Payment Automation Via Virtual Card
The video below will show you how ONPAYCONNECT streamlines and processes your A/P payments:
Virtual Card Payment Fact Sheet:
Maintain A/P processes and issue credit payments WITHOUT providing vendors with an open line of credit as when using a purchase card or credit card. Earn rebates for each dollar spent! Generate a Virtual Credit Card Payment -- a unique MasterCard account number for each vendor payable for a specific dollar amount.Our system allows you to:
- Earn rebates for each dollar spent
- Have full control of payment process
- Be "Bank Neutral"
- Automatically generate and email remittance advice containing unique card number, dollar amount & list of invoices being paid
- Import card reconciliation reporting into ERP
- Forecast rebates using reporting system
With hierarchical password controls to access the software, separation of duties is genuinely achievable. Administrators may set up users to:
- Set-up Virtual Card payments
- Approve Virtual Card payments
- Release Virtual Card payments
- Run reports
Users may be configured to access all companies within the system or be limited in their scope of work.
As part of an Electronic Accounts Payable (EAP) Program, integrated seamlessly with any accounting or ERP, this Payment Hub allows companies to seamlessly make electronic Virtual Card Payments (Single Issue Card Numbers) without logging into a bank or another website to transmit payments.
Virtual credit cards provide much more security than physical cards. vCards allow you to set the actual dollar amount for payments and connect the payment to invoices of your choice. The 16-digit number is unique for each payment allowing for a convenient single-use card. Because the card is not physical, it can never be stolen or reused. Virtual credit cards expire once the maximum dollar amount has been spent.
CFO’s and financial professionals appreciate the benefits of not having to provide vendors and suppliers with an open line of credit. It’s much more secure and convenient to avoid the risks of theft and fraud by using virtual credit card payments.
It’s also more cost efficient to use virtual credit cards than it is to print and mail paper checks. The use of virtual cards replaces the need for even issuing checks. The process is paperless, which eliminates the cost and headaches associated with paper checks, envelopes, postage, and processing payments manually. You can also reduce or eliminate many of the human error risks by streamlining your A/P payment process with virtual card payments.
More on the Benefits of vCards:
- Futuristic B2B Payments: Virtual Cards, ACH and Accounts Receivable Challenges
- 5 Reasons Your Company Should Issue A/P Payments with Virtual Credit Cards
- Accounts Payable Automation Solutions
- 10 Payment Automation Secrets Your Banker Won’t Tell You
- How Can Payments Improve Your Bottom Line?
- Accounts Receivable Management Software
- Two Ways Virtual Cards Will Bolster Your Business