What is Comdata’s Virtual Payments Program?
The Virtual Payments program is the connection set up between you, Comdata and your vendor that simplifies and secures the process of invoice payments.
With Comdata Virtual Payments, you send electronic payments to vendors using a virtual card, a unique 16-digit MasterCard account number that replaces paper checks and other traditional payment options.
It’s similar to a check because each account number is tied to a specific vendor dollar amount and expiration date. It’s also better than check payments because it can be fully integrated into your financial systems, which provides a secure flow of your payment to your vendor. Once your vendor receives the virtual card number, they can process it like any other credit card payment.
How Does It Work?
The process begins with Comdata assessing your list of vendors that you want to send virtual payments, and then campaigning to enroll those vendors into the Virtual Payments program.
Once enrolled, you can begin submitting payments to your vendors through any of our available payment options (one-off requests, batch files, web services, etc.). Comdata will take your payment information and generate a virtual card number and send it, along with the payment details, to your vendor in the form of a detailed remittance advice email. Then, the vendor processes the payment like any credit card payment and if you choose, Comdata can send your company an invoice file of all transactions for automated reconciliation, just like a positive pay file from a bank.
How is it Unique?
There are several reasons the Comdata Virtual Payments program is unique:
- The virtual card account number changes each time you make a payment to a vendor, regardless of the amount, which makes your payments secure
- Payments can be remitted to the vendor by either email or standard printed mail
- We have a dedicated Vendor Enrollment team solely focused on enrolling your vendors so you get the most out of your program
- Weekly campaign reporting to keep you informed
- PayForYou service, where Comdata makes payments to vendors on your behalf if the vendor only accepts payments via phone or online.
- ComdataDirect, a straight-through payment into your vendor’s account if they do not accept MasterCard