Virtual payment cardless accounts are an electronic payment option that offers substantial advantages over other commercial payment methods. Virtual payments replace traditional plastic cards and paper checks with single-use electronic account numbers that are assigned to a specific payment.
Enhance payment security and control
- Reduce processing and operating costs
- Simplify and automate reconciliation
- Improve security and control
- Gain superior spend visibility and reporting
- Increase revenue through rebate opportunity
Virtual payments and single-use accounts can be set to a specific supplier, date range and payment amount. Payments are processed only after you approve them, so you have complete control over your accounts payables process.
Streamline reconciliation and reduce costs
Cardless payment accounts create a 1:1 match between a virtual account number and a payment. A single electronic record simplifies the reconciliation process because it contains complete payment information. Eliminate unsecure, time-consuming and costly paper processes.
Maximize supplier participation
Strong supplier participation is critical to maximizing the value of your virtual payment program. The U.S. Bank Supplier Enablement team offers customized solutions, a dedicated staff, and the tools and resources needed to enroll suppliers and increase ongoing participation. U.S. Bank offers the most comprehensive suite of Supplier Enablement services in the market – at no cost to you.
Learn more about putting the power of virtual payments to work for you.