Bank/Service That Offers Virtual Debit Cards Linked to a Business Bank Account

skyworxx on 01/07/2024 - 08:38

Hi there,

I am currently with Westpac and my business debit card must have been skimmed since I found several fraudulent charges. I reported them asap and am hoping they get charged back. However, Westpac had to cancel my card as they deem it compromised, which is a massive headache for my small business as all my bills were being paid by that card. Not only do I have change payment info for all those services, some of them will lapse if they try to charge me between and now and when I get the new card. Major headache.

I am now looking into virtual/single use debit cards to prevent this from happening again.

I asked the Westpac person if they offer virtual/single use debit cards and they told me that personal accounts have digital cards that can have a rotating CVCs, but these are not available to business customers.

I have an account with Wise, but as far as I can tell, I would have to load the accounts manually. Which is probably ok for random expenses, but is a bit of a hassle for subscriptions and reoccurring payments.

Can anyone recommend a service that offers such virtual cards but simply direct debits a nominated bank account? Alternatively, I also don't mind switching banks since my Westpac experience has been middling at best. Bonus points if they integrate nicely with Xero.

Thanks!

Financial Debit Card

Comments

  • holdenmg on 01/07/2024 - 09:01

    Hi,

    Ask Westpac if https://www.westpac.com.au/international-travel/travel-money… must be Personal or if they can issue Business

    I found Westpac really good with this issuing me two cards and I could use these for overseas transactions (or other Currency without issue).

    • skyworxx on 01/07/2024 - 09:03

      I asked Westpac and they said it's not available to business customers.

      • Sinnerator on 01/07/2024 - 09:05
        +1

        can you set up one as a personal account but only use it for business?

        • skyworxx on 01/07/2024 - 09:11

          Possible, but book keeping would be much more complex and I'd have to transfer money from my business account to personal for every transaction

  • firestormx on 01/07/2024 - 09:52
    +1

    Airwallex has virtual cards: https://www.airwallex.com/au/business-account/virtual-cards

    However, they are not an ADI, so funds are not covered under the government guarantee.

  • neoleo on 01/07/2024 - 10:06

    Klarna and Zip have single use virtual card for payment, but they are not a bank.
    https://www.klarna.com/au/customer-service/what-is-a-one-tim…

    https://zip.co/au/single-use-card

    Wise competitor but for business is Airwallex with virtual card too:
    https://www.airwallex.com/au/business-account/cards

    I have Up bank that also have virtual card along with physical card:
    https://up.com.au/features/cards/

    I think Up bank doesn't have single use virtual card, maybe also Airwallex.

    If you are afraid of card skimming, just use Google Pay or Apple Pay as they change card number so merchants don't know our real card numbers.

    For me, usually I disable online payment and overseas payment options in bank apps such as NAB, Up bank and Wise. Only enable it when I need to shop online. Most people don't do online shopping everyday anyway. Only enable online payment and overseas payment when you need. For in-store payment, just use Google Pay or Apple Pay (need a phone with NFC enabled). Virtual cards can also be added to Google Pay. I don't use Apple Pay.

    • skyworxx on 01/07/2024 - 10:12

      Afaik Klarna, Zip and Wise don't allow direct debit from AUD bank accounts.

      • neoleo on 01/07/2024 - 10:17

        Then maybe just add your bank cards into Apple Pay or Google Pay for in-store payments. No worries about skimming as the card number from Google Pay and Apple Pay is not the real card numbers.

        Note: for certain websites, I can use Google Pay too for online payment. If not, mostly Paypal is available for online payment and I only put virtual cards (Wise) in Paypal that I disable in their app until I need to do online shopping.

        • skyworxx on 05/07/2024 - 15:40

          Just got my new card and turns out Westpac doesn't support Tap to Pay via Google Pay/Apple Pay with their business cards. What a joke…

          • neoleo on 05/07/2024 - 16:18

            @skyworxx: NAB used to be like this, that people have to use its app. Then now people can use NAB card with Google Pay.

            Maybe Westpac has security concern or cost, lol.

            • skyworxx on 05/07/2024 - 17:37

              @neoleo: Literally just got a spam email from them

              Helping keep your business safe from scams and cybercrime is a top priority for Westpac. We continue to invest in technology and innovation to combat scammers and help keep you and your business safe.

              and then go on to talking about dumb businesses are that fall for impersonation scams.

              One of the top three scams we see here at Westpac are Business Email Compromise scams. That’s where scammers send emails to you pretending to be a genuine business you deal with to get you to pay a fake invoice.

              Seriously, need to switch to a new bank

              • neoleo on 05/07/2024 - 17:44

                @skyworxx: Fake invoices are real (in the news). It could be the finance staff that pay the fake invoices without reconfirming them with their boss/suppliers or didn't check whether the bank account details for real suppliers are correct. For this, people usually pay through bank account.

                Google Pay can only be used in-store or certain online shopping, not for paying invoices.

                • skyworxx on 05/07/2024 - 18:48

                  @neoleo: 100%, but what irks is me the line "We continue to invest in technology", which they are absolutely not. No single use/virtual/digital debit cards, not even Google Pay.

                  • neoleo on 05/07/2024 - 18:51

                    @skyworxx: Can you pay through Westpac app with NFC ? Maybe they don't want to rely on Google/Apple or they want to save money or don't want to spend (invest) too much money for payment with NFC …

                    • skyworxx on 05/07/2024 - 19:59

                      @neoleo: No, I don't think their app has that capability.

  • neoleo on 01/07/2024 - 10:10
    +1

    More addition:
    Commonwealth bank has single use virtual card for businesses too:
    https://www.commbank.com.au/business/business-credit-cards/v…

    In Eligibility section:
    "Virtual cards are suitable for medium to large businesses that are existing relationship managed clients or qualify to be relationship managed."

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