Please read the following article for details on how to use virtual cards with Baselane Banking. If you are new to virtual cards, we also recommend reading this FAQ about the benefits of virtual cards.
Creating a virtual card
If you already have a Baselane Banking account, you can instantly create virtual cards by following these easy steps:
Log into Baselane
Go to the ”Cards” section on the Baselane Banking page
Click “Create Virtual Card”
Set up the card by defining the bank account that the card should pull funds from, daily / monthly limits, and any auto-tagging rules for transactions (as shown in the below image)
Once created, click on the “View Details” of the newly created card to see your card details, including card number, expiry date, CVV, and billing details.
💡Tip: We recommend connecting your virtual card to a banking account that is regularly funded: the virtual card can only pull funds from the account you associate it with, and transactions will fail if there is insufficient balance.
Setting my spending limits
Spending limits are in place if you would like to prevent potential overspending on a specific card. You can set daily limits (up to $5,000 / day) or monthly limits (no limit, but a $5,000 / day limit will be imposed). Transactions that exceed this limit will fail at the time of processing, with no charge to you. If you would like to request a higher daily limit, please reach out to [email protected].
To change your limits:
Go to the ”Cards” section on the Baselane Banking page
Click on the “View Details” button for the specific card in the “Cards” section of the Baselane Banking page
Click on the pencil icon next to the "Total Limit"
Enter your new limit, and click the check button to save
💡Tip: We recommend setting spending limits if you have cards that are used to Auto Pay recurring expenses or are on-file for third parties to use (such as contractors or tenants) to ensure that any unexpectedly large transactions are not processed without your approval.
Setting transaction auto-tagging rules
Auto-tagging rules can help automate bookkeeping by tagging all transactions for that card to a specific property or Schedule E category. The property and category tags are reflected in the Transactions and Analytics & Reporting pages. Please note that banking accounts can also have auto-tagging rules. If you do not set any rules for a specific card, it will follow any rules that are set at the account that the card is linked to.
To set up auto-tagging rules:
Go to the ”Cards” section on the Baselane Banking page
Click on the “View Details” button for the specific card in the “Cards” section of the Baselane Banking page
Please note that this will not affect the tagging of any historical transactions for the card
💡Tip: We recommend setting up dedicated virtual cards for recurring expenses that are paid by card (such as insurance or utilities) so that the transactions are automatically tagged to the correct property and Schedule E category.
Close or lock virtual cards
As a security measure, we make it easy for you to be able to lock / unlock or permanently close a card any time via your Baselane login!
To lock / unlock your card:
Go to the ”Cards” section on the Baselane Banking page
Click on the “View Details” button for the specific card in the “Cards” section of the Baselane Banking page
Click on the “Lock Card” (or "Unlock Card") button at the bottom of the screen
Enter in the 6-digit passcode that is sent to your phone
To close your card:
Go to the ”Cards” section on the Baselane Banking page
Click on the “View Details” button for the specific card in the “Cards” section of the Baselane Banking page
Click on the “Terminate Card" button at the bottom of the screen
Enter in the 6-digit passcode that is sent to your phone
Please note, terminating a card is irreversible, and once terminated, you will no longer see the virtual card listed on the “Cards” section of the Baselane Banking page
💡Tip: We recommend locking your card if you have noticed any suspicious behavior across your Baselane account.
Check out our how-to video below!