What is virtual payment?

The sweet spot where payment meets purchase

Let`s first define virtual cards

A virtual card is a normal 14, 15 or 16-digit card number issued by a bank.

Just like physical cards they also carry an expiry date, cardholder name and security code. However, instead of being stamped physically across a plastic card, the number is generated digitally at point of sale and used for that a specific purchase only.

Travel managers place controls on how the virtual cards are used — including the amount and date range and suppliers who can charge the virtual card. Many also capture additional custom data from each transaction such as employee code, cost centre numbers, trip purpose, etc.

A unique ID for every trip or booking

The key advantage of virtual cards: using a payment number only once gives every purchase its own unique identifier. This one to one relationship between purchase and payment, allows data to be added, customised and tracked all the way through the lifecycle of the booking without any additional work. The marriage of purchase and payment data collected is a powerful combination known to automate reconciliation at 100%.

You can think of virtual cards as unique, single purpose, disposable numbers that collect powerful data for each trip.