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Everything you want to know about… virtual prepaid cards

Online shopping has been on the rise for some time now, and the pandemic has only increased its popularity. Many consumers have now started to shop online for the first time, and safe digital payment methods are needed even more. One such innovation is prepaid virtual cards. In this blog post, we look in more detail at virtual cards and how they work.

What are virtual (digital) cards?

A virtual, or digital card is an online hosted, digital virtual representation of any plastic card. A digital card, unlike a plastic card, doesn’t require any physical representation. Like a traditional credit, debit, or prepaid card, a virtual card allows users to purchase services or goods online.

An advantage of using virtual cards for your business is that the cardholder can use their card immediately. No need to wait for a traditional card to be sent in the mail. As soon as the card is created and funds loaded, the user will receive an email with instructions on retrieving their new card details.

The benefits of virtual cards

Virtual cards have great applications for business with total versatility to be used for a wide range of purposes. They can be used for purchasing items online, offering incentives to staff and clients, managing expenses, the list goes on.

If your business makes a large number of online payments, for example paying for travel, using a prepaid virtual card is a fantastic way to make sure payments remain secure and expenses are within budget. B4B Payments offer prepaid virtual cards that make business payments simple. Virtual cards can be generated instantly via our online managerial platform – the cardholder can then use it immediately rather than needing to wait for a physical card to be sent through the post.

How does a virtual (digital) card work?

Your virtual prepaid Mastercard® or Visa® is a reloadable, online e-money card consisting of a standard card number, expiry date and CVV number, which you can retrieve at any time by choosing ‘Display Card Image’ from the B4B cardholder dashboard.

You can use your virtual card details to make purchases online or over the phone at millions of businesses and retailers anywhere in the world. You cannot use your virtual card details to make in-person payments in a shop.

Can virtual cards be used in my digital wallet?

Not yet. B4B Payments are currently working to provide clients and cardholders access to prepaid cards using digital wallet devices, such as GooglePay and ApplePay services.

Are virtual cards safe?

Yes. Just like a physical card, you must keep your virtual card details safe and secret. However, with a few clicks, cardholders can suspend their account.

If you’re a B4B cardholder, and have any questions, please contact our customer service team directly.

Virtual cards in the future

With online shopping increasing and the use of cash declining, it seems that the presence of prepaid virtual cards will only continue to grow. It’s easy to see why – the advantages of virtual cards both for online shopping and business payments lie in their security and accessibility.

If your organisation could benefit from increased security when you make payments online, B4B Payments can help with virtual cards for businesses. Our efficient system allows you to set up and close down cards quickly and easily, causing minimal disruption to your operations. For more information about our services please get in touch.

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Closed loop and open loop prepaid cards

There’s no question that prepaid cards are becoming more commonplace, especially as the use of cash declines. Prepaid gift cards are now seen more frequently in stores than the traditional paper gift voucher, and prepaid cards are also a useful way of helping people to budget. In addition, with online shopping on the rise, prepaid cards are very popular in the form of virtual or digital cards.

Closed loop and open loop

There are two main types of prepaid card available – closed loop and open loop. So what’s the difference between the two and what are the benefits? When you think of a gift card for a particular store, what you’re actually thinking of is a closed-loop card. This type of prepaid card is designed to only be used at that store and cannot be accepted for payments elsewhere.

On the other hand, an open-loop card is not tied to a particular store or brand. These cards are usually identified by a Visa or Mastercard logo and can be used anywhere that accepts card payments. Open-loop cards are typically loaded with cash in specific increments and are often used to help with budgeting. This type of card is also frequently sold to travellers as a more convenient and secure way of taking currency abroad, or for making card payments in other countries without incurring hefty fees.

Solutions for businesses

Both closed-loop and open-loop cards have useful applications for businesses. When it comes to employee incentives and rewards, both types of prepaid card are great options. A closed-loop card for a designated store can be a really personal way to reward a particular employee, gifting them something you know they’ll genuinely appreciate.

Alternatively, an open-loop card makes your employees’ rewards work for them – handy if you’re buying cards in bulk or you want to give flexible rewards and incentives. B4B Payments offer prepaid cards that you can adapt to your needs, and which ensure every employee gets a perk they love.

Open-loop cards are also a fantastic solution for business expenses; they eliminate the need for employees to use their own personal finances. Open-loop prepaid cards allow employees to spend money wherever they choose but make it easier to stick to a budget. A prepaid business card from B4B Payments also makes it simple to manage expenses and receipts – you can track all expenses through our secure platform and receive comprehensive reports on expenditure.

Prepaid cards in the future

It seems clear that the use of prepaid cards, both closed loop and open loop, is likely to continue rising. If you’re looking for a smart solution to rewards, expenses, and business payments, the flexible payment solutions from B4B Payments could be the answer. Our products allow you to track and manage expenditure, whilst giving freedom and flexibility to employees. If you’re interested in streamlining payments and incentives with prepaid cards and would like more information, get in touch

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B4B Payments celebrates European expansion with Fintech Hub LT association

Following a successful year in 2020 and its continuing expansion into Europe, B4B Payments is proud to announce further development with its recent Lithuania launch.

In November 2020, UAB B4B Payments Europe was issued with an electronic money institution licence by the Bank of Lithuania. This allows the company to offer services for processing payments throughout the European Union. Receiving this status goes some way to securing the company’s presence in the market, regardless of the UK’s exit from the EU.

B4B Payments is proud to announce that it has become a member of the Fintech association Fintech Hub LT. The association boasts nearly 50 licensed Fintech companies and aims to foster favourable conditions for Fintech activities, strengthen compliance. The head of Fintech Hub LT noted: “We are thrilled to see the rapid growth of our association and companies like B4B Payments joining us. We will continue to create value for the fintech sector, encourage AML and regulatory compliance, and ensure better conditions for licensed fintechs.”

Launching its services in Lithuania means B4B Payments can now supply businesses of all sizes in the country with its range of payment processing solutions, including prepaid cards and virtual cards to use for business payments, expenses, and employee incentives.

This development represents a significant step towards B4B Payments, increasing its presence in the Baltic region, as well as continuing to build on its expansion throughout Europe as a whole. B4B Payments’ CEO Paul Swinton said: “We’re very excited to be expanding with a permanent office in the EU market and at the same time improving the service we offer to our current clients by improving the coverage of B4B’s services.”

The launch in Lithuania and the Fintech Hub LT association’s membership shows that the company is continuing to go from strength to strength. This follows a highly productive year in 2020. During this time, B4B became a principal member of Mastercard. In addition, the company acquired electronic money institution status in the UK, expanded into the USA market and continued its expansion into Europe. This growth has included welcoming a new General Manager for Europe to the business, Vladimiras Kolesovas.

B4B Payments are thought leaders in Fintech and the corporate prepaid payments industry, with a presence in the industry for 14 years. Backed by an international team, the company is committed to supplying businesses of all sizes with innovative solutions for payments, intended to streamline and eliminate antiquated finance and accounting processes.