Best 3 ways to get a virtual debit card for your business - Banks with virtual debit card
Communication Team
Communication Team

August 08, 2022

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Best 3 ways to get a virtual debit card for your business - Banks with virtual debit card

While businesses are getting digitalised, people are also trying to keep up with the trend by using digital platforms for their transactions. This is where virtual debit cards come in.

A virtual debit card is a digital version of a physical debit card that you can use to make online purchases. It comes with all the features of a regular debit card, such as a 16-digit card number, expiry date, and CVV code. The only difference is that it exists only in the digital world.

These cards have been reducing the challenges of the accounting burden in businesses while also protecting your business information. In a world of digital wallets, these cards are becoming popular with business owners to better manage their finances.

Today, you'll learn

  • What are virtual debit cards and how to use them?
  • Business benefits of owning an instant virtual debit card
  • Banks that provide virtual debit cards
  • Other ways to get a virtual debit card
  • Easy ways to get a virtual debit card for free with wamo

What are virtual debit cards and how to use them?

A virtual debit card is designed to protect businesses against fraud and provide a more secure way to make online payments. When you use a virtual debit card, the funds are transferred immediately from your bank account to the merchant's account, so there is no risk of your card information being compromised. During these transactions, you do not have to reveal your personal or business information to the merchant.

The transactions from these cards are exactly the same as regular debit card transactions, the only difference being that they take place online or over the phone. You can use virtual debit cards to make purchases from any store that accepts credit or debit cards, or to pay for services such as subscription fees, web hosting, and software.

The cards keep a track of your spending, so you can easily see where your money is going and manage your budget better. They also provide businesses with a convenient way to make payments without having to carry cash or cheques while still generating transaction statements in your bank account statement as usual.

Related: What are virtual payment cards?

Business benefits of owning a virtual debit card

Virtual payment cards, also known as virtual prepaid cards or virtual debit cards, have been gaining popularity in recent years. Businesses of all sizes are using them for a variety of reasons as they offer many advantages.

Some of the main benefits of using a virtual debit card for businesses are:

Security: When you use a virtual card, the 16-digit number is different from your physical card. This makes it more difficult for fraudsters to steal your information and use it to make unauthorized purchases. In addition, some cards come with an additional layer of security in the form of a one-time password (OTP) that is required for each transaction.

Convenience: You can use virtual cards to make online or over-the-phone purchases without having to carry your physical card with you. This is particularly useful for businesses that need to make a lot of online purchases, such as web hosting or subscription services.

Control: Virtual cards give you more control over your spending as you can set limits on the amount of money that can be spent using the card. This is a useful way to keep track of business expenses - especially if virtual cards have been allocated to team members - and ensure that you do not exceed your budget.

Tracking the transactions: Most virtual cards come with transaction statements that can be easily downloaded and reviewed. However, unlike the traditional cards, you can eliminate the manual data entry and align your expenses with automatic receipt matching.

Banks that provide virtual debit cards

There are multiple banks that offer virtual debit cards, each with its own set of features and benefits. When you are looking for the right card for your business, it is important to compare the features and fees of each option to find the best fit for your needs.

Some of the banks with virtual debit cards include:

  1. American Express
  2. Discover
  3. Mastercard
  4. Visa
  5. JPMorgan Chase
  6. Citibank
  7. Bank of America

However, these banks usually require you to have a physical card, so you may not be able to use the virtual card right away. In this case, you can get a temporary physical card that can be used until the virtual card is ready.

If you are looking for a virtual debit card that can be issued in a minute and used instantly, why not try wamo? Other ways to get a virtual debit card Many challenger and neo banks can provide you with a virtual debit card. While these financial management and payments platforms aren’t officially banks they function in just the same way. They will provide you with a 16-digit number and expiry date that can be used like any other debit card. They typically have a simple online application process, take less time and will provide you with a physical card that can be used until the instant virtual debit card is ready.

Some of these companies include:

  1. Wise
  2. Revolut
  3. Payoneer
  4. wamo

These companies often have different terms and conditions, fees and limits than the banks, so be sure to read through them carefully before signing up.

Get limitless virtual debit cards with wamo

With a wamo business account, you can issue yourself and your team limitless virtual debit cards. You and team members can use wamo virtual cards to make online purchases and payments in a few taps.

Issue multiple cards for different purposes, such as business expenses, travel, or everyday spending and only load each card with the amount you want spent on it. All transactions are automatically updated and you are able to easily track spending on every card from your wamo dashboard.

The process is pretty easy! Just follow these steps:

  1. Open a wamo account (if you don't have one already)
  2. Request a virtual debit card from the wamo dashboard
  3. Name your card
  4. Start spending!

wamo virtual debit cards can instantly and easily be frozen, unfrozen and even deleted making them even more secure for business.

If you're looking for a convenient and affordable way to manage your money, try wamo. Get your virtual card number!

© wamo 2022, all rights reserved wamo & the wamo logo are trademarks and trade names of wamo technology Limited and may not be used or reproduced consent of the owner

wamo.io LTD incorporated and registered in the United Kingdom under the company registration number 12352849 and the operational office of which is at WeWork, 199 Bishopgate, London EC2M 3TY. wamo operates the wamo.io website and the app. wamo is not a bank, the current account is an e-money account. Issuance of Electronic Money and payment services is provided by PayrNet Limited. PayrNet holds an amount equivalent to the money in the wamo current accounts in a safeguarding account which gives the customers protection against insolvency. We are authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (register reference 922901) for the issuing of electronic money. wamo is an EMD agent of PayrNet.

© wamo 2022, all rights reserved wamo & the wamo logo are trademarks and trade names of wamo technology Limited and may not be used or reproduced consent of the owner