Have you ever had your ad account restricted due to banking limitations?
If you answered ‘yes’, don’t worry - you’re not alone.
Having to get your bank to unlock and increase your spending limits is one thing, but losing out on revenue while waiting for this to happen (a process that can take anywhere from a couple of days to weeks!) is an entirely different thing.
In this blog post, we will explore how employing high-spend virtual cards for your online marketing (e.g. for your Facebook, Instagram, TikTok, and Google ads) can not only avoid this particular issue but also streamline and optimize your entire digital media purchases and performance.
Let’s jump into it, shall we?
Current Challenges in Ad Payments:
Managing payments for digital advertising can be a complex and cumbersome process for e-commerce businesses. Juggling multiple platforms, each with its own payment requirements and timelines, often leads to inefficiencies and potential errors. Traditional payment methods don’t provide the flexibility and security needed for e-commerce businesses to navigate the intricacies of the digital advertising landscape.
Enter Virtual Cards: A Game-Changer:
Virtual cards, a digital alternative to traditional payment methods, are emerging as a game-changer in the world of digital advertising. Unlike physical cards, virtual cards exist only in digital form and are designed to enhance security and streamline payment processes.
Advantages of Virtual Cards in Digital Advertising:
One of the key advantages of virtual cards is the streamlining of payment processes.
Instead of using your business's primary business card to fuel your ads (a card that’s also used to purchase coffee, lunches, and the annual Christmas party), you should employ multiple virtual cards dedicated solely to your online advertising efforts.
Employing multiple virtual cards for each ad platform offers distinct advantages over having a single main business card connected to all of them:
Individualized Protection: Assigning a unique virtual card to each ad platform minimizes the impact of a security breach. If one card is compromised, the potential damage is isolated, ensuring greater overall security. Also, with unique card numbers for each transaction and the ability to set spending limits, virtual cards significantly reduce the risk of fraud.
Granular Budget Control:
Tailored Spending Limits: With multiple virtual cards, businesses can set specific spending limits for each ad platform (and its team members managing them), providing better control over their budgets. This targeted approach prevents overspending on any particular channel and optimizes resource allocation.
Digital advertising campaigns often involve managing strict budgets for various platforms. Virtual cards empower businesses to set specific budgets for each campaign, ensuring better control over ad spend.
Efficient Tracking and Analytics:
Detailed Expense Tracking: Assigning dedicated virtual cards facilitates precise tracking of expenses on each ad platform. This level of detail enhances analytics, providing insights into the performance of individual campaigns and platforms.
The transparency of virtual card transactions provides businesses with real-time insights into their advertising expenses. This transparency enables advertisers to track and optimize their ad spend efficiently, making data-driven decisions to maximize return on investment.
Simplified Bookkeeping: Multiple virtual cards ease the reconciliation process by clearly delineating expenses for each ad platform. This simplifies bookkeeping (and frees up time spent on administrative work) making financial management more transparent and efficient.
Minimized Operational Disruptions:
Isolation of Issues: In case of payment issues or changes in payment terms with a specific ad platform, having multiple virtual cards ensures that disruptions are isolated. Other platforms can continue to operate seamlessly, minimizing downtime and potential revenue loss.
Employing a strategy of multiple virtual cards aligns with the diverse and dynamic nature of digital advertising, offering a tailored and secure financial approach for each platform for e-commerce businesses that
Choosing the Right Virtual Card Provider:
Selecting the right virtual card provider is crucial for a seamless experience in digital advertising transactions.
Here are some things you should look for when choosing your provider:
Integration With Ad Platforms:
To enable agility and timely decision-making, e-commerce businesses need fresh data that are always kept up-to-date.
Your card provider should be integrated with your preferred ad platforms (e.g. Meta Ads, Google Ads, TikTok Ads, Pinterest Ads, YouTube Ads) to avoid having to go through all the different ad managers for an overview.
Integration With Accounting Software:
As your ad spend continues to increase, the admin work connected with media buying typically increases too.
Your card provider has integrated with your preferred accounting software to ease the manual labor and make sure that your receipts and invoices are taken care of.
Dedicated Customer Success:
Who wants to go through the struggle of reading an extensive FAQ, interacting with a mindless chatbot, or waiting 48 hours to get a response to your e-mail? E-commerces need an agile partner that can help them now.
Your card provider also offers a dedicated customer success representative to help you in your day-to-day endeavors.
In conclusion, virtual cards are proving to be a vital tool for e-commerce businesses looking to unlock efficiency in their digital advertising endeavors. From streamlining payments to enhancing security and optimizing ad spend, virtual cards offer a range of benefits that can significantly impact your bottom line.
Ready to supercharge your digital advertising efforts?
At franklin, we are dedicated to providing the best possible financial platform for marketers and ecommerce businesses.
With franklin, you'll get:
✅ Unlimited high-spend virtual cards
(get a generous cash-back on all your ad spend)
✅ Full visibility on spend & performance
(get a clear picture of spend & performance across channels in one place)
✅ Automated budget pacing
(make sure that you don’t over- or under-spend ever again)
✅ Automated bookkeeping from your digital ads
(avoid admin work by automatically forwarding all your receipts directly to your accounting tool)
✅ Dedicated Customer Succes Representative
(no more waiting - enjoy instant customer service and monthly check-ins)
The best part?
franklin is 100% free to use.