Give up checks fast
You can quit writing paper checks on day one. As part of the implementation, Nexus will search its extensive supplier network to identify all your suppliers who already accept the Nexus Virtual Card. Then, we'll set them up so they can accept it from you.
We’ll also reach out to the remaining suppliers and encourage them to accept this secure payment method that also generates rebates for you.
Many of your vendors already accept Nexus Virtual Card as their default payment method and can accept it from you as soon as you launch NexusPayments.
Click approve. We’ll send virtual cards on your behalf.
Simply send your ready-to-pay invoice file to Nexus. Once you’ve given us the green light, we’ll email your suppliers a Nexus Virtual Card. All the information needed for processing – 16-digit card number, expiration date, and CVV – will be included. Suppliers just plug the card details into their point-of-sale system.
If they don’t have a POS, we can sign them up for our straight-through-processing service, NexusDirect, and process the card for them.
Track Nexus Virtual Cards online
Both buyers and suppliers can log in to the NexusConnect portal to view:
- Current and historical Nexus Virtual Card payments
- Virtual card payments for a particular timeframe
- Invoice(s) associated with each virtual card payment
Earn rebates on virtual card and NexusDirect spend
Get cash back for eligible payments made with Nexus Virtual Cards or NexusDirect. No cap on earnings potential.
Implement fast and your rebates can cover your Nexus licensing costs.
Protect against payments fraud
Nexus Virtual Cards are highly secure. They are issued for the exact amount of the invoice(s) due.
After the buyer has approved payment, Nexus automatically emails a card to the supplier. Each card:
- Has a short expiry date
- Becomes invalid when balance reaches $0
- Gets processed like a credit card in a Point-of Sale system (or processed by Nexus for NexusDirect )
Virtual card payments are far less likely to be the target of fraud, representing only 9% of targeted payment fraud versus 63% for checks, per the 2023 AFP Payments Fraud & Control Survey.
Reduce paperwork for suppliers
Suppliers have two processing options for Nexus Virtual Cards. Both minimize paperwork. We’ll work with them to determine which fits best.
Nexus Virtual Card payment system FAQ
A virtual card is a randomly generated, 16-digit credit card number that exists electronically, rather than on a physical card. Each virtual card has a short expiration date and is issued to pay a specific invoice or set of invoices.
Virtual card payments work similarly to credit card payments. Instead of a physical card, suppliers receive an email with a randomly generated 16-digit card number. Once received, the supplier simply inputs the card number into their point-of-sale system and processes it like they would any other credit card. Suppliers who don’t have a point-of-sale systems can use Nexus's straight-through-processing to handle virtual card payments.
While we’ve heard of some rare instances of suppliers raising rates, we know it’s not a widespread practice. Most suppliers simply consider virtual card fees worth it, especially considering their speed and security.
Prior to signing up, Nexus will evaluate your spend and identify suppliers eligible for the virtual card payment system. We’ll also identify those suppliers already receiving virtual card from existing Nexus customers. Keep in mind, there are some supplier types that almost always accept virtual card.
Absolutely. You can refer the new suppliers to Nexus and we’ll contact them. At the same time, Nexus is constantly adding new suppliers to the virtual card population.
Absolutely, yes. When you add the cost of manually cutting a check (print stock, paper & postage) and compare it to the cost of sending a virtual card, a virtual card is significantly less expensive.