Benefits of Bill.com Vendor Direct
Bill.com Vendor Direct offers you a free digital alternative to paying by check and delivers faster payments to your vendor. This digital alternative uses card technology. Vendors that prefer to receive virtual card payments have been enabled to receive a single-use Mastercard card number for your payments in lieu of a check.
What is a virtual card?
- Virtual card capabilities, that allow creation of a one-time use account number, have been available in the larger credit card industry for over 15 years to allow for more purchasing control and added security.
- Virtual payments consistent of a 16-digit, one time use token created to facilitate payment of a single supplier invoice.
- The virtual card number can only be used once and generally for the exact amount of the invoice, and has a specific expiration date.
- No physical card is involved, no card numbers are stored
- Suppliers who accept virtual card payments authorize and settle them just like any other Visa, Mastercard, AMEX or Discover card
Benefits for a Bill.com customer
- Vendor Direct transactions are free to you
- Faster and more secure payments to suppliers, electronically, for them to process
- Adds a widely-accepted electronic payment option that many suppliers prefer with the same workflows that you use today
Benefits for your Suppliers/Vendors
- Faster application of receivables
- More control over process compared to checks
- A payment method that works within their current internal processes, is secure, and eliminates the labor costs associated with processing checks