Everything you ever wanted to know about Open’s Virtual Cards

By Rochel Lewis
April 8, 2021
4 min read

Did you know that Open — Asia’s first neo-banking platform for SMEs and Startups has built virtual cards?

That’s right! Open’s virtual cards help manage online subscriptions for your business.

But we get it. This piece of information doesn’t stand out on its own. So we’ve created a list of frequently asked questions around virtual cards by our users. Be sure to give them a read to understand how acquiring virtual cards will ease up the process of managing all online subscriptions.

1. What are virtual cards?

Virtual cards are virtual credit cards that can be used to pay for online expenses, be it subscriptions or any online purchase.

We have seen businesses struggle to manage their online spendings and reconcile them. That’s why we built virtual cards. You, as a founder, or a business owner, can create and assign it to team members from your Open dashboard. And load money to it via your Open account.

Designed to effortlessly make payments for online subscriptions, a virtual card is a digital version of a credit card that comes with a unique 16-digit credit card number. It functions like a regular credit card, making it quick and easy for you to make online payments for your business.

Then comes the next most obvious question!

2. How do virtual cards help in managing SaaS/ Digital spends?

Stay in control of your spending limits with virtual cards. Just create a unique card for each vendor/ subscription your company uses and pay for only the active services. And every time a payment has been made, you’re notified on WhatsApp. Cool, right? But there’s more.

By setting a spending limit that can be changed as per the need, activating notifications for new purchases, and withholding payments for unnecessary subscriptions — you can save a fortune. Not to mention, you stay on top of all existing SaaS/ Digital subscription payments. Just set up for recurring payments the first time and you’re good to go.

What’s more?

You can set custom tags, auto-reconcile payments, stay within your monthly budget and oversee all your transactions in one place.

This makes the reconciliation process super-quick and free of complications. So when you check out your monthly expense reports, it’s going to be a win-win situation after all.

Need more information? Check out our video below.

3. What is the difference between virtual cards & credit cards?

There is none! Virtual cards are nothing but virtual credit cards. But the unique feature of loading money makes it function like a debit card too! Just load money and share it with your teammates. And make online purchases or subscription payments anytime with ease.

4. How to make a payment using virtual cards?

Making online payments is simple with virtual cards as the required credit will be pre-loaded in the card by the admin. All that’s left to do after typing in the 16-digit card number is to add the CVV number, and use the one-time password (OTP) shared on your registered mobile number to approve the payment.

Please note that no OTP will be generated for international transactions.

The best part?

You can use virtual cards to make online payments everywhere VISA cards are accepted.

5. How to make international transactions with virtual cards?

The one way to describe making international payments using Open’s virtual cards is that it’s easy. Firstly, go ahead and enable international transactions from your Open dashboard. Next, type in the 16-digit card number when you plan on making a payment. And add the CVV number to complete the transaction successfully. As mentioned earlier, it’s definitely easy!

Still not sure if virtual cards are what you really need to manage business spends? Keep reading!

6. How do I quickly create & assign virtual cards on Open?

It couldn’t get any simpler! Sign up on Open and complete your KYC. Once you receive an update on your KYC approval, visit the Open dashboard. Head to the Virtual Cards section available under the Cards tab — create and start assigning virtual cards to teammates.

7. How will my teammates access their virtual cards?

Once your teammates receive an invite, they’ll need to sign up on Open and complete their KYC — mandated as per RBI regulations. They can then start using their virtual cards immediately.

8. How to load money to a virtual card?

Loading money to your virtual cards is seamless. Just sign in to your Open account, visit the Cards tab and click on the Virtual Cards section. Select one among the saved virtual cards or create a new one for yourself/ a teammate. Enter the OTP shared on your registered mobile number to give the final approval for the money transfer from your Open account.

9. Can I restrict the amount my team member spends on a particular virtual card?

Yes, you can! The spending limit on the virtual card can be set by the admin. So you can set a budget and load money as per the requirement. And if there’s ever a time where your employee or team member needs more credit, they can simply request for the same via the Open dashboard. You can approve or reject their request at your convenience.

10. Can I cancel the virtual card anytime? What is the validity of a virtual card?

Virtual cards are generally valid for 3 years. However, you can block it anytime if you suspect any fraudulent activities or you don’t have any need for it.

11. What kind of rewards can I get after paying with virtual cards?

There’s an exclusive program for our customers available in Open Circle under the Apps Section in your Open dashboard. By using Open’s virtual cards consistently to pay for online expenses, you can redeem discounts and benefits on selected subscriptions — tailored as per your business needs. Just visit the Apps section to explore and claim your rewards.

There you go!

Over 10,00,000 businesses on Open have found virtual cards super helpful, and it’s about time you give them a shot. Get visibility on every online expense and start spending smarter with Open’s virtual cards.

Got more questions about virtual cards? Ask us in the comment section below and we’ll address them right away!