Eliminate expensive check writing.
Replace costly checks with a variety of automated virtual payment options. Virtual cards support your payables strategy while meeting the needs of your suppliers.
While no payment method is 100% immune to payment fraud, five factors make virtual cards more secure than other payments.
We can help you make the shift to virtual payments. Our dedicated team of experts will analyze your corporate credit card program for virtual payment opportunities, develop enrollment strategies for your suppliers and help with supplier education and outreach.
Virtual credit cards, cardless accounts, single-use account, ePayment – there are many names for virtual accounts. All generally refer to a 16-digit credit card number coded for a specific supplier and amount, and activated for a set time. Once processed, the account number deactivates and can’t be used again, or the account limit resets to $0 and locks.
A virtual payment is an electronic or digital transaction that uses a virtual credit card. Virtual payments are processed only when approved and only for the amount authorized.
U.S. Bank Virtual Pay is a business-to-business payment solution that uses virtual credit cards to pay suppliers more quickly and securely.
Streamlining your payment process with Virtual Pay allows your organization to gain revenue-share opportunities, lower transaction costs and increase efficiencies.
Transactions through Virtual Pay 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.
We provide supplier enablement services to help accelerate virtual card adoption. Our dedicated experts will work with you to develop campaign strategies and assist with supplier education and outreach. 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.