A virtual card is one of the many ways a vendor can be paid out of the Corpay One Bill Pay application. Learn more about ways to pay vendors.
A vendor can be configured in Corpay One to be paid by a single use 16-digit credit card. The card is generated through the Corpay One Bill pay application and sent to the email address listed in the vendor profile once the invoice is approved and scheduled to be paid.
A few important details to keep in mind:
In order for a vendor to take advantage of virtual card payments, the must be able to accept credit card payments with a credit card payment terminal (think POS system like Square, Wave, Venmo for Business, Stripe)
·While the payment 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.
It is recommended that customers speak to their vendors prior to setting up a virtual card payment.
For assistance in setting up a vendor for virtual card payments contact support@corpayone.com.
How to set up Corpay One Bill Pay to pay vendors with a Virtual Credit Card
Step 1: Integration with the Accounting System
If your organization uses QuickBooks Online, QuickBooks Desktop*, Xero or Microsoft Dynamics 365 Business Central the first step is to integrate with the accounting system.
Integrating with the accounting system can reduce the need for duplicate data entry when bills, payments, receipts, and credit notes entered into Corpay One sync directly into the integrated system. Categorization of GL accounts, departments, projects and document images sync over without additional work.
The integration can also streamline the account setup process by automatically bringing in Vendors, Categories, Payment Accounts, Departments, Projects and other lists into Corpay One.
For specific integration information follow the appropriate link below
While integrating with the Accounting System is helpful, it is not required to use Corpay One to pay Vendors with Virtual Cards or to receive rebates.
Step 2: Bring Bills into Corpay One for Payment
Corpay One is flexible to meet your processes and therefore can accept bills multiple ways.
If your integrated Accounting System allows for bills to be imported into Corpay One, then bills will automatically sync with Corpay One with the “2-way” sync feature is turned on.
Otherwise click the New button in the upper right corner and choose the bill option in the drop-down menu.
Bills can be added by uploading the file, manually entering the bill information or by emailing the bill to your unique Corpay One system email.
In order to have the automated document scanner read the bill information and automatically enter it into Corpay One we recommend having your vendors email your bills directly to the assigned system email.
Bill details such as the Vendor (and any vendor information available on the document), the due date and amount are pre-populated into Corpay One.
Step 3: Vendor Set Up
When a new vendor comes into Corpay One a vendor record is created. When the bill contains payment remittance information the system will automatically add that information to the bill. (see Vendor Approval Set Up to be notified when new vendors or changes to existing vendors are detected).
However, bills typically do not include the remittance information to pay by Virtual Credit Card.
To set up or modify the vendor information either click on the pencil icon next to the vendor name on the bill or go to Bill Pay > Vendors on the left navigation.
Click on the desired vendor to open the vendor profile.
Click on Edit Vendor Details to enter or edit the payment details.
Now that the vendor bill is in Corpay One with the vendor payment information the bill is ready to be paid.
Step 4: Pay the Bill
With the bill in Corpay One and the Vendor set up and ready to pay the last step is to approve and pay the bill.
Approval workflows can be set up using Workflows which can be found under the Tools menu in the left navigation bar.
When an approval workflow is applied to a bill the system automatically notifies the approver when a bill is available for review via email. The approver logs into Corpay One to review and approve the bill.
Once approved the system can be automatically pay the bill if Autopay is turned on, or by clicking Pay Now on the bill.
Reference the help articles below for advanced set up.