According to UKFinance.org, Payment cards accounted for 56% of financial fraud losses in the UK in 2018. That’s £671.4 million stolen in 2018 alone. At Revolut Business, we do everything in our power to make sure that every transaction you make is as secure as possible – but, life happens, and lost or stolen physical cards can cause headaches even with the best of security controls.
That’s where virtual cards come in. Whether you misplace a physical card, have your wallet stolen, or are practicing good social distancing behaviours, virtual cards can become a vital tool for you and your team, so you don’t miss a beat – or a payment.
What are virtual cards?
Both our physical and virtual cards are prepaid debits linked to your company’s Revolut Business account. You can think of virtual cards just like your standard Revolut Business card, minus the plastic and the delivery time. Without cards to lose or cash to handle, virtual cards are a safer, faster alternative to traditional cards for your business team.
How do virtual cards work?
Virtual cards have all of the same capabilities as standard cards, but to use them, you’ll open an app instead of your wallet.
Personal virtual cards are for everyday use – for client lunches, travel, and project expenses. An account admin can issue a virtual card to a member of staff (the cardholder), and both the admin and the cardholder have access to that card. The cardholder can use the card and manage their expenses easily, and the admin can set spending limits, and approve claimed expenses.
How to use virtual cards
Creating a virtual card is fast and easy, and can be initiated in minutes by an account admin.
- If you’re an admin, simply sign in to your Revolut Business account on our web interface.
- Once you sign in, head to the “Cards” tab and select “Add new card” from the cards manager.
- Choose a card type and select a cardholder.
- Select an account to link to the card, and any desired spending limits.
- If the card is for you, set a pin, if it’s for someone else, we’ll send them an invite to complete the process.
- Done. You can now use the card and connect it to Google Pay or Apple Pay.
Ready to get started? Here’s how to order a virtual card.Open a business account today