From XU Magazine, 
Online News

What is Veem’s new Virtual Card?

October 23, 2023

This article originated from the Xero blog. The XU Hub is an independent news and media platform - for Xero users, by Xero users. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub.
You can find the original post here:

Let’s start with the basics

A virtual card is an electronic payment method that eliminates the need for a physical card, such as a credit card or debit card. There are various different types of virtual cards available depending on the use case.

  • Single-Use Virtual Cards: These cards are generated for a single transaction and are typically used for one-time purchases. Once the transaction is complete, the card becomes inactive, reducing the risk of unauthorized use.
  • Limited-Use Virtual Cards: Limited-use virtual cards have a predefined spending limit and can be used for multiple transactions until the limit is reached or a specified expiration date is reached. They are often used for recurring payments or vendor relationships.
  • Reloadable Virtual Cards: Reloadable virtual cards allow users to add funds to the card as needed. They are similar to prepaid cards and can be used for both one-time and ongoing expenses. Businesses may issue reloadable virtual cards to employees for expenses.

Veem’s Virtual Card, powered by Visa® and issued in collaboration with Marqeta, is designed to provide a combination of benefits, including all three offered by the above card types. Not only do Veem’s Virtual Cards help businesses improve cash flow management, but they also provide businesses with a quicker and safer way to receive funds with none of the fees.

What does Veem’s Virtual Card look like?

Similar to traditional credit cards, Veem’s Virtual Card has a 16-digit number and three-digit CVV code generated in Veem, but instead of waiting on a plastic or metal card to be delivered through the post, Veem’s Virtual Cards are available within minutes of activation.

Virtual Cards are only visible to users once they have securely logged into their Veem account, preventing unwanted access. Once signed in, users can choose to reveal the numbers if required or keep them hidden for security purposes.

How does the Veem Virtual Card work?

From a merchant’s point of view, Veem’s Virtual Card works the same as any other credit card. For businesses, Veem’s new digital card is a great way to maximize savings on purchases and expenses. Unlike regular credit cards with high processing fees, Veem’s Virtual Card allows business owners to make fee-free purchases anywhere Visa is accepted globally.

Veem’s Virtual Cards are linked to the Veem Wallet, one of Veem’s real-time payment options.
Businesses can effectively manage spend by using the funds received in their Wallet, from previously paid invoices or past payments, to load their Virtual Card, and spend at any time.

Key Benefits of Veem’s Virtual Card

Real-time deposits with no fees
The Virtual Card works hand in hand with the Veem Wallet to provide businesses with quicker access to funds. While regular transactions can take anywhere from 1 to 3 business days, payments made to a Veem Wallet are typically received within minutes at no cost, unlike instant deposit options, which incur a fee.

Maximize savings on business expenses
When using a credit card for day-to-day business operations, funds reserved for growth initiatives may need to be reallocated to pay off high fees and interest charges. Since purchases made with Veem’s Virtual Card are fee-free and made with payments received on the platform, this ensures businesses stay within budget and avoid debt.

Track and manage spend all in one place
Spend management helps companies ensure it has the necessary funds on hand to meet their financial obligations, such as paying suppliers and employees, without experiencing cash flow problems. Veem’s Virtual Card makes it incredibly easy for businesses to track their spending conveniently in one place, with detailed transaction reporting available in-app and for download.

Reduced risk of fraud or theft
Since virtual cards are digital and not physical, they cannot be lost, stolen, or damaged in the same way physical cards can. Virtual cards are not susceptible to physical skimming devices commonly used by criminals to steal data from physical cards, reducing the risk of card cloning and unauthorized physical card use.

Who is eligible to get Veem’s Virtual Card?

In contrast to conventional credit cards with complicated applications, Veem’s Virtual Card can be activated in just a few minutes, as long as no additional review is needed. Veem uses the business information we have on file to pre-determine which customers could qualify for a Virtual Card. To get your card, create your free account today and follow these steps to verify your eligibility.

Why leave it there?

To find out more about Veem

Straight to your inbox

Subscribe to our newsletter for updates as they happen
We hate spam too. We NEVER sell our mailing list.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.