Less time on paperwork. More time for growth.
Introducing the virtual payment solution that simplifies the supplier payments process so you can spend more time on your business.
American Express vPayment™ uses Virtual Account Numbers as a secure payment solution for each transaction. Program Administrators can set payment amounts, date ranges and transaction details to help improve control and streamline reconciliation processes.
The Challenge: When transactions were not matching invoices, the Accounts Team at a professional services company found themselves struggling to reconcile payments and accurately report their budget.
The Solution: Implementing American Express vPayment allowed them to generate Virtual Account Numbers for each invoiced amount and add parameters such as cost centre and date range to help match transactions to invoices. They then send Virtual Account Numbers to the suppliers as payment for approved invoices with each payment tied to a specific set of customised data, limit and validity period. Each transaction must match all approved parameters, including amounts and date ranges, to be processed. The Virtual Account Number becomes inactive once the balance of payment is taken or the valid date range has passed.
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