Connect a participating commercial credit card account.
3. Access your account dashboard to begin generating virtual cards. 

Advantages of using a virtual card app

There are several benefits to using a virtual credit card app in your business. Let’s discuss a few of them:

Increased security: When you give an employee or contractor your physical credit card, they also get access to sensitive account information that could lead to potential unauthorized charges. With virtual cards, your company card number is always safeguarded since each virtual card has its own unique card number.

Convenience: You no longer have to wait for physical cards to arrive in the mail since you can instantly generate and distribute virtual cards. Once you allocate funds to virtual cards, your employees can start using them online or even in person by loading them into a digital wallet for on-the-go payments.

Spend control: You can set spending limits and expiration dates to ensure funds go to the intended use. Your finance team can review and approve amounts beforehand, reducing fraud or unauthorized charges. 

‍Elimination of out-of-pocket expenses: Virtual cards are the way to go if you want to simplify expense management and reduce the amount of out-of-pocket purchases employees submit monthly. This reduces expense reports for your finance team and ensures employees always have a payment method without sacrificing their personal funds (nor waiting through lengthy reimbursement processes).

Visibility over ad hoc spend: Ad hoc spend can easily slip through the cracks, but with a virtual card app, you can create on-demand virtual cards for miscellaneous purchases and categorize your tail spend as it occurs.

Flexibility: You can create as many virtual credit cards as you need for any business payment, whether for an employee who makes occasional purchases or for project managers who need access to a budget.

Minimized risk: If one of your virtual cards gets compromised, you don't have to worry about your primary credit line. You can also easily cancel or deactivate a virtual card at any time.

What to look for in a virtual credit card app

There are many virtual credit card apps on the market, and it can be difficult to know which one is right for your business. 

Here are some things to look for when adopting a virtual credit card app: 

Convenience: Consider an app that allows you to keep your bank of choice and onboard with the card you already have in your pocket. This will save you time and headaches by completely eliminating the need to find a new vendor you can trust or open new lines of credit. Not to mention, you can onboard in minutes and start creating virtual cards from your existing credit card, helping you accrue even more rewards you can reinvest back into the business. 

Ease of use: Look for an app that is easy to set up and manage. A platform like Extend allows you to integrate with accounting software like QuickBooks, making bookkeeping simpler.

Flexibility: Some virtual credit card apps allow you to create multiple types of virtual cards for specific use cases in your business. For example, in addition to standard virtual cards, you can also create recurring cards that autofill automatically with a predetermined amount, allowing you to set it and forget it while ensuring you pay vendors and other providers on time and without overcharges. 

Expense tracking: A good virtual credit card app will provide real-time visibility into your organization's spending. This means you can quickly identify and track expenses, making it easier to catch unauthorized purchases and overspending.

Payment automation: The best virtual credit card apps will help ease reconciliation and eliminate manual processes like expense reports. This will save you time and money by reducing the need for paper records and manual data entry. 

Getting started with virtual cards 

If you're looking for a virtual credit card app that is easy to use and provides real-time expense tracking, consider Extend. You can create virtual cards on demand, set spending limits with just a few clicks, and manage spending right from your phone. Take a tour of the platform to test it for yourself!