Virtual Joker Prepaid Mastercard® | GiftCards.ca

A virtual prepaid Mastercard simply is like a regular Mastercard without the plastic required. Rather than being delivered to a physical card by mail, a virtual card is sent through SMS to your client or you and then activated by the Voila app. Once activated, the prepaid card can easily be added to your mobile phone’s digital wallet.

 

Merchants love this because it streamlines their business. Since a customer doesn’t have to leave the store to withdraw money, and you don’t have to issue a check, the money is in your account almost instantly. And they can spend it where you see fit, like at any of your participating merchants. Merchants that accept debit cards, like Citibank or Chase, for example, will allow you to process your transactions with your joker mastercard balance.

 

But there are some disadvantages to this type of card as well. Like any other type of card, Virtual prepaid credit cards share the same disadvantages as other regular ones. The main disadvantage is the higher than average interest rates. 

 

They are not regulated by the Federal Trade Commission (FTC), so you’ll have to consider that when choosing which company to deal with. They can also charge fees for additional services like membership and shipping.

 

The lower transaction fees are also another disadvantage, but they are offset by the ease of accepting these virtual cards compared to traditional ones. Also, many businesses prefer the ability to accept electronic payments over paper transactions. This makes it easier for them to track and manage their spending. They can set spending limits, know for sure how much to set aside for future purchases, and get detailed transaction history information about each purchase they make.

 

Another disadvantage to using a virtual prepaid Mastercard is the different currency restrictions. Some businesses are limited to using a specific currency, and this could pose a problem if you are offering your products to international markets. 

 

Virtual cards can only be used in the US, for example, so you have to carefully consider the conversion rate of the particular currency you are selling to determine if you will be profitable from each transaction. Also, keep in mind that different cards have different charges for their conversion rates, and you must be aware of what your business will not be paying for in any given currency.

 

In addition, when you use a virtual prepaid Mastercard, your transactions are more likely to be fraudulent than if you paid with a credit card. Because the transactions are made within the confines of a virtual system, fraudsters are less likely to try their luck at unauthorized charges. 

 

Keep this in mind when deciding which type of card to implement for your business. If you decide that fraud is not a big issue for you, then you might want to consider issuing physical cards to your customers.

 

Virtual prepaid Mastercard users also have an advantage over those who do not have these cards, since they can set their spending limits. If they exceed their spending limits, they will incur fees from their card provider. A virtual card offers unlimited spending, but a customer can only spend what he/she can afford to pay for without incurring additional charges. Both non-VIP and VIP users can set limits to their expenditures.