How to manage online subscriptions with Open’s business virtual cards

By Team OPEN
February 16, 2021
3 min read

Have you ever wondered why business virtual cards have become a smarter alternative to manage your online subscriptions? Let me break it down for you!

Since all industries today have a digital footprint, it includes businesses signing up for online subscriptions. But managing multiple subscriptions is no less a challenge even now!

Haven’t tried out the virtual way yet? I suggest you make the switch to Open’s business virtual cards for managing business subscriptions.

What are the challenges in managing online subscriptions?

(1) Using one credit card to pay creates confusion

If you own a small business, then you probably rely on a single credit card to pay for your online subscriptions. And tracking payments for all of them is challenging. To say the least!

(2) Check credit card statements to reconcile payments

You’re billed monthly or annually for every online subscription service. And with just one credit card, you will have to run through your statements every month to ensure that you don’t miss any payments or cancel a free trial before it turns into a paid subscription.

(3) Easily lose track of money spent on online purchases

Utilizing the same credit card for tasks like running ads across digital media is chaotic. As charges vary based on the medium and the duration, this may lead to incurring impending costs, which may eventually add up to excessive budget cuts.

Here’s where Open’s virtual cards come to the rescue. But before I tell you all that they can do for your business — let’s first understand:

What are virtual cards?

A virtual card is a digital card that can be generated instantly. Once you create it, instead of using physical cards to make online purchases, you can switch to virtual cards to do the same. And since each virtual card has a designated owner or can be created to pay for a specific service, you can track & view payments made for online business subscriptions easily.

Here’s where Open’s virtual cards shine! They are the best alternatives to physical cards that you use to swipe & make payments. Just create an Open virtual card within minutes and get started. Spend, track & reconcile payments without any inconvenience, and view all the transactions from a single dashboard. Open’s virtual cards are definitely the need of the hour as they deliver more control over business spends.

Why are Open’s business virtual cards the best alternative to manage online subscriptions?

Read on to learn about them in detail.

(1) Instantly assign Open’s business virtual cards to teams

Create digitally generated 16-digit virtual cards & assign them to your teammates. Track & control online business subscriptions in real-time. And don’t you worry about online fraud either! The virtual cards are private and password protected.

(2) Get real-time visibility for every online purchase

Open’s virtual cards help you stay on top of your spending. You can also use the alert feature to approve all the online subscription expenses & stay within your monthly budget.

(3) Reconcile payments fast & file expenses automatically

Set custom tags, reconcile & file expense reports automatically with real-time synchronization. You can also automate accounting and sync your business data with third-party plug-ins like Open’s Tally Plugin.

(4) Avoid incurring duplicate costs

Once you have a designated virtual card, you will never have to worry about paying for the same subscription multiple times. Since you’ll receive notifications to approve each payment & track them from your Open dashboard, you can further reduce incurring duplicate costs.

(5) Get additional benefits with Open’s online bank account

Don’t just stop using virtual cards for online subscriptions. Sign up on Open to get an online bank account with which you can create virtual cards and enjoy additional benefits! Get expense cards to manage offline purchases like food, travel & other expenses the smartest way, and more.

(6) Earn rewards for every business subscription payment

For every payment made for your online business subscriptions — discover exclusive offers & rewards! Enjoy cashback and collect them in your Open account.

Now, do you think Open’s virtual cards are the best alternative when it comes to managing your online business subscriptions smoothly?

If yours is a fast-growing company and you haven’t started using virtual cards yet for looking after your online subscriptions, then do it right away! Get started on Open and find more time to focus on scaling up your business without any inconvenience.