Virtual Business Credit Cards: Get Started with Jeeves

If you’re looking for virtual business credit cards, you’re probably facing difficulties like:

  • Repeated overspending
  • Tapped-out or blocked cards
  • Fraud and company expense abuse
  • Poor tracking of your overall company spend, especially across global offices

Virtual expense cards can give you the control, flexibility, and visibility you need to manage company money better.

In this post, we’ll cover:

Note: Looking for virtual business credit cards to have greater control of your spending? You can start using Jeeves cards in 24 hours and enjoy more flexibility, visibility and control. Apply to Jeeves today.

Why use Jeeves virtual business credit cards?

Here are five major benefits of using Jeeves’ virtual credit cards:

  • Greater card security to prevent fraud and expense abuse
  • Instant expenditure control to stay within budget
  • Visibility and spending limits to reduce overspending and protect your bottom line
  • Global reach as Jeeves virtual cards are available in the U.S., the U.K., the E.U., Canada, Mexico and Brazil
  • Cash back on all spending, partner perks and fee-free cards to increase your bottom line

Here’s how Jeeves’ payment solution makes all five advantages possible...

Enjoy greater security with tailored settings

It’s easy to lose physical cards. It’s also easy for others to steal and clone them.  

With Jeeves, you’re in complete control of your account and your business virtual credit cards at all times. That’s because you can issue, block and delete cards, load credit, set spending limits, and monitor transactions in real-time on all your company’s virtual credit card accounts. 

Each card has a unique virtual card number and expiration date. You’ll be able to see the card information and card transactions with a click. 

Here are six ways Jeeves virtual expense cards offer you greater security:

  1. Limit payment use. You can create virtual cards for single-use or limited purchases so you don’t risk erroneous payments. For example, you’ll be able to purchase what you need from a new supplier with a virtual card and then cancel it so that your supplier doesn’t risk double charging you.
  2. Receive detailed transaction information instantly. New payment details appear online in seconds so you can check your spending in real-time on the Jeeves’ dashboard. If you spot unapproved spending, you can freeze the card temporarily and contact the employee straight away to get more information. 
  3. Detect fraud at a glance. With standard online banking platforms, it can take up to three working days for transaction details to appear. With Jeeves, it’s instant. You can respond to potentially fraudulent transactions that appear on your dashboard by blocking or deleting the relevant card instantly. 
  4. Avoid account blocking. Card issuers can block your card if you make several large online payments per day or if you make a payment from a new country or location. You can avoid this by issuing platform and campaign-specific virtual Jeeves cards. If one virtual card gets blocked, you can always issue a new card and redistribute funds with a click. 
  5. Keep accounts secure. Whether you issue virtual business credit cards to employees, collaborators, or department heads, each person has unique login details and independent access to their account where they can set up 2-factor authentication (2FA) to prevent hacking or phishing attempts on compromised passwords. 
  6. Travel safely. You can manage your travel expenses with Jeeves and benefit from the extra security offered by Jeeves virtual credit cards because you won’t have to worry about stolen or lost cards. Staff can add their virtual cards to their mobile wallet (like Apple and Google Pay) for in-person purchases. In case of a stolen phone, the 2FA on Jeeves and Google and Apple pay will prevent fraudulent use.  

Jeeves business credit card

Customise your virtual card for easier spending control

It’s very difficult to control spending across a company if staff and collaborators:

  • Use their personal cards to make purchases on behalf of the business and then ask for expense reimbursements
  • Make sporadic purchases on corporate expense cards from different providers, which means you often have to wait until the end of the month to reconcile payments. 

Since you can create and customise virtual credit cards on Jeeves’ dashboard, you can have a much clearer overview of company spending and greater control.  

