The Benefits of Virtual Payment

Why Virtual Cards are good for your business

When your company needs to pay a supplier, does the employee responsible use a corporate credit card? Is the card passed around the office? Who checks who purchases what and for how much? This can all lead to a world of problems and compliance issues, which can now be easily avoided through the alternative of using Virtual Cards. Below are a number of reasons that Virtual Cards are a must for business expense payments:

1. AN END TO 'ONE CARD, MULTIPLE USERS'

If reception or admin hold a company card which is used for any travel or general purchase, there is a heightened risk of abuse or fraud. If the card is not in the name of the user, this is also poor business practice.

Each Conferma powered Virtual Card is unique and comes with built-in, pre-issue approval controls. This method is more cost-effective, accountable and accurate than using centrally held cards.

2. DATA MATCHING FOR EASY RECONCILIATION 

When the Conferma system creates a new Virtual Card, bespoke data fields can be added at the same time, such as: job number, client code, staff number, product code or phase number. This information remains associated with the card number so that when it is time to reconcile the account, all the information is there instantly.

3. TOOLS FOR CREATING AND USING VIRTUAL CARDS

Companies can choose how they link to Conferma: either via our API, or by using WebPay (our online Virtual Cards generation app). Using our API involves programming, whereas using WebPay is as simple as logging on and getting going. WebPay can be used in a 'white-label' form where it can be branded with your chosen product name, your colours, your logo and even your language.

4. A CHOICE OF CARD ISSUERS

Conferma works with a growing number of banks globally to offer Virtual Cards. If your bank of choice doesn't currently integrate with Conferma, we can work with you to help them to. Alternatively, we can put you in touch with a bank that does offer Conferma powered Virtual Cards. 

5. BLOW YOUR SOx AUDITOR'S SOCKS OFF!

The larger your company is, the more you'll be aware of compliance. Since Enron and other global business scandals involving fraud, governments have been enforcing compliance laws. In the USA, it's called the Sarbanes Oxley act. Demonstrating financial control is a big part of that act and the use of Virtual Cards can be a valuable way of showing process around T&E payments.

Why Conferma should be your Virtual Card technology partner

— Enhanced control, audit and internal governance
— Enhanced supplier management and spend policy control
— Faster, easier payments; improve cash flow
— Outputs to ERP and accounting systems
— Merged, 100% accurate spend management information
— Enhanced operational efficiencies and reduced operating costs
— Seamless integration into existing procurement processes
— Demonstration of payment control for compliance