There are lots of different virtual cards on the market, but not all are equally suited to support growing global businesses. Here are the most important features to consider when choosing your virtual card:

1. An easy, fast and fully online application process. Getting a virtual card should be a quick, simple process. You should be able to complete the entire application online. There shouldn’t be more than a brief waiting period for approval, at most a few days, to get and start using your card details.

2 .Robust security features to protect your funds from theft and fraud. You shouldn’t have to call your bank – or worse, have your card automatically cancelled on you – every time a transaction looks a little sketchy. Instead, your card should have robust built-in security features that prevent problems in the first place. These include 3D secure authentication on every transaction, and the ability to instantly freeze cards, manage spending and view all activity through a centralised account dashboard. It’s also critical to choose reputable providers backed by major financial institutions, with a proven track record of strong client relationships.

3. Strong customisation features that put you in control of your spending. As a growing business, you need the ability to add new cards on demand and let departments and new team members get straight to business. You also need the ability to customise features, like setting spending limits by individual, card, or team.

There should be no waiting period to get additional cards, and no fees for adding new cards. Plus, it should be easy and free to use different cards to separate out expenses by department, expense type, supplier or other categories of your choice.

4. A simple way to view, manage and reconcile all of your expenses. Using multiple multi-currency virtual cards shouldn’t complicate your financial management. Custom spending limits can help control expenses, but it should also be easy to monitor activity by viewing all transactions through a single platform.

If you rely on external software to manage your finances, you’ll also want to choose a virtual card that integrates directly with popular accounting and financial tools. These integrations can save your team significant time on data entry, bookkeeping, taxes and reconciliation.

5. The ability to hold and trade in multiple currencies and pay suppliers with ease. In addition to offering ordinary debit card functionality, the best cards can empower your business to scale globally. That means letting you hold and transact in multiple currencies, so you can pay suppliers, marketplaces and other expenses in all the countries where you do (and want to do) business.

For example, the right card can make it easier to pay suppliers in China, or receive payouts from international marketplaces. Look for one that gives you local account details in other countries, and ways to make and receive payments faster using local payment rails.

6. Low, transparent fees when you hold and transact in multiple currencies. Some card providers aren’t very clear about their fees, or have complex, tiered fee structures that make it difficult to calculate costs when transacting globally. Prices might look lower at first glance, but when you add up monthly fees, holding fees and account setup costs, the apparent savings evaporate. 

A good instant virtual card should be free to set up and start using, with no monthly fees or charges to add additional cards. It should also help you save on cross-border payments, with no FX fees on major currencies, and transparent, competitive fees on everything else.