Using Virtual Cards at Rho

Author
Rho Team
Updated
August 1, 2024
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A key responsibility for anyone managing corporate finances is minimizing risk. It’s your job to ask: How can we reduce security risks? How can we reduce the risk of human error?

Increasingly, virtual cards are becoming a popular tool to answer those questions. Virtual cards are digital versions of the corporate card you have in your pocket. You can issue and cancel virtual cards in minutes, create unlimited combinations of unique card numbers, CSVs, and expiration dates.

Here are two ways virtual cards can be used to reduce risk within your business.

Reduce Risk of Compromised Data

Each time you use a virtual card, a new combination of data for the card is created. That means if a bad actor were to scrape card information from a transaction made using a virtual card online, it would be worthless for further use. Unlike the fixed card number on an executive’s physical corporate card, virtual cards create randomized data for each transaction.

Using virtual cards across your company for online purchases reduces the likelihood more precious physical card data will be compromised.

Reduce Risk of Human Error

Recurring payments for SaaS services like AWS, Atlassian, Hubspot, Zendesk, and Justworks are critical elements of your business’ tech stack.

If you’re using a single corporate card to cover all of your monthly expenses, an issue with that physical card — whether it gets lost, stolen or compromised — can wreak havoc on your operations.

For example, imagine the physical card gets lost, and you need to cancel it. You would then need to manually update payment information across dozens of vendors, without forgetting any.

Instead, managers can use virtual cards to issue a separate card for each payment. That means each virtual card — linked to only one vendor — can run independently, ensuring critical payments go undisrupted no matter what.

How Can I Get Started?

Clients at Rho can create an unlimited number of virtual cards, entirely free of charge. At Rho, we don’t charge any hidden fees for our corporate cards, or our checking and savings accounts.

Rho Team
November 27, 2024

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Rho is a fintech company, not a bank or an FDIC-insured depository institution. Checking account and card services provided by Webster Bank N.A., member FDIC. Savings account services provided by American Deposit Management Co. and its partner banks. International and foreign currency payments services are provided by Wise US Inc. FDIC deposit insurance coverage is available only to protect you against the failure of an FDIC-insured bank that holds your deposits and subject to FDIC limitations and requirements. It does not protect you against the failure of Rho or other third party.
The Rho Corporate Card is issued by Webster Bank N.A., member FDIC pursuant to a license from Mastercard.
Investment management and advisory services provided by RBB Treasury LLC dba Rho Treasury, an SEC-registered investment adviser and subsidiary of Rho. RBB Treasury LLC facilitates investments in securities: investments are not deposits and are not FDIC-insured. Investments are not bank guaranteed, and may lose value. Investment products involve risk, including the possible loss of the principal invested, and past performance does not future results. Registration with the SEC does not imply a certain level of skill or training. Treasury and custodial services provided through Apex Clearing Corp. ("Apex") and Interactive Brokers LLC ("Interactive"), registered broker dealers and members FINRA/SIPC. Interactive rates may vary from Apex rate shown above. For additional information about investment management and advisory services provided by Rho Treasury, please refer to Rho Treasury’s ADV-2A Wrap Fee Brochure.
             
This material presented is for informational purposes only and should not be construed as legal, tax, accounting or investment advice. Under no circumstances should any of this material be used for or considered as an offer to sell or a solicitation of any offer to buy an interest in any securities. Any analysis or discussion of financial planning matters, investments, sectors or the market generally are based on current information, including from public sources, that we consider reliable, but we do not represent that any research or the information provided is accurate or complete, and it should not be relied on as such. Our views and opinions are current at the time of publication and are subject to change. You should consult with your attorney or relevant professional advisor for advice particular to your personal or business situation.
                  
Rho Treasury is not insured by the FDIC. Rho Treasury are not deposits or other obligations of Webster Bank N.A., or American Deposit Management Co.’s partner banks, and are not guaranteed by Webster Bank N.A., or American Deposit Management Co.’s partner banks. Rho Treasury products are subject to investment risks, including possible loss of the principal invested.
*This reflects the sought net yield based on 90-day Treasury Bill rates as of [DATE] and an annual fee which ranges from 0.15% for deposits of $20M or more to 0.6% (the maximum annual fee) for deposits under $2M. Individual results may vary depending on the actual investment date and investment products selected. Past performance is not a guarantee of future performance results. The yield is variable and fluctuates without prior notice. The rate shown is net of fees. The amount of Treasury Bills available at a particular yield will depend upon the sellers’ offer size; any remaining cash balance after the purchase may not earn the same yield.
© 2019-2024 Under Technologies, Inc. DBA Rho Technologies. Rho is a trademark of Under Technologies, Inc.

Rho is a fintech company, not a bank. Checking and card services provided by Webster Bank, N.A., member FDIC; savings account services provided by American Deposit Management Co. and its partner banks.