By Ophelia Bailly, AVP Card Services and Portfolio Manager
Lake Ridge Bank is excited to introduce SpendTrack Virtual Cards, a new way to make business purchases with added flexibility, control, and protection.
People might be familiar with Virtual Cards at the consumer level. Now businesses can take advantage of these same benefits.
Virtual Cards can be useful for paying:
- Supplier invoices
- Software subscriptions (recurring charges)
- One-time online purchases
- Giving an employee temporary business card access
How Virtual Cards Work
Virtual Cards can help protect your main business account from fraud. Instead of using and sharing a permanent card number, you can create a Virtual Card for a specific payment or business need. You set an authorized amount, choose an expiration date, and define approved uses.
Need to give an employee purchasing access without adding them to your main business credit card account? Virtual Cards can provide access for a specific business purchase without issuing a permanent physical card. You control the amount, timing, and approved use.
How to Get a Virtual Card
Lake Ridge Bank offers Virtual Cards via your SpendTrack online accounting software within business services. Every Lake Ridge Bank business client enrolled in SpendTrack now also has access to Virtual Cards via the online platform. No extra enrollment is necessary, and access is easy using a direct link via your online banking tools.
If your business is not yet enrolled in SpendTrack as part of your Lake Ridge Bank business account, enrollment is free. Simply contact your business banker or reach out to Card Services at (608) 223-3000 or toll free at (855) 256-7328 for more information.
