What is a Virtual Card?

Corpay One can pay your vendors even faster (and for free) using Virtual Credit Cards.

Mads avatar
Written by Mads
Updated over a week ago

If you've opted to pay your bills through Corpay One, you'll notice we offer a couple of different options for completing vendor payments, one of which is called Virtual Credit Card (VCC). While check and ACH payments can take multiple days to process, Virtual Cards are almost instantaneous (and free like check and ACH!).

Here's how it works: 

  1. Your vendor must opt in to Virtual Card payments. They can do this by reaching out to Corpay One at support@corpayone.com.

  2. The vendor's default payment method in the Vendors page will show that Virtual Card is now active (see the screenshot above).

  3. After the vendor's next bill payment is initialized in Corpay One, they'll receive an email containing a Virtual Credit Card (VCC) for the exact amount they are owed. 

  4. The vendor will instantaneously collect the funds using whichever credit card processor they already use to accept credit card payments. 

A few important details to keep in mind: 

  • In order for a vendor to take advantage of Virtual Card payments, they must be able to accept credit card payments with a credit card payment terminal (think POS systems like Square, Wave, Venmo for Business, Stripe)

  • While this option is free for Corpay One customers, the vendor would be subject to any credit card fees according to their existing credit card processor. 

  • While Virtual Cards provide instantaneous payment from Corpay One to your vendor, the process of transferring funds from your account to Corpay One remains the same (which for most established customers is same-day). Therefore it can take up to a day for the customer to receive their VCC after payment is first initialized. 

How do I set up a vendor for Virtual Card payments?

Opting to pay your vendors with Virtual Cards consist of a few simple steps:

1. Navigvate to Bill Pay > Vendors:

2. Click on the vendor that you would like to pay via Virtual Cards, scroll to the bottom to click on Virtual Card/Direct Pay, and enter the billing email address utilized by the vendor in the Payment email field (we recommend contacting the vendor if you are unsure which email address you should enter):

4. Click Save and Approve Changes.

Alternative setup

Alternatively, you can also follow this process to request payment information:

1. Navigvate to Bill Pay > Vendors:

2. Click on the three dots next to the vendor that you would like to pay via Virtual Card, and then click Request Payment Information:

3. From here, enter the email for the vendor you would like to request payment information from. You can check the box underneath to use this as the payment email address for sending Virtual Card payments to:

  • Note: In order for this address to work properly, it needs to be the billing email address for the vendor.

4. From there, Corpay One will send an email to your vendor asking them to confirm their payment information.

That's it! Going forward, this vendor will be paid via Virtual Cards, saving you on bank fees.

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