Galileo’s new virtual card solution expands the horizons of business and commerce

With all the focus on financial technology, why are commercial payments stuck in the Dark Ages—with U.S. businesses paying out nearly $150 trillion annually using ACH transfers and paper checks?

The fact is, a significant part of those ACH and commercial check payments can be quickly and easily transformed to create opportunities for businesses to generate new revenue, reduce fraud and streamline their payments operations.

Whatever your business, if you’re bogged down by ACH and check payments—or constrained by your current payments options—the Galileo Virtual Commercial Card can unlock previously unimaginable opportunities for you and your customers.

Introducing the Galileo Virtual Commercial Card

Despite its name, the Galileo Virtual Commercial Card isn’t a card at all. It’s a randomly generated number (aka a “token”) that’s formatted for processing through a card network (like Mastercard or Visa) to handle a single transaction in a specified amount. The Galileo Virtual Commercial Card enhances security and reconciliation, eliminates the cost and processing nightmare of checks, and provides more flexibility than ACH payment programs.

Without a physical presence, our virtual cards are tremendously flexible and well-suited for payment environments where using plastic cards would be impossible or impractical. Further, like branded plastic cards, interchange is generated on every virtual card transaction—creating a revenue stream. The Galileo Virtual Commercial Card offers a variety of innovative usage in areas like rewards, events, payroll and international travel.

Virtual cards are one of the fastest-growing payments products with more than 20 percent growth per year and $132 billion spent on virtual cards in 2017.

The Galileo Virtual Commercial Card may be issued on our credit, debit or prepaid platform.

Use Cases

The Galileo Virtual Commercial Card is so flexible it can be used across industries to facilitate ecommerce and in-store payments, as well as accounts payable. The Galileo Virtual Commercial Card offers a variety of innovative usage in areas like rewards, events, payroll and international travel. The possibilities are endless, and we’re happy to consult with you to identify solutions that address your specific challenges and identify new opportunities.

Features

  • Fast, easy API implementation
  • Instant, on-demand virtual card creation
  • Strong software integration capabilities
  • Real-time alerts for end-to-end tracking
  • PCI compliant
  • No merchant integration required
  • Customizable fraud control options
  • Just-in-Time (good funds) funding
  • Push provisioning to the “Pays”
  • Powerful management controls

Benefits of a Virtual Prepaid Card

  • Co-branded card vouchers
  • No ATM transactions or fees
  • Standard submission process
  • Online Use and Phone POS only
  • Quick launch window
  • Program approvals within 5-10 business days
  • No card costs and production delays since cards are digital
  • Reduced fraud because prepaid card is not connected to your bank account

To learn more about tapping the power of Galileo Virtual Commercial Card as your payment solution, please contact us.

1 Board of Governors of the Federal Reserve System, “2016 Federal Reserve Payments Study” From 2000 to 2015, the real-dollar amount that U.S. businesses have paid via ACH transfers and paper checks doubled to $148.5 trillion. And, although the average U.S. business made about 20 card payments per month in 2015, the total value was “quite small” in relative terms. This information is from the latest installment of the FRP’s ongoing study. Updated July 28, 2017.

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