Virtual Card Policy

AzraPay Virtual Card Policy

Note to Users: This policy explains how AzraPay virtual cards work, your responsibilities when using them, and how we protect your financial security. Please read it carefully.

1. Purpose

This policy establishes guidelines for the issuance, use, and management of AzraPay virtual cards. Virtual cards provide a secure, convenient way to make online and electronic payments while maintaining strong financial controls.

Why this matters to you: Understanding this policy helps you use virtual cards safely and avoid potential issues like declined transactions or security problems.

2. Scope

This policy applies to:

• All AzraPay employees
• Contractors authorized to use virtual cards
• Any third-party vendors issued AzraPay virtual cards
• Finance teams managing virtual card programs

3. Definitions

Virtual Card: A digital payment card with unique card details (number, CVV, expiration date) that can be used for online or phone transactions but doesn't have a physical counterpart.

Cardholder: The authorized person to whom a virtual card is issued and who is responsible for its proper use.

Single-Use Card: A virtual card designed for one transaction only, which becomes inactive after use.

Multi-Use Card: A virtual card that can be used for multiple transactions, typically within set limits.

4. Virtual Card Issuance

4.1 Eligibility

Virtual cards may be issued to:

• Employees with regular business purchasing needs
• Department heads for team expenses
• Project managers for specific initiatives
• Approved vendors for recurring payments

4.2 Request Process

To request a virtual card:

1. Submit a Virtual Card Request Form through the AzraPay portal
2. Specify the purpose and estimated spending amount
3. Obtain approval from your department head
4. Complete mandatory virtual card training (first-time users)

User Tip: Requests are typically processed within 2 business days. For urgent needs, contact Finance directly.

5. Permitted Uses

Virtual cards may be used for:

• Business-related online purchases
• Subscription services (with prior approval)
• Travel bookings through approved vendors
• Emergency business expenses

6. Prohibited Uses

Virtual cards cannot be used for:

• Personal purchases
• Cash withdrawals or cash equivalents
• Gambling or illegal activities
• Purchases from prohibited vendors
• Transactions exceeding card limits

Important: Violations may result in card suspension, disciplinary action, or termination of employment.

7. Security Requirements

7.1 Card Protection

Cardholders must:

• Never share card details via unsecured channels (email, chat)
• Only use cards on reputable, secure websites (look for HTTPS)
• Immediately report lost or compromised cards

7.2 Fraud Prevention

AzraPay implements:

• Real-time transaction monitoring
• Spending limits based on need
• Merchant category restrictions
• Automatic card expiration

8. Expense Reporting

All virtual card transactions must be reconciled within 5 business days by:

1. Uploading receipts to the expense management system
2. Categorizing expenses correctly
3. Providing business justification if required

9. Violations & Consequences

Policy violations may result in:

• First offense: Card suspension and mandatory retraining
• Second offense: Permanent card privileges revoked
• Serious violations: Disciplinary action up to termination

10. Policy Updates

AzraPay may update this policy periodically. Users will be notified of changes via email and required to acknowledge the updated policy.

Your Responsibility: It's your duty to stay informed about policy changes that may affect your virtual card use.