For many people, online banking is just a way to check their account balance or transfer money from one account to another. For international entrepreneurs, it can also be a way to enjoy all the benefits of the American economy. With a virtual business debit card, companies with foreign founders can make purchases and have access to all of their funds in their home country—or anywhere else in the world.
Virtual Debit Cards gained much importance in recent years due to their usage by various companies worldwide for making payments to their vendors and merchants. At its most basic, it is a unique number that represents your bank account acting as a debit card. For international business owners with companies in the US, this means a stress-free experience, since everything can be done online – from setting up your account to controlling your spending!
Keep reading to learn what is and how to use a virtual debit card to help your business in the US!
What is a virtual debit card?
Just like your physical card, a virtual debit card has a set of randomly-generated 16-digit numbers and also a card verification number and expiry date. The main difference is that there’s no physical card to make purchases – but that doesn’t mean that you can’t use your virtual card in stores and physical businesses.
A virtual business debit card is a great option for anyone who runs a small business. It makes it easier to pay for business expenses and track spending. As the name suggests, it represents your company’s checking account as opposed to your personal bank account. This means that all purchases made with this type of card are automatically categorized as business expenses.
Digital vs. Virtual
A virtual card doesn’t represent a physical card. The online version of your card is called a digital card and has the same card number, expiry date, and CVC as your bank card. It can be stored in your phone wallet and used to make contactless payments.
How to use a virtual debit card
With card numbers, you can make safe and fast transactions in online stores. Generally, people think that virtual cards can only be used for online purchases. However, your virtual business debit card can also be a form of payment at retail stores and restaurants anywhere around the world where cards are accepted. With digital wallets such as Google Wallet and Apple Pay, your card will be stored on your smartphone and work in establishments where contactless payment is available!
With Globalfy, your virtual business debit card will be ready for use as soon as you finish setting up your bank account. You won’t need an SSN or ITIN to open your American bank account and the whole process is entirely online. The card will be available for use in over 29 million locations all over the world where Visa debit cards are accepted.
Benefits of using a virtual business debit card
Now that you know how to use a virtual debit card, it may seem similar to a traditional debit card on the surface. However, some key differences between them make it worthwhile to consider switching over if you haven’t already done so yet.
Find more about the benefits of using virtual cards:
Create cards instantaneously
Virtual debit cards don’t need to go through the whole activation process like traditional cards. They can be created instantaneously through websites or apps, and, as long as there are funds in your account, can be used to make all kinds of purchases.
For your business, this means that you can have a card for each of your team members easily. This will help your business in the US to grow faster by allowing new purchases without delay.
Easy to keep track of spending
With a virtual business debit card, you don’t have to carry cash or even your wallet to make payments! When you keep your card in a digital wallet, you can pay for everything through your smartphone, tablet, or smartwatch.
If you have any problems, it’s easy to keep control of your spending through websites, or apps! Especially for foreign entrepreneurs, it is essential to be able to keep track of their finances in the US.
More secure than carrying cash or physical cards
You’ll never have to worry about someone stealing or cloning your physical debit card again! Since there is no physical copy of your card, it’s way harder to lose or have your card cloned. Plus, if someone does try (and fails) they won’t be able to see what funds are available.
If anything happens, virtual cards can be deactivated with a click, just as easily as they are activated! Also, in this situation, you won’t need to wait until you receive a new card to make payments.
Additionally, Globalfy is backed by its financial partner Blue Ridge Bank and insured by the FDIC. This means that your company’s funds will be protected by the biggest and most long-standing deposit security agency in America.
Create your virtual card right now
If you’re looking for a way to simplify your business expenses and track spending, look no further than the virtual card. This kind of payment solution will make managing your finances in the United States much easier.
Now that you know how to use your virtual debit card and all the advantages it can bring to your business, it is time to choose the best banking solution to help you.
Globalfy was created to help international entrepreneurs to thrive in the American market. In addition to our all-in-one business formation plan, our new banking solution has everything you’ll need to get your business up and running in the US. There is no minimum initial deposit or maintenance fee. So, you can start using your virtual business debit card as soon as possible!