What is Paymode-X virtual card?
Our network of over 500,000+ businesses pay and get paid to the tune of $250 billion each year, all without a single incident of fraud. Today, we’re seeing an exponential increase in the number of virtual card payments being made through Paymode-X, with businesses realizing the speed, security benefits and vendor relationship gains Paymode-X virtual card payments make possible.
Our virtual card payments allow you to process payments straight-through in a secure, swift manner, allowing your vendor to collect their cash quickly and with the detailed remittance they need. With those benefits for both ends of every transaction, it’s no surprise companies are ramping up their card spend.
We partner with Visa and Mastercard to offer virtual card payments. With a prefunded card there are no hurdles to clear from your bank, worry about hitting a card limit or from the U.S. Postal Service (like with check), and you’re able to get payments out the door and to happy vendors as quickly as you need to.
With vendors able to achieve straight-through processing of card payments, speed improves for both parties. Trust us, you'll enjoy greater efficiency and a streamlined AP department.
Strengthen supplier relationships
Your vendors only really want three things from your business payments. They want to be paid quickly, they want to be paid securely and they want easy access to the data they need to reconcile those payments quickly and seamlessly.
With card payments, it’s incredibly easy to offer all three. In addition to the speed and security benefits we've mentioned, straight-through processing allows vendors to get the detail they need without extra time and tedium. If they need additional detail, you’re able to offer it easily through Paymode-X.
Here’s why our card payments are so secure: Each virtual card has a unique 16-digit randomly generated number, expiration date, and CVV can only be used once, limiting fraud risk associated with data breaches and other attacks. The card account details are securely stored and only obtained by authorized users, and your account and every vendor account are protected by Paymode-X’s multi-layered fraud prevention technology.
The end result? The payment you send is made, with no fraud, every single time.
Paymode-X has invested in our card capabilities recently:
- On Demand Card - To support controlled card use for ad hoc purchases to help maximize card spend
- Card Acceptance Network - Reducing onboarding time by leveraging best practices from premium ACH to enable card vendors to accept for the entire network
- Billtrust - Maximizing card spend by enabling payments to vendors utilizing Billtrust to receive card
- Payment Program Migration - Product and operations enhancements to accelerate customer on-boarding and enablement of existing card and in-house ACH programs without requiring suppliers to immediately enroll
- Straight-through Processing - Expand card programs and make processing and reconciliation easier than ever for your vendor community.
The time to switch to virtual card is now
If you have an existing program, it’s time to bolster your security with Paymode-X while keeping all the processes you already love.
If you’re new to card, the advantages of dumping slow, fraud-prone check payments and switching ACH payments over to the swiftest and most secure payment method in the world speak for themselves.
Either way, it’s time to make a world of remote work, digital processes and fraud risks easier to navigate. Reach out to us today to learn how Paymode-X virtual card payments can change everything for your finance team.
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