It’s an automatically generated 16-digit card number used in place of the physical credit card number it’s associated with. ![]() Ways to reduce the effort of accepting virtual credit cardsĪ virtual credit card is a digital payment method intended for online and card-not present transactions.The costs of accepting virtual credit cards.The pros and cons of virtual credit cards. ![]() These are all questions we intend to answer in this guide. These numbers are staggering and indicate that there’s a growing chance that many of your B2B buyers already want to pay with virtual cards (or will, in the not-so-distant future).īut what precisely is a virtual credit card and how does it differ from a physical credit card? What’s attracting B2B buyers to this payment method like moths to a lamp? What value is there in you accepting virtual credit cards-and your buyers using them? And while the number of B2C transactions far outnumber B2B transactions when it comes to virtual credit card use, B2B payments represent most of the actual dollar value passing through virtual cards.Īlthough projected to make up only 1% of virtual credit card transaction volume in 2026, B2B payments would make up 71% of the total transaction value. By 2026, this number is projected to reach $6.8 trillion, a near 260% increase. In 2021, the global value of virtual card transactions reached $1.9 trillion. ![]() Notably, these buyers are moving away from dated and costly payment methods like paper checks, and embracing digital payment methods like virtual credit cards. Digitization is spurring a shift in the types of payments business buyers use.
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