We're excited to announce that we now offer virtual cards for our partners!
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.
"We're focused on removing barriers between members and their hard-earned healthcare funds. With virtual cards, we're eliminating wait time and protecting cardholders from fraud." - Izamar Loredo, First Dollar Senior Product Manager.
Virtual cards are like traditional plastic cards, but the technology is a bit different.
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.
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.
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.