Virtual credit cards
Streamline virtual payments and simplify reconciliation.
Virtual credit cards are a highly secure digital payment method that streamlines the accounts payable process by replacing paper, checks and manual processes with single-use credit card numbers. Virtual card payments simplify reconciliation for you and your suppliers, reduce payment costs and create rebate revenue opportunity.
Optimize your payment process with virtual credit cards.
Enhance working capital.
Precisely timed and data-rich virtual card payments improve working capital by reducing costs and extending days payable outstanding.
Virtual card payments simplify reconciliation by eliminating costly and time-consuming manual payments.
Improve payment visibility and control.
Virtual card payments provide detailed, timely data that improves expense tracking and forecasting, strengthens supplier negotiations and supports audit and regulatory compliance reporting.
Send real-time payments.
A simple, seamless interface connects to your internal systems through an application programming interface (API). Pay suppliers in real time, 24/7 without additional software, hardware or time-intensive staff training.
Extend virtual card benefits beyond planned purchases.
U.S. Bank Instant Card™ uses a mobile app to send a virtual card number directly into a mobile wallet for immediate use by anyone in your organization to pay for unplanned purchases like travel, project expenses and office supplies. Gain payment flexibility and an end-to-end digital experience while retaining virtual card safeguards and controls.
We have answers to your virtual credit card questions.
Also known as a virtual payment, a virtual credit card is a 16-digit credit card number generated for a specific supplier, an exact amount and coded with a short-term expiration date. Once processed, the account number deactivates and can’t be used again. Like traditional Purchasing and One Cards, virtual cards create rebate revenue opportunity. Virtual cards are one of the most secure forms of electronic payment.
Virtual credit card transactions generate revenue for providers, who in turn share a portion with you in the form of a rebate. Common options include a tiered approach based on spend volume, a flat percentage, or a grid based on spend volume and average transaction size. Supplier participation is the primary determinant of program spend and resulting rebate revenue. That’s why it’s important to look beyond revenue-share percentages and evaluate the depth and breadth of a provider’s supplier enrollment capabilities.
Virtual credit card numbers are coded for a specific supplier and an exact amount, and you control payment timing. Each virtual card number serves as a unique payment identifier and payments contain detailed remittance information. This removes reconciliation guesswork for you and your suppliers. Electronic virtual payments also save time by removing paper documents from the reconciliation process.