Virtual cards can be crucial to businesses that need to pay others. A common payments technology in the hotel industry, vCards allow businesses to pay via one-use card information, meaning they don’t have to send over data connected to a typical card and can avoid fraudulent charges should that card information get stolen.
Payment Data Systems has taken the virtual card concept a step further with the launch of Akimbo Now, a new platform that allows businesses to create virtual cards and disburse payment by emailing that card to a recipient for immediate use. It’s a system that connects a virtual card with a virtual card account.
[bctt tweet=”Akimbo Now allows businesses to create virtual cards and disburse payment by email.”]
According to a company announcement this week, Akimbo Now has recipients create a username and password to log in to their account. They can then use the virtual card immediately or request a physical plastic card.
If users upgrade to the Akimbo Prepaid MasterCard, recipients can have their funds transferred into their bank accounts, and businesses can reload that prepaid card numerous times.
While Payment Data Systems said the solution is ideal for smaller payments for rewards or incentives, Akimbo Now can also be useful for companies that need to pay employees.
“Akimbo Now empowers businesses and third-party apps with the ability to immediately deliver a wide variety of payments, from small incentives to large payroll checks,” said Payment Data Systems SVP of Corporate Development Houston Frost in a statement.
The platform also supports ACH payment processing and paper check disbursement to offer a holistic service to businesses.
“By leveraging Payment Data’s processing solutions, we can offer a one-stop shop for businesses that need to send money,” said Payment Data Systems Cofounder, President and COO Louis Hoch. “Not only can they send funds via email through Akimbo Now, they can also initiate regular ACH payments in the same integration.”
According to the company, the service is free until next year, when a fee will be charged for each virtual card disbursed.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More