Virtual Card

Product highlights

As more daily operations go online, virtual payments have become not just a trend, but a channel to reduce the hassle of manual processes. Introducing HSBC Virtual Card, an innovative business-to-business (B2B) payment solution to help you facilitate payments without a physical card.

Use virtual card if your business …

makes frequent business-to-business (B2B) transactions to the same groups of merchants

needs control over company card information

would like to reduce the risk of card misuse by employees

faces challenges when mapping out expenses in relation to various projects or purchase

would like to implement stringent requirements on card usage

About the virtual card

  • Truly virtual: no plastic cards issued
  • Widely accepted: just look for the Mastercard logo
  • Flexible: can be configured for single or specified number of uses
  • Reduced risk: Enhanced authorisation controls to reduce potential fraud

Benefits of virtual card

Make transactions without a hitch
Make frequent transactions smoothly by generating a unique virtual card number for every single payment
Safeguard card account information
A unique virtual card number will be used for each payment. No need to share underlying card account information when making payments
Gate-keep your transactions
Implement internal approval processes for improved monitoring and better visibility on your company’s spending
Streamline book-keeping processes
Assign a unique virtual card number for each project or item to enjoy automatic reconciliation and easier reporting
Gain better control with enhanced authorisation
Set expiry date, number of uses, validity range, currency, merchant categories or other limits for each Virtual Card number to gain better control over your transactions

Features and benefits

Powerful Authorization Control

  • Assign individual credit limits for each cardholder
  • Set single-transaction/ daily spending limits as well as restrictions on the number of transactions per day/ billing cycle for individual card accounts
  • Block card usage at specific merchant categories to prevent unauthorised purchases

MiVision – Card Application & Maintenance

HSBC MiVision will make it easier for your card administrators and cardholders to perform card maintenance requests and apply for new cards through an online platform, so that you can manage your corporate cards with greater peace of mind. It can also significantly reduce manual form filling when you need to perform any action.

Programme management:

  • New card applications / onboarding – individual or bulk request
  • View of card administrator and cardholder status
  • Amend card limits
  • Report lost / stolen cards
  • Request replacement cards
  • Statement viewing
  • Create custom reports

Transaction management:

  • View statement and download transaction details
  • Transactional data available for spending analysis

Smartdata – Card Transaction at a Glance

Smartdata is a proprietary platform provided by Mastercard®. It allows programme administrators and cardholders to review company and personal transactions any time. There are three functionalities.

Programme management:

  • Create and manage user profiles
  • Manage spending limits and merchant category code controls

Transaction management:

  • View card transactions and statements
  • Cost allocate transactions before export (optional)
  • Monitor compliance with policies
  • Upload receipts (optional)

Reporting:

  • 3 years of transactional data available for card account analysis on supplier side
  • Create bespoke reports using more than 250 pieces of data
  • Export card transaction reports in Excel or CSV files

More…

  • Comprehensive management reporting
  • Extra payment approval controls
  • Worldwide acceptance
  • 24-hour customer service
  • Free Corporate Liability Waiver Insurance1 to protect your company against eligible losses that might be incurred through card misuse by an employee
  • Lost Card Protection2

Reminder: "To borrow or not to borrow? Borrow only if you can repay!"

  1. With effect from 1 July 2020, the Corporate Liability Waiver Programme protection insurance is underwritten by AIG Insurance Hong Kong Limited, to which HSBC is the assured. Please note that there are some changes on the coverage limits. To obtain the details and the Terms and Conditions of the Corporate Liability Waiver Programme, please contact AIG Insurance Hong Kong Limited. Claims are subject to the applicable terms and conditions.
  2. Subject to the detailed terms of the Cardholder Agreement.

HSBC has not authorised or appointed any intermediaries to conduct telesales marketing activities for promotion of commercial lending/ commercial cards.

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