#1 Best Practice for Cost Reduction and Revenue Generation
Single-Use Virtual MasterCard® Program
Virtual Card Program is an electronic payment method using a virtual MasterCard single use account number to pay your suppliers with ease and security. It’s like a check because each payment is tied to a specific amount, a unique payment number and an expiration date. It’s better than a check because it can be fully automated and integrated into your accounting system – from payment to reporting to reconciliation.
Virtual Payments Program Key Points:
Virtual Payments Program Key Points:
- Keep your current banking relationship (bank agnostic)
- Earn monthly cash rebates
- Easy automation to streamline payment process and re-gain time
- Simple & Seamless integration
- Enroll more suppliers (Typically 30% to 50% of vendors)
- Vendor enrollment on-going & strategic (continues to grow)
- Eliminates 60-80% of checks and associated costs
- Reduce check fraud exposure
- Conversion rates 3 to 7 times higher than banks (30%+)
- Use proven best practices to maximize conversion rates
- Manual transactions for web & phone only
- Proprietary network for high value vendors requiring lower fees and ACH
- Increase DPO & Working Capital
- Incremental margin improvement
Virtual Card payments are the fasted growing payment type in the industry. Growth rates have exceeded 30% for several years and are projected to continue that growth.
Virtual Card Programs Solve Problems
Single Use Virtual Card programs solve many of the issues other payment types experience:
- Extremely secure – Reduces check fraud exposure; PCI compliant
- Includes remittance information – ACH and physical card payments cause suppliers more work
- Improves Cash Management – Unlike physical card, you control precisely when a payment is processed
- Improves DPO & Working Capital – Unlike checks, payments terms can be extended
- Improves Reconciliation – Unlike physical cards, ghost cards, and ACH, there is a one for one relationship with a payment like a check
How the Virtual Card Process Works
Work With a Proven & Trusted Partner
Uses globally recognized MasterCard brand, which is accepted at nearly 36 million locations around the world.
One of the top 10 MasterCard issuers, and the only one that is not a bank. They are fully focused on the payment solutions business, which is why we set the bar and help define best practices – from high-tech products to high-touch service.
3-time – MasterCard Performance Excellence Award Winner for Outstanding Commercial Card Growth. Of the top 10 Visa and MasterCard issuers – highest growth rate due to higher conversion rates.
Both a card issuer and processor. In fact, they’re ranked as MasterCard’s 2nd largest issuer when serving top U.S. companies, handling more than 9 million transactions each month, worth more than $50 billion annually.
Consistently rank in the world-class category for customer service with their 24/7/365 availability. And you’ll work directly with a dedicated Customer Relations Representative with an average of more than 10 years of experience.
Account Managers will listen and learn about your goals, business objectives, and growth strategies. Then we will collaborate to deliver specific solutions to achieve your specific objectives. Our Executive Relationship Managers offer quarterly reviews, benchmarking, sharing of best practices and other insights.
We understand importance of simplifying the process of transitioning to a new program. That’s why we offer industry-best experience with all aspects of implementation – like our dedicated Implementation Project Managers – most of them PMP-certified – and Technical Services Specialists, who offer best practice training tools, project plans, status reports and strategic vendor phone calls. They’ll guide you from the initial discovery phase through post-implementation review.
No additional software needed. Our partner’s innovative payment application solutions are designed to integrate fully with most common financial systems and enterprise solutions.
While we’re streamlining your accounting functions, we’ll streamline the credit card rebate process, too. Receive monthly financial incentives based on your program participation.
Contact us to discuss how a Virtual Card Program can work for your organization at 803-427-5040.