How to Create and Manage Virtual Cards with Holdings: Secure and Flexible Business Payments

Virtual cards are revolutionizing expense management for businesses by offering enhanced security, flexibility, and control over spending. Unlike physical cards, virtual cards exist entirely in digital form and can be created instantly for specific purposes, such as online purchases, vendor payments, or employee expenditures. Below, we’ll explore how to create virtual cards using Holdings and why they are valuable for businesses.

How to Create Virtual Cards with Holdings

1. Navigate to the Cards Page

• Log in to your Holdings account and select the "Cards" section from the dropdown menu.

• View all existing cards and their details, including whether they are virtual or physical.

2. Create a New Virtual Card

• Click + Add to start creating a new card.

• Select the account from which the card will pull its balance.

3. Enter Cardholder Details

Fill out the required information about the cardholder:

• First Name and Last Name

• Date of Birth (mm/dd/yyyy)

• Email Address

• Phone Number

4. Customize Card Settings

• Choose "Virtual Card" as the type of card.

• Add a name for the card (e.g., "Marketing Budget" or "Software Subscriptions") for easy identification.

• Set optional spending limits:

  • Daily Purchase Limit

  • Monthly Purchase Limit

5. Manage Your Virtual Card

Once created, you can access all details of the virtual card, including its unique number and billing address. You can also:

• Freeze or close the card instantly if needed.

• Track transactions in real-time via the Holdings dashboard.

Benefits of Virtual Cards for Businesses

1. Enhanced Security

Virtual cards reduce fraud risks by using unique numbers for each transaction or purpose. They can be instantly frozen or canceled if unauthorized activity is detected, unlike physical cards that require time to deactivate and replace.

2. Streamlined Expense Management

Businesses can issue virtual cards for specific purposes—such as vendor payments or employee travel—and set predefined limits to prevent overspending. This makes tracking expenses easier and ensures accountability across departments or teams.

3. Flexibility and Scalability

Virtual cards can be created instantly for one-time use or recurring payments, such as software subscriptions or ad campaigns. This flexibility allows businesses to scale their payment solutions as needed without waiting for physical cards to arrive.

4. Cost Savings

By assigning virtual cards to employees or departments, businesses eliminate the need for reimbursements and reduce administrative overhead associated with expense reporting and reconciliation.

5. Improved Budget Control

With spending limits and transaction-specific settings, businesses can ensure funds are allocated appropriately while avoiding budget creep or misuse of company resources.

Use Cases for Virtual Cards

1. Online Purchases: Securely pay vendors or purchase goods without exposing primary account details.

2. Subscription Management: Assign unique virtual cards to recurring services like SaaS tools; deactivate them when no longer needed.

3. Employee Travel Expenses: Provide employees with virtual cards for business trips while maintaining control over spending limits.

4. Ad Campaigns: Allocate budgets effectively by using virtual cards for PPC advertising or sponsored content.

5. Vendor Payments: Generate virtual cards with set limits for supplier transactions to simplify tracking and reconciliation.

Real-World Example

A tech startup could use Holdings virtual cards to manage its expenses efficiently:

• Issue a virtual card named “Google Ads” with a $10,000 monthly limit tied to its marketing budget account for ad campaigns.

• Create another card named “SaaS Subscriptions” with a $2,000 limit dedicated to software tools like CRM platforms or design software subscriptions.

These virtual cards allow the startup to track expenses separately while ensuring budgets are adhered to without manual oversight.

Final Thoughts

Virtual cards provide businesses with unparalleled security, flexibility, and control over their finances. By leveraging Holdings’ ability to create customizable virtual cards instantly, companies can streamline expense management, reduce fraud risks, and optimize their budgets effectively—all while simplifying accounting workflows through real-time tracking and integration capabilities.

Start using Holdings virtual cards today to transform your business’s financial operations!