December 2, 2022
digital mastercard

Most businesses, online or offline, are turning to digital mastercards as their go-to payment solution.

In Australia, 85 million digital mastercard users have signed up since 2010.

Especially if you’re a B2B company dealing with international suppliers or buyers, it’s not without reason why online payments are the preferred method of payment since you don’t have to waste time lining up at a bank.

Focusing on growing your business is simply worth the time.

Benefits of digital mastercard

  • Enhanced security

Physical bank account cards have become a much more attractive target for payment fraud because of the security pitfalls of traditional bank account cards.

Digital mastercard is considered much safer and more secure than actual credit cards because they give the user the option to pre-set a maximum spending limit that can be adjusted at any time at their discretion.

Additionally, if you feel there has been any leakage of data that you are concerned about, you can terminate the account with just a click of a button at any time you want.

The payment is made through a one-time-use bank number for each transaction. Instead of using the same bank numbers to make payments all the time to third parties, you will receive a one-time-use bank number before each transaction takes place.

Using such a payment method poses a huge advantage over using checks or ACH transfers in terms of data security and protecting your privacy, even when making a payment. 

Due to the fact that digital mastercards cannot be used to access your bank account or to commit e-commerce fraud, it is simply impossible for criminals to steal money from your account using physical cards.

In other words, you do not have to worry about losing your card or having your bank details stolen by a criminal if you lose your card.

  • Card management made easy

When it comes to digital mastercards, users have a greater degree of control and flexibility than when it comes to traditional cards.

Users can avoid the bank’s fixed spending limits by customising their spending limits or freezing/closing their accounts. 

You can also choose the amount of money spent on these single-issued digital mastercards, so you have more control over how much you spend.

As a result, the reconciliation process for the A/P department can be streamlined. 

  • Cost-effective

Customers tend to have much fewer fees to pay when banking with many banks.

By just paying your suppliers or buyers, you will actually be able to earn cash rebates each month for every dollar spent. 

On the other hand, a digital mastercard has absolutely no cost associated with it.

It is due to the fact that everything is run online that the banks can cut down the operating costs, and, as a result, the customers will be charged less.

  • Anywhere, anytime cash flow tracking 

If you are trying to make payments to each supplier or vendor before a particular date, the cash flow can get a little tangled when you attempt to make the payments promptly.

With digital mastercards, you can keep track of the available funds using the data provided by the system to keep track of the available funds.

As a result, your internal payment process can be more transparent and efficient, meaning your company will be able to operate more efficiently.

Leave a Reply

Your email address will not be published. Required fields are marked *