Register! FREE Virtual SPARK Conference | Oct 13-14 | Accelerate Digital Innovation
Learn More

FASTER, MORE SECURE PAYMENTS THAT PAY YOU BACK

Automate and streamline payments to lower costs and generate extra revenue.

Virtual Card

Automate and streamline payments to your vendors to lower processing costs, create extra revenue and save time. Virtual cards don’t change your payment run process – they make it faster.

Automate and streamline payments to your vendors

BENEFITS

Reduce Costs

Reduce Costs

Eliminate costs and manual processes associated with printing and mailing checks.

Simplify Reconciliation

Simplify Reconciliation

One card number associated with each invoice creates effortless expense reporting and eliminates duplicate payments.

Increase Security

Increase Security

Virtual card numbers can only be used one time for approved vendors and amounts, lowering risk of fraud.

Earn Cash Back

Earn Cash Back

Instantly start earning unlimited rebate revenue on your virtual card spend.

On-Demand Webinar: Virtual Card Integrated Payments

Learn more about Virtual Card-an integrated payment solution that provides increased payment security, reduces cost, and offers effortless reconciliation.

Key features

Faster Vendor Onboarding

Our partner, CSI, finds vendors in your network most likely to accept virtual cards and create a vendor enrollment plan for you.

CSI, finds vendors in your network

Improve Vendor Communication

The Enverus supplier network provides access to your vendors for communication and training. 

Improve Vendor Communication

Find High-Value Opportunities

Operators can identify high-value integration opportunities with suppliers that support visibility and reporting.

Operators can identify high-value integration opportunities

Solution Overview: Virtual Card

Corporate Spending Innovations (CSI), a preferred payment partner of OpenInvoice, provides a virtual card payment option for operators to streamline and optimize payments.

On average, operators paying with Enverus Virtual Card earn back between 6%-8% of spending.

CSI, Enverus Preferred Partner On Spend Rebates

HOW DOES VIRTUAL CARD WORK?

 

FAQ’s

What is a virtual credit card?

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.

How does eliminating paper checks save my company money?

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.

How much time is required for implementation?

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.

What will it cost my company?

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.

Will my vendors accept virtual credit cards for payment?

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.

What makes electronic payments more secure?

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.

How do the rebates with this program compare to the competitors, particularly my bank?

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.

Related Solutions

hidden
PriceBook

Save time and manage spend with digital price book management and auto-validation of inbound invoice and field ticket data.

Read More About PriceBook

OpenInvoice

Automate the AP process for faster invoice processing and payment.

Read More About OpenInvoice

hidden
OpenTicket

Accelerate ticket and invoice approvals and payment with cloud-based digital field ticket management.

Read More About OpenTicket

Professional Consulting Services

Maximize the ROI of your OpenInvoice solutions with our team of technology and industry experts.

Read More About Professional Consulting Services

hidden
OpenInsights

Strategically source materials, manage vendors and optimize operations with granular spend analytics.

Read More About OpenInsights

Audit Intelligence

Lower LOE costs and increase working capital with software that detects and prevents overbilling before payment.

Read More About Audit Intelligence