In our previous post, we answered some of the more common questions we hear about prepaid cards. Another question we are asked on a regular basis is, “Can I use a virtual card instantly?”
The short answer is, Yes. Since your virtual card is linked to your bank account or credit/debit card, once your virtual card has been created, you can begin using it immediately. Unlike opening a traditional bank account, you do not have to wait for a check, ACH, or wire, to settle to start using your card! This is because of the unique operational construction of prepaid virtual card programs (more to come on this in a future post).
This is one of the benefits of virtual cards. As we’ve discussed in our previous post “What Are Virtual Cards, Their Benefits, and How to Issue Them With Hydrogen,” other benefits include:
- They minimize the amount of personally identifiable information (PII) the user shares with the merchant
- They can help protect against fraud
- Instead of writing checks to vendors, you can pay them with virtual cards, reducing the chance for fraud and errors
- They can be stored in an Apple or Google Wallet (as shown below)
According to a 2019 report by Juniper Research, the annual value of virtual cards for businesses will grow by 90% over the next four years, exceeding $1 trillion by 2022. Juniper also expects that by 2022, consumer virtual cards will generate over $14 billion in revenue for card providers – meaning, now is a great time to offer virtual cards.
Build a Virtual Card Issuing Application with Hydrogen
Through our integrations with popular vendors such as Cross River, EML, Marqeta, Q2, and many others, we make it easy to build a virtual card issuing app or component. Our award-winning platform is available through our API or No-Code solutions, and you can start building for free through our Hydrogen Lab.