How to manage subscriptions for your business with Virtual Cards

Businesses today prefer using virtual cards for managing & paying for their online subscriptions. The online subscription module has seen incredible growth in this digital era.

However, in India, not all SMEs have taken to virtual cards. This could be because some aren’t aware of the functionality of virtual cards and others about how effective they are to sort payments for online subscriptions. And with Covid-19 adding to the stress for small businesses, companies have been cutting down on external softwares that are high on costs and low on efficiency. Here’s where Open’s virtual cards waltz in to help SMEs and Startups reduce costs and look after their expenses more efficiently.

Before I go in-depth about how virtual cards have been super convenient for my business, let me introduce you to the concept itself.

What are Virtual Cards?

A virtual card is a digitally-generated card that can be used to manage online subscriptions. It helps in making online purchases and monitoring subscription payments better. And if this wasn’t simplifying things already, you can even assign a certain individual/ team to each virtual card and oversee who is paying for which business subscriptions with complete clarity.
Open, a neobanking platform for businesses, has introduced virtual cards for Indian businesses to manage, pay and track their online subscription payments in a hassle-free manner.

Opting for Open’s virtual cards can reduce dependencies and it is 100% safe. Designed for growing businesses, it helps you create, set a budget & assign a virtual card to a team/ team member in minutes. No need to worry about falling prey to online fraud. Every card is assigned a unique owner based on your business and requirements, so tracking payments is simple.

We’re a young company with no more than fifty employees. So we’re all hands on deck at the moment. So you can probably understand why it can get a bit challenging as we have employees looking after multiple segments of the business. And the math doesn’t always add up.

After spending hours reconciling subscription payments manually, we came across an ad on social media which spoke about how Open simplifies online subscription management for businesses, and it piqued our interest. So we did our research to find out if Open’s virtual cards are legit and can help in reducing our organization costs in terms of online subscription payments.

Here’s what we found out!

No need to rely on one credit card for making online purchases

No more waiting to get your hands on that one credit card to make payments. Now we create unique virtual cards, set a monthly budget, and assign them to the relevant people. It will help differentiate between payments for all online subscriptions and pay for recurring payments with ease.

And the best part?

You’re never going to miss out on a payment or pay twice for the same online service.

Manage online subscriptions & automate recurring payments

Most companies tend to miss out on payments within the due date when it comes to online subscriptions. This could be because of the difference in subscription cycles among various teams. Instead of worrying about paying the dues in time or incurring late fee charges for online subscriptions, automate recurring payments with Open — enjoy uninterrupted service. You can also cancel old subscriptions instantly.

Win rewards and cashback for every subscription payments

If you didn’t consider using virtual cards for making online subscription payments then here’s something that will help you move closer to taking that first step. Win rewards and cashback every time you make an online purchase. And also discover exclusive offers curated for your business.

Want to get started but don’t know how to begin?

It’s actually very simple! Create an online bank account with Open quickly and check out their virtual card feature for managing online subscription payments for your business. Once you start exploring the Open dashboard, you’ll see how convenient it is to track expenses through and through. Start with sorting online subscriptions easily and you can even move on to create expense cards for employees, generating GST-compliant invoices, and do more for your business.

Perseverance is a catalyzing ingredient for every business and Open helps you stay motivated and do more of what you love — that is to manage your business finances smartly. If you too have grown with Open’s platform, do let me know your thoughts in the comments below.