Fraudulent spending creates a variety of problems for both large and small companies.  It reduces profit margins, disrupts project budgets, and can even create issues with tax compliance.  Sometimes spending problems occur because employees use corporate cards outside the boundaries of company policies, and sometimes corporate cards get lost, stolen, or hacked. Regardless of the source of fraud, issuing virtual debit cards through Outpave is one of the easiest ways you can combat the problem for your business.

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What is a Virtual Debit Card?

A virtual debit card is issued to a user in the Outpave app.  These cards can be used just like a physical debit card for purchases at any business that accepts card payments. They can be issued and activated within minutes - no waiting for the physical card to arrive in the mail.  If a user has a virtual wallet, the card can be added to the virtual wallet and used anywhere they might use Google, Apple, or Samsung pay.

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Are Virtual Debit Cards More Secure?

The short answer is yes.  Virtual debit cards offer superior security compared to physical debit cards.  Here are some of the main reasons this is possible.

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You can create disposable card numbers.

Virtual cards can be issued for short-term use or one-time purchases.  They can be activated and deactivated with the click of a button.  This makes them more secure for online purchases.  Even if the card numbers do get compromised, if the card is deactivated, it won’t work, and your company won’t lose any money.

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You can Set Specific Spending Limits.

Along the same lines, you can generate cards with specific daily or monthly amounts.  So if you have a subscription that charges once a month, you can generate a card that will only be allowed to spend that amount of money every month. You can also assign the card to a specific vendor.  This lets you keep the auto-pay option without the risk that an online thief will use the card to spend thousands at your expense.

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Real-Time Tracking.

Even if something does go wrong and someone does grab your card, Outpave’s real-time analytics will alert you in minutes. This lets you cancel the card (which can be done with one click in the app) and dispute the charge before the thief has time to make another purchase.

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Get Outpave Today

If you’re ready to protect your business from fraudulent spending - whether online or through employee misuse - request a product demo.  Don’t forget to follow our social media channels for more information about how our products can improve your company’s financial management.

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