On the other hand, multiple-use cards are assigned with an expiration date and can be reused until the date is reached. A virtual card number can be assigned exclusively to one supplier and turned off once a purchase is complete. Once generated, cards can be revoked as soon as a transaction is complete.įor B2B payments, you can set up a virtual card for every vendor or supplier. In some cases, virtual card numbers are generated for specific purchases with predefined amounts and frequency of use. Virtual credit or debit cards can be restricted to a single-use – which is referred to as disposable virtual cards. Virtual cards can be either disposable (one-time use) or multiple-use. When using a virtual card to pay your suppliers, customers, or workers, cards can be used the same way physical cards are used at a point-of-sale terminal or entered online. How Do Virtual Cards Work?Īlthough commonly associated with online payments, virtual cards can be used to pay for any purchase – online or offline. A virtual card mimics the function of a physical card to be used anywhere credit/debit cards are accepted. It consists of a unique, randomly- generated 16-digit number and contains the exact card details as their physical counterparts: expiration date and CVV code. A Virtual Card is a payment card that exists solely in electronic form.
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