Yes, Virtual Payment account numbers are real credit card numbers that your vendor can charge through the MasterCard network. These single-use, unique numbers are generated by Comdata’s Virtual Payments account solution and are linked back to a billing account number set up with Comdata.
e-Pay Innovation is a trusted and preferred Comdata partner and these solutions have been developed and are made available through both the Comdata and MasterCard networks. Comdata is the second largest provider on the MasterCard network processing over $60 Billion in payments in 2014.
No, an unlimited number of Virtual Payments account numbers can be created against a billing account.
Multiple authorization controls can be set up on each Virtual Payments account number. These include the following:
- Single or multiple use transaction
- Date and time ranges
- Individual or aggregated transaction amounts
- Individual vendor or vendor groups
The Virtual Payments account solution eliminates the risk of fraud and misuse. During implementation of your program, each vendor is issued the first six digits of a charge number. When a remittance advice is sent by Comdata via secure email to each vendor, the remaining ten digits of a single-use Virtual Payments account number is included in this message. These sixteen digits comprise the complete credit card number that only the respective vendor can charge for the exact amount you authorize to be charged.
Yes, this process occurs in real time meaning Virtual Payments account number can be requested and utilized as needed.
The Virtual Payment Solution provides a number of benefits to buyers, including:
- Providing an automated system that replaces manual, paper-based payments (checks) with a more efficient, streamlined process that provides better tracking, security and fraud control
- Turns accounts payable into a revenue generator where the buyer can earn rebates on spend volume from the bills they already pay on a daily basis
- Safeguards against fraud. The real Virtual Payments account number is never shared and controls can be set on each Virtual Payments account number to ensure it is used for a specific transaction
- Incremental margin improvement from increased efficiency and lower cost of payment processing
- Seamless integration with a buyer’s accounting software and financial applications for ease of use and simplified payment reconciliation
Customer reconciliation and reporting are made easier with Virtual Payments. During implementation, we will integrate your accounting system into Comdata’s payment processing center. When you create a check run, your system will be set up automatically to send a payment instruction file for all vendors who have been set up to accept payment this way. Once the vendor charges the single-use, unique credit card number for their transaction, a reconciliation file will be sent back into your accounting system. The entire process is completely automated and there is no ongoing manual effort required.
No, companies should expect that 25%-35% of their vendors will accept payment this way.