Here’s how:

  • View transactions in real-time on the Jeeves’ dashboard. Your Jeeves online dashboard shows you what you’ve spent, because transactions appear moments after they’re made. You can have the accurate and up-to-date financial information you need to make better business decisions.
Jeeves virtual business credit card transactions on dashboard
  • Get an overview of employee expenses. When you issue virtual cards to your employees and collaborators, you can save time by doing away with expense reports and reimbursements and increase your visibility on their spending. 
  • Understand how you’re spending at a glance. Finance teams’ can spend days trying to identify mystery entries on a purchase ledger. With Jeeves, you can issue and assign virtual expense cards to employees, department heads, project teams and external collaborators with a click. If you’re not certain about a payment, you can just reach out to the person with spending authority on that card for clarification.
  • Get receipts and documentation instantly. Every time an employee makes a real-world purchase using their Jeeves virtual card, they can attach a photo of the receipt to the expense via the Jeeves app. No more chasing receipts for weeks on end. For online purchases, instruct cardholders to use the finance team’s email address so suppliers can send invoices directly to them.
  • Segment spending for greater control. You can also roll off departmental, project and use-based virtual cards in an instant. For example, create a virtual card for each of your subscription services, advertising and marketing spend, and more. You’ll be able to see the transactions on each card in real-time and vary credit limits as you see fit.
  • Control spending by setting automatic limits. Coming soon: safelisting and blocklisting purchase types and sites, as well as setting up an automated approval process.  
Jeeves virtual business credit card spending limits

Reduce overspending by setting limits

It’s easy to go over budget when it comes to managing vendors, especially when several cards, subscriptions services and team members are involved.

Delayed transactions (like purchase reconciliation, expense reports submissions and employee reimbursements) also cause company-wide overspending and can spiral quickly out of your control.  

With Jeeves virtual cards, you can control your spending at every step – before, during and after purchases. Here's how:  

  • Track spending per subscription by rolling off a virtual card for each service. For example, you can set up a card for Amazon, another for Facebook ads and another for LinkedIn. Never lose sight of your subscription spending again when you create a dedicated card for each service. Add just enough credit for your needs and delete cards and subscriptions with a click. Virtual cards are also ideal for stopping charges after free trials.
  • Identify where you can save money. New purchases made on Jeeves physical and virtual cards sync with Xero and QuickBooks daily, enabling you to group each transaction into the correct cost centre code (i.e., flights, hotels, suppliers). You can identify the suppliers and vendors offering the best deals, create purchase agreements, save money and protect your bottom line.
  • Check virtual purchases instantly on the dashboard. You don’t have to wait for Xero and QuickBooks to sync because you can see your statement and transactions in real-time. If an employee buys something not sold by an approved supplier, you can temporarily suspend the card, reduce the credit limit, and educate the employee.

For example, a media agency uses their Jeeves virtual cards to control ad spend from both the buy and sell side of their business. They set up different cards for each of their clients, making it a lot easier to manage and control the spending they do for each one. They can easily change the limits on each card depending on their needs and move funds from one card to another.

Not a client yet? Take full control of your business spending and try Jeeves.

Create and issue multi-currency virtual cards across global offices and staff

We created Jeeves with scaling companies in mind. With Jeeves virtual business credit cards, you'll get:

  • An unlimited number of virtual business cards you can issue for free. You’ll never have to worry about spending more than you need to as you scale across countries and increase staff and company expenses.
  • No foreign transaction fee. All Jeeves corporate cards, whether virtual or physical, are free from FX fees so your overseas spending just got more affordable without that additional 3-4% charged by most business credit cards. 
  • Multi-currency virtual credit cards. Many venture-backed companies receive funding in USD but the majority of their spending is in different currencies. We can offer you virtual business credit cards for startups in the currency of your choice. Pay us back in your preferred currency to avoid currency hedging costs. 
  • Quick access. Create and issue cards to remote offices and employees who’ll receive instant access to their profile on Jeeves and their virtual card details. Anyone with a Jeeves virtual business credit card can start spending immediately. 

