Virtual credit cards are gaining popularity as a one-time-use security method, but payments through these digital cards are expensive for accounts receivable departments to manage.
Billing outsourcer Billtrust is offering clients Virtual Card Capture, software that routes virtual card payment instructions from banks and accounts payable departments to Billtrust for processing.
Virtual Card Capture eliminates the need for companies receiving payments to go through the manual process of retrieving payment instructions from a third-party portal, manually keying a card number into a terminal and applying the remittance details to their enterprise resource planning.
"We're focused on making Virtual Card Capture a tool for the entire industry," Rory Byrne, executive vice president of business development at Billtrust, said in a Feb. 16 press release. "Solutions like this enable issuers to balance the needs of suppliers with their own, while ultimately providing a win for their mutual customer — the payer."
Billtrust is first targeting suppliers with the new software, helping them to automate all of their virtual card payments.
"We saw the number of e-mailed virtual card payments increasing year over year. It wasn't something that was going away, and the volume was becoming difficult to handle," said Tina Schneider, manager of credit and accounts receivable at Medela, a medical supply company using Virtual Card Capture.
"Prior to implementing Billtrust's Virtual Card Capture solution, we keyed thousands of emailed virtual card numbers into our ERP manually," Schneider said in the press release.
Now, that process is automated and the company has been able to reallocate resources to better support the business, Schneider added.
In addition to offering the Virtual Card Capture solution directly to suppliers, Billtrust says it has begun working with issuers, banks and accounts payable platforms to extend the capabilities within their own supplier networks.