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7 Top Advantages of Virtual Payroll Cards

Virtual payroll cards are a relatively new form to pay salaries; the no-physical-analog payments continue their rise in popularity among business owners and employees alike. What makes virtual payroll cards increasingly ever-present, and is there a probability they will replace cash and paper checks? In this guide, we’ll delve deeper into the main features of virtual payroll cards, pinpoint their main advantages, and discuss where the Wallester Business platform comes into play.

1. Simplify Payroll Management

Streamline your workflow and leave manual accruals behind by setting rules for regular transactions with Wallester Business: just open the desktop or mobile app, set limits, and select counterparties for transactions. Determine when, how much, and who receives the money with zero bureaucracy and no delays. If you’re leading small start-ups, you can personally see to the matters, while in larger companies, you can delegate this responsibility to the head of the department.

2. Activate Cards Instantly

In businesses reliant on traditional payment methods, it’s not uncommon for new employees to receive their salaries 1-3 months after joining the workforce. This lag is caused by necessary checks, incessant paperwork, and issuance of physical cards — all of which take time. The employees, who often need instant access to money, are the ones to bear the brunt of the bureaucracy. Virtual salary cards are activated in a matter of minutes, which allows skipping months-long waiting periods and enables employees to receive their salaries on time.

3. Boost Security Measures

With the proliferation of AI and deepfakes, fraud is, unfortunately, a part and parcel of the internet experience. Walelster Business payroll cards minimize the potential damage: with all the cards connected to a centralized platform, the administrator can immediately flag any suspicious activity and temporarily restrict the transaction. Another perk is that even if the virtual card is stolen along with your phone, the built-in security system will block the fraudster from accessing your money.

4. Lower Issuance Costs

Although issuing physical payroll cards costs just a few dollars, with more employees on the payroll, the cost quickly snowballs into hundreds or thousands of dollars spent on regular replacements due to wear and loss, reissuing for marketing or branding purposes, etc. Switching to virtual payment instruments is an environmentally friendly approach that allows getting rid of plastics, minimizing the costs, and investing the saved money in other needs.

5. Cooperate with Global Talent

From monetary limits to spending bans, banks can set multiple restrictions on the use of their cards abroad. In the world of highly regulated financial institutions, Wallester Business grants a set of freedoms that allow managing your funds for business travels or private trips however you please. Currently available in the UK and the EU, Wallester is the perfect platform for cooperating with remote workers, freelancers, and independent contractors across the globe. 

6. Embrace Flexibility with International Online Service

Virtual payroll cards work hand in hand with applications and online services, like Apple Pay and Google Pay, whether you’re online or offline. These functions are accessible if your phone has short-range wireless technology, known as NFC, and a modern biometric security system. With most banks accessible through special QR authorization methods, virtual cards are becoming a favored payment method of the modern age.

7. Enhance Accessibility to Unbanked and Underbanked Communities

From remote locations lacking banking infrastructure to modern metropolises, virtual cards are a secure, convenient, and affordable financial solution for unbanked and underbanked communities. Wallester is an equal-opportunity platform that enables hiring global talent from across the world and wiring virtual salaries to remote employees without delay.

So, although plastic cards are a more tangible item to symbolize wealth and status, benefit-wise, it’s a poor counterpart to virtual cards. Plastics are prone to security risks and fraud, have detrimental effects on the environment, and require constant reissuing due to wear or loss. The employees who recently joined the staff have to wait months to access their hard-earned money, while international payroll transactions transform into an administrative and technical drag.

Virtual cards solve the innumerable drawbacks of plastics, allowing instant issuance, momentary activation, and centralized management through the Wallester platform. Whether you’re offline or online, living in a remote location or a modern metropolis, virtual cards provide equal-opportunity access for unbanked and underbanked customers, leveling the playing field and expanding access to global talent. 

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