Capital on Tap launches virtual cards to provide instant access to small business funding

By Edlyn Cardoza

Capital on Tap, a global FinTech providing access to an all-in-one small business credit card and spend management platform, introduced virtual cards as part of their mission to help small business owners run their businesses faster, simpler, and more efficiently.

The virtual cards will be available immediately for the majority of approved applicants. Most applicants receive a credit decision within 24 hours, meaning approved cardholders can make purchases on their Capital on Tap Business Credit Cards, issued by WebBank, within just one day of submitting their application.

“For busy small business owners, the virtual card is a true game changer,” said David Luck, Co-Founder and CEO of Capital on Tap. “Having immediate access to funds is critical for success in this challenging business climate that often requires quick decisions and multiple strategic pivots.”

Virtual cards can be added to Google and Apple Pay accounts so cardholders can immediately make purchases in person or online. Of course, all security features of the physical Capital on Tap Business Credit Card also apply to virtual cards.

Small businesses also benefit from an added layer of security with virtual cards. Cardholders can replace them in real-time, so if the account information is compromised – or even if a cardholder purchases from a vendor they don’t feel completely confident in – they have the option to void that card for all future purchases and instantly generate a new one. With no lag time between the cancellation of the card and the receipt of the new one, cardholders will never be without access to funds.

Account holders can also set spending limits on their virtual cards. This is useful for business owners who want to issue a virtual card for single use, such as travel or a large purchase.
While account holders are currently limited to one virtual card per account, the option to generate multiple cards simultaneously will be available later this year, allowing cardholders to issue virtual cards to individual employees and even designate separate virtual cards for different categories of business spending.