Virtual card from enverus fast secure payments

A virtual credit card is a 16-digit, single-use card number that is issued for a specific transaction or amount, with no physical card attached to it. Predefined restrictions can be set up on the card including where the card can be used, how much can be spent, and the usage period. After approved use, the card number becomes invalid.

Paper checks result in a significant expense for AP, costing approximately $5-10 per invoice. There are high processing fees associated with checks and they require significant manual processing by employees. When a company eliminates paper checks, those bank processing fees go away, along with the costs of paper, printing, postage, and mailing, and chasing after checks that get lost in the mail and result in additional fees. Plus, you can start earning monthly rebates on all your virtual card spend.

The transition to an electronic payment solution is quick and easy. CSI handles all the setup and verification of virtual card acceptance by your suppliers. Generally, a rollout can occur within a few weeks after a couple of quick phone calls. You should expect to attend a kick-off call intended to educate you on how the system is designed and its various functions. After that, you will have a designated Relationship Manager available to assist you with any questions you may have.

There are no out-of-pocket costs, and no additional staff and company resources are needed to support the transition. The payment automation program will simplify your business operations, allowing it to run more efficiently and reduce the time employees spend on manual data processes.

CSI has many existing relationships with vendors and will contact them to confirm acceptance of virtual cards on your behalf. They currently have more than 900,000 vendors that are accepting virtual cards as a form of payment. Often there are a significant number of vendors who are already accepting virtual cards. CSI utilizes an extensive vendor matching process that will provide insight into how many of your vendors are already accepting cards and estimate your monthly net-new revenue.

Virtual credit cards are one of the most secure solutions to the widespread problem of B2B payments fraud because they eliminate the need for manual and paper processes that could expose your data to potential fraud. Virtual cards can only be used for approved vendors and exact amounts making them essentially fraud-proof.

CSI is competitive with any provider of an Integrated Payments platform. What sets CSI apart is the ability to drive significant incremental volume over other solutions and automated process flow. CSI’s is completely aligned with you as they continue a month over month focus on increased acceptance and monetization.