Due to the recent
events around the world, we are seeing more and more discussions around new
payments methods from cheques and cash, to bitcoin and virtual payment cards.
PYMNTS.COM “Paper Checks, COVID-19 and
the Flaw With Analog Relief Payments”, March 18, 2020
https://www.pymnts.com/coronavirus/2020/paper-checks-covid-19-analog-relief-payments
Finextra, “Revolut backs cryptocurrency
as safe haven amidst Coronavirus crisis”, April 9, 2020
Innovators are looking
to these solutions, technologies and methods to help deliver funds quicker and
help decrease the touch-factor that comes with the distribution of traditional
methods like cash or cheques.
Whether issuing
payments for stimulus funds, rewarding valued employees, or thanking front line
first responders and service workers that we depend on – Virtual cards present
a unique opportunity for corporations and governments to distribute funds
instantly that maintain important social, health and safety measures. In this post, we’ll explore this evolving
payment technology, and how we at DCR, a company with over 20 years in the
business can help deliver these programs in 72 hours.
What is a Virtual Prepaid
Card?
Virtual Prepaid Cards, issued by major networks like Visa,
allow the purchase of funds online without the use of a traditional physical
form factor. Like a normal credit card, Prepaid Virtual cards are accepted at
millions of locations worldwide, carry the network brand, and minimize risk
through the same level of fraud protection as that of a credit card.
The “card” which is delivered via email, are very
customizable in terms of controls- dates, spending caps and merchant categories
can all be adjusted for rules on the cards. Virtual cardholders then get an
improved management process and more actionable data. Cards allow customers to reduce the amount of
PII (Personal Identifiable Information) resulting in the cards being a valuable tool in protecting
your privacy and security without compromising your convenience and ease of
use.
Ease of Use
The TruCash wallet will contain all of your virtual card
information in the palm of your hand with real time capabilities. Virtual cards are for use online and
are sent via email – these cards include a card number, CVV and expiry date to
input online, they are quick and simple to administer. They
are available to be used online wherever Visa is accepted. This provides recipients
with unlimited purchase options and flexibility, without leaving their home.
Speed of Launch
Cards can be received via email or directly on to the app.
Cards can be created and delivered in a much shorter time frame than a
traditional card as there are no production costs. Virtual cards can be created
in 3-4 weeks vs. 6-8 weeks for a traditional card production.
Main differences of a
Virtual Card in Comparison to a Plastic Card?
- No ATM (Cash Access)
- Quick Launch Window
- Online/Phone purchases only
- Reloadable by Corporate only
- Treated as a card not-present transaction by
merchant - Balances limited
- Easy to use
- Immediate delivery
- Instant issuance and use by participants
- Can’t be lost in the mail
- No production costs
What are the Benefits
to the Cardholder?
- Receive fast, electronic payments
- Protection against fraud, loss or theft
- Safe, secure and internationally accepted
- Web-based and mobile access to card balance and
transaction history
What are the Core
Features?
- Cardholders can make purchases online, or via
phone orders (via manual card entry) - The card is a standard 16 digit numbered card,
with CVV number attached - Card numbers can be printed on Co-branded
coupons, vouchers or a card image - Launch Virtual Card programs within 72 hours of
submission (no card production)
