Galileo Processing has forayed into virtual card market with the launch of its new Galileo Virtual Commercial Card solution.
The solution will help with fraud detection, API implementation, software integration and to receive real-time notifications.
Moreover, the Virtual Commercial Card solution supports e-commerce, in-store payments, accounts payable and expense management.
It’s available to all types of businesses across multiple industries such as in-store financing, online lending, insurance, healthcare and travel.
The power of tokenisation
Galileo CEO Clay Wilkes said: “Galileo’s virtual cards are beneficial for many payment environments where using plastic cards is time-consuming and inconvenient.
“Our virtual cards streamline payments operations, help reduce errors and fraud and generate new revenue through interchange on every transaction.”
The Galileo Virtual Commercial Card is a randomly generated single-use token for only one transaction in a specific amount. The virtual card payment process runs via a card network.
The solution is issued on the company’s credit, debit or prepaid platform. Furthermore, the virtual card will improve security and reconciliation and reduce costs and time associated with cheques.
In addition, the card avoids the setup and information-sharing commonly needed for ACH payments.
Virtual cards market is growing at a rate of more than 20% each year, with $132bn spent on these cards last year. The use of virtual cards is expanding across rewards, marketing, events, payroll and international travel, among others.