What is a Virtual Card?
Virtual cards are single-use credit card numbers issued for a specific dollar amount, vendor and time period. This card can be used to pay for airfare, hotel stays and car rentals.
Why use a virtual card? Ask yourself these three simple questions:
- Do you have employees or contractors that travel for business but do not have a credit card that they can use for expenses?
- Do you prefer that hotel and car expenses get charged directly to your company instead of relying on your travelers to submit receipts and expense reports in a timely manner?
- Has your company experienced fraud with your company credit cards?
If you answered yes to any of these questions, a virtual card may be the solution that youâ€™ve been waiting for!
Consider the following benefits:
Control and Compliance â€“ The control of centralized payment ensures that only authorized travel can be booked. In addition, it ensures that the traveler is only charging approved expenses for a trip.
Automated Reconciliation â€“ One card number per transaction greatly simplifies reconciliation. Robust reporting and real-time tracking provides greater visibility into travel expenses.
Fraud Reduction â€“ Single-use virtual card numbers become invalid after the transaction is complete. Using a virtual card eliminates the risk of stored credit card data being compromised.
Convenience â€“ Allows travelers without a credit card to easily pay for travel expenses without the added hassle of paperwork and filling out credit card authorization forms.
How does it work? Getting started is quick and easy using the following steps:
1) Covington assists with getting a virtual account set-up for your company.
2) We work with you to incorporate your travel policy into the parameters of your card program.
3) Your travelers make their reservations as usual through Covingtonâ€™s experienced travel counselors or your Covington online booking site.
4) A single-use card is created and communicated to the vendor along with your parameters on total amount of charges allowed, specific time period, and specific traveler.
5) Administrators within your company have access to reporting and real-time visibility into charges as they occur.
6) Travelers have access to a mobile app that can manually push the information to the vendor upon check-in, if needed.
7) Once the transaction is completed by the vendor, the card number is invalidated.
Covington has partnered with CSI GlobalVCard, and we look forward to showing you how this program can streamline your expenses and reduce your risk for fraud.
Call our Account Management team at 804-747-7077 or click below to learn more.