What is Cashflow360 Virtual Card?
Cashflow360 Virtual Card offers you a free digital alternative to paying by check or ePayment and delivers faster payments to your vendor. This digital alternative uses card technology. Vendors that prefer to receive Virtual Card payments can be enabled to receive a single-use Mastercard or Visa card number instead of a check or ePayment.
What is a Virtual Card?
- Virtual Card capabilities, which allow creation of a single-use account number, have been available in the larger credit card industry for over 15 years to allow for more purchasing control and added security
- Virtual Card payments consistent of a 16-digit, single-use token created to facilitate payments of supplier invoices
- The Virtual Card number can only be used once and generally for the exact amount of the invoice, and has a specific expiration date
- No physical card is involved, no card numbers are stored
- Suppliers who accept Virtual Card payments authorize and settle them just like any other Mastercard payment
Benefits for a Cashflow360 customer
- Virtual Card transactions are free to you
- Faster and more secure electronic payments to suppliers, for them to process
- Adds a widely-accepted electronic payment option that many suppliers prefer with the same workflows that you use today
Benefits for your suppliers/vendors
- Faster application of receivables
- More control over process compared to checks or ePayments
- A payment method that works within their current internal processes, is secure, and eliminates the labor costs associated with processing checks