Top Reasons Why Travel Managers Prefer Virtual Cards

Virtual cards are rapidly becoming a popular payment option amongst travel managers, revolutionizing how business travel expenses are managed. In fact, according to Juniper Research, virtual card transactions are projected to soar to an incredible 175 billion by 2028! But it’s not just about numbers: virtual cards bring a new level of security, efficiency, and control. 

"Virtual cards help make sure that each employee sticks with the playbook. They have to stick with preferred vendors, and they're more likely to obey company policy regarding extras." – Grasp Technologies, a Sertifi Partner 

Here’s why more travel managers are making the switch to virtual cards: 

Enhanced Security 

Virtual cards offer extra protection against fraud since they generate unique, temporary card numbers that expire sooner than expiration dates on physical cards. For travel managers, this minimizes the risk of card details being stolen during online bookings or while employees are traveling. 

Streamlined Booking and Payments 

Travel managers can issue virtual cards immediately, enabling fast bookings and avoiding the delays associated with waiting for physical cards. This is especially useful for last-minute travel needs or remote employees who might not have access to company credit cards. 

Better Control Over Spending 

Travel managers can set spending limits on each virtual card, or even limit usage to certain merchants, ensuring employees stay within their budget and don’t engage in any unauthorized spending. 

Simplified Tracking and Reconciliation 

Virtual cards can easily be linked to a specific trip, traveler, or expense category. This simplifies the reconciliation process and provides clear, categorized data for reporting and analysis, which helps in budgeting and identifying cost-saving opportunities. 

Easier Vendor and Expense Management 

Travel managers often use virtual cards to manage multiple vendors, as cards can be issued to cover only certain vendor expenses. This keeps vendor spending separate and organized, reducing the complexity of managing hotel, flight, or car rental charges. 

Lower Risk for Employee Mishandling 

With no physical card on hand, there's no risk of an employee accidentally losing the card. This ensures sensitive payment information stays in the right hands and also eliminates the risk of an employee traveling without their card.

As you can see, in a digital-first world, virtual cards offer travel managers unmatched security, control, and efficiency. By streamlining compliance, expense tracking, and vendor management, they’re fast becoming a go-to solution for business travel. As companies embrace these benefits, virtual cards are set to redefine travel expense management, paving the way for a fully digital payment future.