The retail economy today has undoubtedly a lot of incentives in making it easier to pay for what you want. A few decades back before the advent of banks, we were all roaming around with baskets full of eggs, rice, and sugar to barter until precious metals and stones made it a little easier to get an idea of the exchange rate. However, they were too heavy to be used for too long, and this is where banknotes and money came in.
Although banknotes and coins came along eventually and cheques made it possible to purchase things without the need for a back brace, but it still was a pretty slow process where payment can take from days to weeks to make its ways around. And finally, with the advancement in science and technology, it is now an era of online payment processing solutions like credit cards where the time has been reduced from days and weeks to a few seconds. This technological invention, however, comes with its drawbacks.
With so many ebt card processing frauds happening all around the world every day, one has to be cautious and carefully more than ever before. One of the best ways to get through this is by switching to its alternative called a “virtual credit card.” Let us try to understand this payment processing solution is, its benefits, and how do they work.
A virtual credit card is a unique credit card number that allows you to transact money on the main credit card account without even exposing the main credit card account number. It gives you the option to limit the virtual credit card number for use at a single merchant easily and specify the spending limit along with the expiration date for the card.
The issuer of these ebt card processing services is that they can allow you to either delete or lock a particular account number, which helps you prevent fraudulent purchases without any harm to the main credit card account. You can then quickly generate a new virtual account number to continue shopping at that merchant.
These cards make your information or data more secure while you can easily use them for online payments. It basically is a disposable version of the static credit or debit card that reduces the likelihood of credit card scams. A virtual credit card’s usefulness lies in the way that it does the job of sharing card information. The physical information printed on your credit card including the card number, address, expiry date, and security code, are all the same hence subjected to misuse or storage by hackers. The virtual credit card system thus offers a number of security and safety benefits.
If you have ever worried about giving your credit card number when shopping online, then there is a security option you might want to know about. Yes, this new payment processing solution known as a virtual credit card is sure of the solution to this.
Having said that, here are some advantages of using virtual credit cards:
Now that you know the concept of a virtual credit card let us explore how it works and how do you shop online with this updated smart cart.
Virtual credit cards, in most cases, are limited to regular online purchases. However, there are exceptions to this rule. For instance, you have the option to use the virtual credit card number for making purchases online over the phone or through some representative. If the respective company or organization grants permission, you will have to call in an order or send the virtual card data to the representative that does the online payment processing solution on your behalf. This will not work in all cases and situations, but in this way, certain distributors will allow placing orders.
If you ever have to keep certain recurrent payments safe and sound from hackers and card fraudsters, you can get a virtual credit card and solve this matter right away. You have full control over your virtual card number and can set the expiry date on your own. All you need to do is plug in the virtual card number, and the payment will e processed immediately.
However, most virtual credit card numbers have a limit of about a year so keep that in mind as well. It is a great idea to change the virtual card numbers once or twice a month to keep the data secure and safe, though it is up to you. This is just to make sure you are keeping track of what numbers are out there and what is to be charged to a particular card number.
Virtual card numbers are, thus, used in many ways but it is important to first educate yourself about different payment processing solutions along with every online shopping policy. You also should keep track of all the transactions coming from your account numbers, even if it is being performed with a virtual credit card.
If you have used a virtual credit card already then let us know in the comment section about your experience, also if there are suggestions and queries, feel free to ask or visit our website: https://www.empirepaytech.com/