Monetise Your Spending with B2B Virtual Card Payment Solution

All businesses, regardless of the industry—supply chain, logistics, SaaS, or others—are looking for ways to manage their finances affordably and grow. They all share the same financial hurdles—international money transfers, bills to pay, and business expenses to be made. This demand for efficient, secure, and cost-effective payments has led to the emergence of new payment mechanisms such as virtual cards.

Virtual cards have gained particular traction in Europe, especially among digital gambling and affiliate companies, to help them monetize their financial operations and streamline day-to-day transactions. Those companies are partnering with financial technology providers like Fyorin that can help them scale growth and offer effortless digital banking and payments.

In this article, we will discuss the benefits of virtual cards for efficient multi-currency transactions and improving the bottom line, and give an overview of Fyorin's offering when it comes to B2B virtual card payment solutions.

Virtual cards are best described as a financial instrument that can be used to pay securely online anywhere where card payments are accepted. These can be used by a business or its employees. They work as physical cards meaning each card has a unique 16-digit number, expiry date, and a CVV so that you can pay online in a secure way.

With Fyorin, you can issue unlimited single-use or multiple-spend cards for your employees or for any online spending so that you can easily track costs. You can link virtual cards directly with a multi-currency account or sub-account for easy reconciliation. Given the volume of currency and transactions in any given global or local business, having the right tools is critical.

When a business makes use of Fyorin’s corporate virtual cards, it will help them to improve cash flow and provide better transaction visibility and control when compared to bank transfers. Virtual Cards also help businesses to lower their transactional costs too by combining the benefits of physical cards, the functionality of checks, and the efficiency of bank transfers such as SEPA, ACH, and SWIFT.As well as offering an easy solution for corporate spending, virtual cards also help keep your spending secure. Malicious actors and bots have evolved to targeting money transferred through various payment gateways such as electronic checks, wire transfers, and credit cards.

Virtual cards help to avoid this vulnerability. It only takes a few clicks to set up virtual card restrictions to reduce fraud and excess spending. In fact, you can restrict a virtual card by merchant, merchant category, time of day, or value. Thus no unsanctioned and unapproved transactions are possible. You'll have complete peace of mind that you’re always on top of your corporate spending. In fact, Fyorin can offer more granular control over your finances with sub-accounts that are easier to monitor. For example, you can:

Compartmentalise your receivables that mirror your account ledger to speed up reconciliation

Each sub-account has a dedicated IBAN linked to it

Receive and send SEPA, Faster Payments, ACH, and International payments

Set the necessary access level and permissions among your team for each sub-account

Separate reporting for each sub-account

Set aside departmental budgets for ease of management

Finally, you can create a virtual card for every online subscription to SaaS services that your business relies on, and set rules when it needs to be topped up. You can easily keep track of all your subscriptions while making sure that you never miss another important payment again. The benefits of combining sub-accounts and virtual cards speak for themselves. Regardless of your business vertical, Fyorin helps to better control the cash flow and optimize/manage your spending with virtual cards, and make international transactions easier to manage.

Most importantly, Fyorin debit virtual cards can increase the bottom line of your business since for every card spend and transaction Fyorin will provide you with a cashback. This helps you to monetize the flow of funds and redirect it to another venue to better serve your business. At Fyorin, our solution to our partners is to help them out not just with banking but also to lower the cost of media buying with the use of our virtual cards.

Fyorin is here to help you maximize your ROI. If you want to find out more about how we can help your business, please do reach out to us.