Vendor Direct offers you a free digital alternative to paying by check or ePayment and delivers faster payments to your vendor. This digital alternative uses card technology. Vendors that accept virtual card payments will be paid with a single-use Mastercard or Visa card number for your payments in lieu of a check or ePayment.
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 card payments constitute 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. It also 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 do not incur any transaction fees
- Faster payment arrival to suppliers
- Adds a widely-accepted electronic payment option that many suppliers accept
- No change in the workflows that you use today
Benefits for your Suppliers/Vendors
- Faster application of receivables
- More control over receivables process compared to checks and ePayments
- A payment method that works within their current internal processes, is secure, and eliminates the labor costs associated with processing checks
For more information, please visit Bill.com Vendor Direct - Frequently asked questions