How Will Virtual Cards Affect the Role of Credit Control?

Virtual card transactions will exceed 121 billion globally by 2027—a 340% increase from 28 billion in 2022, according to a recent report by Juniper Research. This rapid growth is reshaping how credit control teams operate, bringing both significant opportunities and new challenges.

What Are Virtual Cards?

Virtual cards function like corporate credit cards without physical plastic. Companies generate unique 16-digit numbers for specific transactions, vendors, or time periods instead of using the same card repeatedly. The process involves sending payment files to providers who generate unique numbers, deliver them securely to payees, and automatically reconcile transactions with accounting systems.

Benefits for Credit Control

Virtual cards address key credit control challenges through improved security and operational efficiency. Unlike traditional cards, where the same number creates vulnerabilities across multiple transactions, virtual cards generate unique numbers for each payment. Compromised numbers cannot be used elsewhere, and cards can be instantly deactivated without physical replacement.

The real-time data access represents the biggest advantage.

Traditional payment methods may take days for transaction details to appear in systems, while virtual cards provide immediate data ownership. Teams can monitor spending patterns, track budget compliance, and identify irregularities as they happen. Virtual cards capture rich metadata – merchant details, location, spend purpose – that links directly to specific projects or cost centres. This reduces administrative overhead and makes budget analysis more accurate. Reconciliation processes requiring hours of manual matching become automated when virtual card data feeds directly into accounting systems.

Implementation Challenges

Integration with existing systems can be complex, particularly for organisations using older platforms. Staff training is another consideration, as teams need time to adapt to new workflows, which can slow operations during transition periods. Managing multiple virtual card numbers adds operational complexity compared to traditional single-number cards. Teams must develop new processes for handling exceptions and resolving disputes. Cost considerations include setup expenses, ongoing infrastructure requirements, and potential premium pricing. Some vendors may not accept certain virtual card networks, requiring alternative payment methods.

Changing Professional Roles

Virtual cards shift credit control roles from transactional functions toward strategic responsibilities. Instead of routine payment processing and manual reconciliation, teams focus on analysis, exception management, and vendor relationship development. This transition requires new skills in technology integration, data analysis, and system management. The analytical capabilities enable more proactive trend identification through real-time monitoring systems that flag unusual spending patterns, budget overruns, or compliance violations as they occur.

Credit control professionals will become more involved in strategic vendor management decisions and the detailed spending data provides a better understanding of vendor relationships, payment terms effectiveness, and cost optimisation opportunities. For organisations looking to enhance their credit control capabilities, these technological advances create opportunities for more strategic talent acquisition.

Future Considerations

Industry analysts predict businesses will increasingly recognise value in embedded data features beyond security benefits. Artificial intelligence integration represents the next development phase, with AI-powered analytics identifying spending patterns, predicting cash flow needs, and automatically optimising payment timing.

Organisations should start with pilot programmes to test integration and train staff before full deployment. This approach helps identify challenges early while working with IT and procurement teams to address technical requirements and vendor acceptance issues. Virtual cards represent a fundamental shift toward data-driven, automated credit control operations. The technology offers significant opportunities for improved security, better spending visibility, and more strategic use of finance resources.

For credit control teams looking to stay competitive, understanding virtual card technology is becoming necessary for effective financial management in the modern business environment.