Capital on Tap, a worldwide FinTech that provides access to an all-in-one small business credit card and expenditure management platform, created virtual cards as part of their objective to help small business owners operate their enterprises faster, simpler, and more efficiently.
Most qualified candidates will be able to obtain virtual cards instantly. Most applicants receive a credit decision within 24 hours, which means that accepted cardholders can begin making purchases on their Capital on Tap Business Credit Cards, issued by WebBank, the same day they apply.
Virtual cards can be attached to Google and Apple Pay accounts, allowing cardholders to make transactions in person or online right away. Naturally, all of the security features of the physical Capital on Tap Business Credit Card apply to virtual cards as well.
David Luck, Co-Founder and CEO of Capital on Tap, stated, “For busy small business owners, the virtual card is a true game changer. Having immediate access to funds is critical for success in this challenging business climate that often requires quick decisions and multiple strategic pivots.”
Virtual cards also provide an additional layer of security for small enterprises. Cardholders can replace them in real-time, so if the account information is compromised – or if a cardholder makes a purchase from a vendor they aren’t totally confident in – they can cancel that card for all future purchases and instantly produce a new one. Cardholders will never be without funds because there is no lag time between the cancellation of the card and the receiving of the replacement one.
Account members can also limit the amount they spend on their virtual cards. This is advantageous for business owners who want to issue a virtual card for one-time use, such as travel or a major transaction.
While account holders can only generate one virtual card per account at the moment, the alternative to start generating multiple ones at a single time will be possible soon this year, enabling cardholders to request virtual cards for individual employees and even appoint different virtual cards for separate classes of corporate investment.
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