What changed?
Veem will offer virtual cards.
What is the Veem Virtual card?
Our Virtual card is a digital prepaid Visa card that is available online and doesn't have a physical form. Once created and activated, clients can use them to carry out online business transactions. It's similar to a conventional credit or debit card with a card number, CVV, and validity dates. However, all these details are only available online.
How can i qualify?
- You are a business or sole proprietor and your Veem account is marked as such.
- You are located in the USA
- You have completed beneficial ownership information
When will this feature be live?
This feature will be available starting Thursday, August 10, 2023.
How can I apply for/create the card?
Click here to learn how you can apply for our virtual card.
- Only the Account Owner and users that have 'Access to Settings' permissions will be able to create/apply for a card
How many cards can I apply for?
Currently, only one card is available for your account.
Is the Veem Virtual Card accessible in every country?
Currently, the Virtual card is only available for clients based in the USA.
Are there any fees associated with using the Virtual Card?
The virtual card is free for the user to use, without any monthly or annual fee.
Can I choose the currency for the card?
No. The Virtual Card is available in USD currency only.
What are some of the benefits of using the Virtual card?
The Veem virtual card is a convenient payment option for everyday online transactions.
- It is widely accepted by online merchants and does not block/limit the items, services, or number of transactions you make using the card.
- Using your Virtual Card minimizes the risk of fraud and identity theft, as you'll feel more confident in making online purchases with a card that isn’t traced back to your bank account or line of credit.
- It will not impact your credit score. Since prepaid cards do not involve borrowing or credit, creating and using the card will not affect your credit score.
How can funds be added to the card?
Click here to learn how you add funds to your virtual card.
Does the Virtual Card have any spending limits?
There are limits set on the card i.e.:
- The minimum amount to reload the card is $10.
- A maximum of $5,000 a day can be loaded to a card.
- The maximum spending amount set per day is $7,500.
- The maximum amount to hold on the card is $25,000.
To increase the limit, please reach out to Veem's client services at clientservices@veem.com .
Can it be used on other platforms or is it used on Veem only?
Yes, the card can be used on other online platforms such as Amazon and Google to pay for your business expenses.
You can find more answers and details about the card in this article here
NOTE: Only Account Owners, Access to Settings, and Payment Creator users will be able to create, see the card details, the card transaction history, and use any other features associated/listed in the Virtual Card tab. Click here to learn how you can update the user(s) permissions settings on the account.
Need more help? You can chat or call our Customer Success team here.