Virtual Pay
Automate payments and maximize cost savings
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 cheques with single-use electronic account numbers that are assigned to a specific payment.
- Reduce processing and operating costs
- Simplify and automate reconciliation
- Improve security and control
- Gain superior spend visibility and reporting
- Increase revenue through rebate opportunity
Enhance payment security and control
Virtual payment single-use accounts can be set to a specific supplier, date range and payment amount. Payments are processed only after you approve them, providing enhanced control over payment timing.
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 less secure, time-consuming and costly paper processes.