Add to your bottom line with Jeeves virtual business credit cards

All Jeeves virtual cards come with benefits that enable you to save money and add to your bottom line, such as:

  • No fees. We don’t charge fees for having an account with us. Create unlimited physical or virtual corporate cards, all for free. There are no annual, transaction or interest fees. 
  • Cash back on every purchase made. As one of the best cashback business credit cards, Jeeves helps you save up to 2% cashback on all card purchases (physical and virtual) in the first 90 days, 1.5% on spend with special merchants (Google, Amazon, Meta), then up to 1% cashback on all other spend thereafter.
  • Save up to $100,000 on Jeeves SaaS partners. Receive discounts and rewards on Jeeves subscription partners like Hubspot, AWS, Notion and more. We’re adding new rewards and benefits for e-commerce, global businesses, and by country all the time. 
  • Travel benefits. In addition to enjoying our perks and benefits, all Jeeves’ physical and virtual cardholders can enjoy access to 1,300 airport lounges around the world
Jeeves SaaS rewards and discounts
A selection of Jeeves partner perks

How Jeeves’ virtual business credit cards work

Unlike virtual prepaid and debit card alternatives, which require you to have the money upfront to make purchases, Jeeves virtual expense cards are business credit cards. They are one part of Jeeves’ full financial stack to optimise your expenses. 

When you apply to Jeeves, you’ll get:

  • A corporate credit card program that includes virtual and physical business credit cards
  • A spend management platform via app and desktop
  • Credit to help new businesses grow quickly

With Jeeves’ expense management platform, you can create free and unlimited virtual credit cards for expenses in seconds via our dashboard to better monitor your budget and track expenditures without the hassle of expense reports or employee expense reimbursements.

The Jeeves virtual credit card for business is a unique Visa credit card number that you can use anywhere online. With Jeeves you can:

  • Activate and deactivate cards at a click of a button
  • Create an unlimited number of cards
  • Add a name and spend limit
  • Delete with just a click
  • Set a spend interval to “Monthly” or “Lifetime”
  • Assign cards to specific members of your team

Jeeves virtual business credit cards

For example, you can issue unique Jeeves virtual corporate cards to:

Jeeves app, dashboard, and credit card

The added benefits of Jeeves

When you apply to Jeeves for virtual expenses cards, you’ll enjoy additional benefits like:

  • Credit to grow your business. As founders, we built Jeeves with fast-growth founders in mind. You’ll receive a response to your credit application (which takes 5 minutes to complete) within 24 hours. 
  • Access to short-term financing with Jeeves Capital. Once you become a trusted Jeeves client, you can request access to Jeeves Growth Capital (12-month revenue-based financing) or Jeeves Working Capital (a 30, 60 or 90-day revolving line of credit) to help your company scale.  
  • Personal account management. When you access Jeeves, you become a partner. As such, we provide you with the support you need to grow your business and make the most of your Jeeves business credit card
  • Jeeves Pay (coming soon). Wire and ACH transfers to pay invoices and bills that don’t accept credit card payments. 

How Jeeves compares to other virtual business credit cards

Here's how Jeeves virtual business credit cards stack up against virtual cards like Airwallex, Divvy and Ramp:

Jeeves comparison chart of virtual business cards

Spend safely and save using Jeeves’ virtual business credit cards

Jeeves virtual business credit cards deliver greater security, the opportunity to reduce spending and easier spend management. We also make procurement easier and more transparent for your fast-growing companies.

To find out more about virtual credit cards and how to use them, apply to Jeeves today. 

Already a Jeeves customer? Create your first virtual credit card via your dashboard. If you need more information, just reach out to your account manager. 

Written by Mark Fairlie

Sources:

1. https://www.fairmarkit.com/state-of-tail-spend/2021#:~:text=tail%20spend%20comprises%20over%2010%25%20of%20their%20annual%20spend%E2%80%94that%E2%80%99s%20a%20lot%20of%20cash

2. https://www.bankrate.com/finance/credit-cards/subscription-service-charges-survey/

3. https://www.airwallex.com/uk/business-account/cards

4. https://getdivvy.com/virtual-cards/

5. https://ramp.com/corporate-cards