Controlling operational costs and streamlining administration processes just got a whole lot easier with Virtual Pay, a cardless payment solution at the heart of which is just one single business account. What’s more, your accounts become transaction based, replacing multiple corporate expense and travel and entertainment cards.
Authorised individual or travel agent generates Virtual Credit Number (VCN) for travel itinerary, personalised for each step of the journey.
Suppliers (airlines, hotels, car rental agencies) receive VCNs.
Supplier gets paid when traveller initiates that part of the journey (eg picks up car).
Reconciliation is simplified as cash management is enhanced.
Authorised individual logs onto the Virtual Pay portal and requests a Virtual Card Number (VCN) for a specific purchase
This purchase gets approved by line manager. Their approval causes VCN to be generated and sent to person requiring approval.
The employee can then make the purchase using the VCN.
Merchant/vendor processes transaction through “Card not Present” process.
Virtual Pay system validates transaction.
Reconciliation is simplified as each purchase has corresponding purchase order (PO), invoice and receipt.