Virtual Payments provide a safe and efficient way to make highly-secured, one-time or recurring payments. The 16 digit, single use payments are specific to each individual supplier, invoice, dollar amount, and other trackable data points to ensure all highest security features are in place.
We give you greater control and automation over payment execution for maintenance, repair and operational expenses and A/P settlements – helping reduce fraud risk, reduce costs, streamline processes and achieve incremental revenue opportunity. Plus, Virtual Payments are easy to use and follow the same process you use to perform payments today – just with more financial benefits!
Virtual Payments solve the security issues of having one card number to use multiple transaction
Monecity's Virtual Payment solutions set the industry-leading standards
Value & Benefits
Let our team run an analysis of your company’s A/P Spend to help identify which of your current vendors/suppliers are already accepting virtual payments with other companies in our 800K+ network. If vendors that commonly accepts a payment type that provides the buyer with a rebate, why would a buyer pay them any other way? Virtual Payments are single use, 16-digit payments that work the same as check payments, but with more security and control, better data visibility, and streamlined payment execution.
Request an A/P analysis now at Admin@Monecity.com!
Increased Payment Control & Visibility
• Set controls that limit the amount, date, merchant and even MCC codes, among other parameters.
• Added security ensures that the correct payment amount is sent to each vendor for the corresponding invoice, every time.
• Designed for one use only. After the payment is made, the single-use 16 digit number is invalid and cannot be reused.
Reduced Processing Costs
• Virtual Payments are digital, there are no costs associated with issuing, mailing and maintaining them.
• The average cost per check is approximately $31.00 when all factors above are accounted for compared $9.00 when processing a Virtual Payment.
• In essence, every check that is eliminated is a $22.00 net gain to the client’s bottom line.
Improved Operational Efficiency
• Option to include additional information for each payment – provides easier access to payment details for the supplier than other payment types (for example, ACH limits any added data to 80 characters).
• Integrates directly with SAP.
• Includes a full audit trail with real-time data analytics – capable of delivering over 200 data elements.
New Lines of Revenue
• Depending on volume and terms, rebates generated from Virtual Payment spend can help turn an A/P department into a revenue generator
• Working with the Monecity team, we can provide the heavy lifting, to contact & help maintain your vendors and supplier payments
More Secure. More Efficient. Pay Virtually!
Payments made with Virtual On-Demand payments provide a safe and efficient way to make highly-secured, one-time or recurring payments. The 16 digit, single use payments are specific to each individual supplier, invoice, dollar amount, and other trackable data points to ensure all highest security features are in place.
We give you greater control and automation over payment execution for maintenance, repair and operational expenses (MRO) and AP settlements – helping reduce fraud risk, reduce costs, streamline processes and achieve incremental revenue opportunity. Plus, virtual payments are easy to use and follow the same process you use to perform payments today – just with more financial benefits!
• Instantly issue via our secure web portal & email payment details to supplier for easier, faster processing
• Safeguard transaction information with the latest encrypting technology
• Get greater visibility through real-time updates and robust reporting
• Easily reconcile purchases with online account management and gain access to real-time updates and customized reporting
• Broad supplier acceptance via our proprietary payment network
Why should I care about Virtual Payments?
With the payments industry moving increasingly towards paperless vendor payments, it is important to understand how they can benefit your business, and what to look for in a Virtual Payment processor as you research if Virtual Payments are the right solution for your business.
If you are involved in purchasing or financial decision-making for your company, you have likely heard the excitement surrounding Virtual Payments (also known as electronic or e-payments) over the last few years. Industry processes such as printing, issuing, mailing, depositing and reconciling checks all add to your company’s costs and take up a large amount of your staff’s time. Setting up a Virtual Payments program offers several benefits for both your business and your suppliers. It streamlines processes, improves cash flow, reduces costs, and mitigates risk for your business.
Reduce costs: Virtual Payments eliminate the need for paper checks. Loading, printing, and disbursing checks can add up to a significant expense, particularly when the costs for labor and tracking lost or stolen checks are built in.
Improve cash flow: Virtual Payments give your business the opportunity to earn incentives based on the spend you put through the Virtual Payment program, thus effectively turning your accounts payable department into a revenue generator.
Mitigate risk: A Virtual Payment program allows you to process all of your vendor payments via a safe and secure platform. This reduces the possibility of lost or stolen checks getting into the hands of unauthorized users.
Streamline your vendor payment process: Virtual Payments automate the payment and reconciliation process by integrating into your financial system. This integration releases your business from the manual work associated with vendor payments and frees your employees to perform higher value activities.
Pay Safely and Securely. Pay Virtually.
Our Virtual AP payments leverage the Mastercard® Payment Network to provide buyers a safer, more efficient way to pay their suppliers for invoice-based spend. They work the same as check payments, but with more security and control, better data visibility, and streamlined payment execution.
FLEXIBLE ISSUING OPTIONS: Issue one-time or recurring Virtual Payments through our secure web portal.
EASY RECONCILIATION: Easily reconcile purchases with access through our secure portal.
SEAMLESS ERP INTEGRATION: Seamlessly integrate with GL accounting systems to save time and avoid errors.
BETTER DATA VISIBILITY: Real-time access to transaction information and robust reporting flexibility through secure portal.
MULTI-CHANNEL SUPPLIER ENABLEMENT: Comprehensive campaign strategy and execution from our dedicated Supplier Enablement team to maximize program enrollment.
BANK AGNOSTIC PLATFORM: Our payment solutions work off a bank agnostic platform to limit any issues with existing treasury banks