The functioning of a virtual card
In the digital world, hackers have endless ways to gain access to your hard-earned cash in no time and hamper your business and customers overnight. With the growing frauds and malicious activities globally, businesses are making an upgrade from traditional debit and credit cards to virtual prepaid cards. Virtual cards are the ideal solution to address all such frauds and other probable hacking attempts.
Understanding virtual prepaid cards
Virtual prepaid cards are basically debit cards that are not physical cards and can be bought online. Users can put money in an online account and generate disposable card numbers to be utilized for online purchases. Virtual prepaid cards give high-level security and safeguard your business and customers at the global level.
Whenever a person applies for a virtual prepaid card, a physical card isn’t sent unless it is requested specifically. Rather, a virtual number is assigned to the person and the 16-digit number is used just like a credit card is used online. The person needs to directly enter the virtual card number, the expiration date, and the security code in order so that the payment is processed successfully.
How virtual prepaid cards function?
A virtual prepaid card isn’t connected to a physical card; however, it is directly related to actual money. Rather than being linked to the bank account or high credit limit, a virtual prepaid card just has the number of funds available that are chosen by the person. All the reloadable accounts get filled on a prepaid basis and the person has the authority to entitle the amount of money that can be allocated to the virtual prepaid card.
In case the transaction is exceeding the amount of money in the account, it can’t be further processed. Users can easily reload and add more money to the card in a few taps of a button and after depositing funds on their card, they can use their virtual card number for making purchases online. The virtual card number is linked to the virtual account under which the payment is processed further.
Virtual prepaid cards are the ideal method for safeguarding and offering next-level security to protect business assets and allow them to purchase services and goods online. No matter businesses are on the hunt for secure business or individual payment solutions, TERA can assist all sorts of businesses with virtual prepaid card options for safeguarding their businesses in the long run.