Capital on Tap Adds Virtual Cards to Small Business Platform

Global FinTech Capital on Tap has added virtual cards to the services it already provides through its small business credit card and spend management platform.

Most applicants for these new Capital on Tap Business Credit Cards will get a credit decision within 24 hours, and most approved applicants will have access to the cards immediately, according to a Tuesday (Sept. 27) press release.

“For busy small business owners, the virtual card is a true game changer,” Capital on Tap Co-founder and CEO David Luck said in the release. “Having immediate access to funds is critical for success in this challenging business climate that often requires quick decisions and multiple strategic pivots.”

The new virtual cards will have all the security features of the physical Capital on Tap Business Credit Card, which has been used by 200,000 small businesses in the United States and the United Kingdom, according to the press release.

Cardholders can replace the virtual cards in real time, set spend limits and immediately make purchases in person or online after adding the cards to their Google or Apple Pay accounts, the release stated.

There’s currently a limit of one virtual card per account, but the company will add the ability to generate multiple cards simultaneously later this year, per the release.

The convenience of access to credit, combined with working capital float and the opportunity to capture revenue-generating rewards, makes the small business credit card an attractive proposition for small- to medium-sized businesses (SMBs), Alex Miles, who was Capital on Tap’s head of growth at the time and is now the company’s UK managing director, told PYMNTS in a July 2020 interview.

Read more: How SMBs Rethink Commercial Card Versatility

The working capital optimization of a commercial card can be particularly attractive for SMBs to procure inventory, Miles said. The cards offer them the ability to pay a supplier immediately, while the business owner can take up to 56 days to settle the bill interest-free.

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