Due to the recent events around the world, we are seeing more and more discussions around new payments methods from cheques and cash, to bitcoin and virtual payment cards.
PYMNTS.COM “Paper Checks, COVID-19 and the Flaw With Analog Relief Payments”, March 18, 2020
Finextra, “Revolut backs cryptocurrency as safe haven amidst Coronavirus crisis”, April 9, 2020
Innovators are looking to these solutions, technologies and methods to help deliver funds quicker and help decrease the touch-factor that comes with the distribution of traditional methods like cash or cheques.
Whether issuing payments for stimulus funds, rewarding valued employees, or thanking front line first responders and service workers that we depend on – Virtual cards present a unique opportunity for corporations and governments to distribute funds instantly
that maintain important social, health and safety measures. In this post, we’ll explore this evolving payment technology, and how we at DCR, a company with over 20 years in the business can help deliver these programs in 72 hours.
What is a Virtual Prepaid Card?
Virtual Prepaid Cards, issued by major networks like Visa, allow the purchase of funds online without the use of a traditional physical form factor. Like a normal credit card, Prepaid Virtual cards are accepted at millions of locations worldwide, carry the
network brand, and minimize risk through the same level of fraud protection as that of a credit card.
The “card” which is delivered via email, are very customizable in terms of controls- dates, spending caps and merchant categories can all be adjusted for rules on the cards. Virtual cardholders then get an improved management process and more actionable
data. Cards allow customers to reduce the amount of PII (Personal Identifiable Information) resulting in the cards being a valuable tool in protecting your privacy and security without compromising your convenience and ease of use.
Ease of Use
The TruCash wallet will contain all of your virtual card information in the palm of your hand with real time capabilities. Virtual cards are for use online and are sent via email – these cards include a card number, CVV and expiry date to input online, they
are quick and simple to administer. They are available to be used online wherever Visa is accepted. This provides recipients with unlimited purchase options and flexibility, without leaving their home.
Speed of Launch
Cards can be received via email or directly on to the app. Cards can be created and delivered in a much shorter time frame than a traditional card as there are no production costs. Virtual cards can be created in 3-4 weeks vs. 6-8 weeks for a traditional
Main differences of a Virtual Card in Comparison to a Plastic Card?
- No ATM (Cash Access)
- Quick Launch Window
- Online/Phone purchases only
- Reloadable by Corporate only
- Treated as a card not-present transaction by merchant
- Balances limited
- Easy to use
- Immediate delivery
- Instant issuance and use by participants
- Can’t be lost in the mail
- No production costs
What are the Benefits to the Cardholder?
- Receive fast, electronic payments
- Protection against fraud, loss or theft
- Safe, secure and internationally accepted
- Web-based and mobile access to card balance and transaction history
What are the Core Features?
- Cardholders can make purchases online, or via phone orders (via manual card entry)
- The card is a standard 16 digit numbered card, with CVV number attached
- Card numbers can be printed on Co-branded coupons, vouchers or a card image
- Launch Virtual Card programs within 72 hours of submission (no card production)