A virtual card is a unique & digitally generated 16-digit credit card number that helps you pay for all online subscriptions. Your card number is private, reducing any fraud risks.
With Open’s virtual cards, now you can track who paid for what, when & how much in real-time. No more wasting hours on tracking receipts.
With Open’s virtual cards, you don’t need to share your credit card number with strangers. Keep your information private and reduce the risk of a data breach or fraud.
Create a unique virtual card for each subscription
Assign an owner & set a monthly budget
Manage, track & control all subscriptions from ONE dashboard
Open’s virtual card comes integrated with an online bank account that helps you manage banking, payments, payouts, offline expenses, and accounting -- from ONE place!
What is a Virtual Card?
A virtual card is an online version of a physical bank card. They work just like any other bank card but online. It comprises a 16 digit card number and
a CVV which can be used to perform your business transactions.
These digital business/virtual cards can be used for multiple use cases. For example, you can pay for your SaaS subscriptions, digital ad spends,
cloud infrastructure payments, etc. You could also assign individual virtual cards to different teams in the company such as HR, Marketing,
Engineering, etc. This enables you to keep track of all your business expenses, without worrying about who spent how much on what.
If you’re looking at securing virtual cards for your business, you can get your hands on Open’s virtual cards. You can load the required
amount from your linked Open account and set a spending limit to track and control your expenses.
Powered by VISA, these Virtual Visa Cards can be swiped everywhere, where VISA is accepted. As unique card numbers are alloted to
each card, you can easily track & control all your business expenses. Not to mention, an enhanced visibility of how your money is being spent
will help you make better financial decisions. Click to know more about Open’s virtual cards.
How does a Virtual Card work?
AVirtual cards basically enable users to process online payments. Technically, it functions just like your offline banking card - along with
reconciliation benefits. No need to match card expenses with your company’s accounting books.
Virtual cards can be pre-loaded with a certain amount from a linked account. And to process the payment, the user can enter the assigned
card number and CVV and an OTP that will be shared on the registered mobile number. Once that’s done, you’re good to go.
What are virtual cards used for?
Virtual cards have multiple use cases that make expense management & accounting easier for your business. Some of the benefits of
securing virtual cards are:
• Make online payments everywhere (including international payments), where VISA is accepted
(a) These payments may range from online business subscriptions to digital ads to recurring payments.
• Manage business expenses with real-time visibility
(a) You can set a spending limit on each card and track the spends in real-time.
• Simplify reconciliation & oversee all the transactions
(a) By using a virtual card, you can monitor all your business expenses on a single dashboard. Be it team-wise expenses or tool-wise expenses,
you can view them all, hassle-free.
Who can apply for virtual cards on Open?
Any individual/business entity/freelancer can avail Open’s virtual cards. For instance, freelancers or even marketing agencies can assign unique
virtual cards to each of their clients. This will help in tracking different client spends effortlessly.
Whereas, a startup can use virtual cards to pay for their individual tool spends. For example, AWS subscriptions, Google ads, Linkedin ads, etc.
On the other hand, a small business owner can assign virtual cards to employees from different teams. For example, if your Sales & HR team
uses the same tool - Linkedin, it becomes easier to track the spends by assigning two different virtual cards. This way, you will know
who has spent how much for Linkedin alone.
A virtual card application could not get any simpler. Just create an Open account and head to the virtual cards section under the Cards category.
Just fill in a few basic details & upload your business documents.
If you are someone who is always stuck at tracking and monitoring your employee expenses, an Open virtual card is your go-to solution.
Moreover, finance teams who have to manage multiple online payments can be relieved by simply opting for recurring payments via virtual cards.
You can also set a spending limit that can be changed as per the need, activate notifications for new purchases, and do away with paying
for unnecessary subscriptions.
Are virtual cards safe?
A virtual card consists of a unique combination of numbers that are digitally set to offer you the functions of a physical card. This reduces
the chances of you getting defrauded, as no one else except you can access this digitized information. Furthermore, Open’s virtual cards have
multi-level approvals & 100% data encryption to ensure secure transactions - at all times.