It's time to say goodbye to waiting for plastic cards to arrive in the mail and hello to virtual cards. With First Dollar's virtual cards, our partners can quickly distribute funds to their members and save money.
Here’s a brief explanation of virtual cards.
Virtual cards are like traditional plastic cards, but the technology is a bit different.
- What's different? Virtual cards only exist virtually, and their technology masks account info during transactions.
- What’s the same? Both virtual and physical cards are assigned a random 16-digit number. And like plastic cards, virtual cards can be used to make online or in-person purchases (where Apple and Google Pay are accepted).
- What's a common misconception? Virtual cards are not the digital version of a physical card. If you have a virtual card and a physical plastic card, the numbers will be different.
Virtual cards provide First Dollar partners the following benefits.
We're excited about how virtual cards can help our third-party administrator (TPA) and health plan partners.
Ease in Making Benefit Adjustments
TPAs and health plans often have millions of dollars in plastic in circulation, making benefit adjustments costly. Virtual cards solve this challenge, allowing TPAs and plans to make adjustments as member needs change.
95% Cost Savings
Physical plastic cards can cost as much as $3-5 per card to distribute to members. On the other hand, virtual cards offer up to 95% cost savings with same-day availability. And no virtual cards will end up in a landfill.
Easier Vendor Transition
Switching vendors for tax-advantaged accounts can put plans and members in a bind as members wait for their new cards to arrive in the mail. Virtual cards help health plans and TPAs mitigate this transition pain point.
Saving the Environment from Plastic
Eight million metric tons of plastic waste enter the ocean each year. With virtual cards, First Dollar partners can protect the environment by ensuring fewer plastic cards end in landfills.
Virtual cards provide benefits to members.
We're also excited about how virtual cards will help our partners' customers.
Same-Day Access to Funds
While physical plastic cards have to be printed and mailed, virtual cards do not. This digital delivery gives members quick access to their hard-earned funds. And as we all know, health care emergencies wait for no one.
Protection Against Credit Fraud
In 2020, U.S. consumers suffered $10.24 billion of fraud losses. Thankfully, virtual cards help protect cardholders with their increased security measures.
- Virtual cards mask real account information by providing merchants with temporary account details. This protects virtual cardholders from insecure connections and data breaches.
- Virtual cards can’t be physically stolen from somebody’s purse or wallet.
- If they are compromised, account holders can instantly block and replace virtual cards. This limits the interruption and liability for cardholders.
Let’s talk about virtual cards (and more).
Want to offer First Dollar’s virtual cards to your members? Please reach out today to our sales team. They’d love to answer any questions about how virtual cards can help you achieve your goals.
