Pay Suppliers with the Widely Accepted Vyteo Virtual
Card
Our virtual card payment system is easy to manage, secure, and backed by Visa.
Pay Suppliers with the Widely Accepted Vyteo Virtual
Card
Our virtual card payment system is easy to manage, secure, and backed by Visa.
Give up Checks Fast
On Day One, you can stop writing paper checks. Vyteo will conduct a search of its extensive supplier network to identify every one of your suppliers who already accepts the Vyteo Virtual Card and set them up to accept it from you.
We’ll also reach out to the remainder and encourage them to accept this secure payment method that generates rebates for you.
Many of your vendors already accept Vyteo Virtual Card as their default payment method and can accept it from you as soon as you launch VyteoPayments.
Track Vyteo Virtual Cards Online
Both buyers and suppliers can log in to the VyteoConnect portal to view:
- Current and historical Vyteo Virtual Card payments
- Virtual card payments for a particular timeframe
- Invoice(s) associated with each virtual card payment
Protect Against Payments Fraud
Vyteo Virtual Cards are highly secure. They are issued for the exact amount of the invoice(s) due. And they are backed by Visa.
Vyteo automatically emails a card to the supplier after the buyer has approved payment. Each card:
- Has a short expiry date
- Becomes invalid when balance reaches $0
- Gets processed like a credit card
in a Point-of Sale system (or processed by Vyteo for
VyteoDirect )
Virtual card payments are far less likely to be the target of fraud, representing only 3% of targeted payment fraud versus 66% for checks, per the AFP Payments Fraud & Control Survey.
Virtual card payments are far less likely to be the target of fraud, representing only 3% of targeted payment fraud versus 66% for checks, per the AFP Payments Fraud & Control Survey.
Eliminate the Paper Shuffle for Suppliers with Easy Processing
Vyteo has two virtual card options for suppliers. We’ll work with them to determine which is best.
With Vyteo Virtual Card, suppliers simply plug the card numbers directly into their POS system. The funds are automatically transferred to their bank account.
With VyteoDirect Straight-through Processing, suppliers gain the security of Vyteo Virtual Cards. But they don't have to process the card numbers themselves. Vyteo will do so on their behalf and deposit the money into their bank accounts.
A virtual card is a randomly generated, 16-digit credit card number that exists electronically, rather than on a physical card. Each virtual card has a short expiration date and is issued to pay a specific invoice or set of invoices.
Virtual card payments work similarly to credit card payments. Instead of presenting a physical card, suppliers receive a randomly generated 16 digit card number. Once received, a supplier simply inputs the card number into their point-of-sale system and processes it like they would any other credit card. Suppliers who don’t have a point-of-sale systems can use straight through processing to handle virtual card payments.
While we’ve heard of some rare instances of suppliers raising rates, we know it’s not a widespread practice. Most suppliers simply consider virtual card fees worth it, especially considering their speed and security.
Prior to signing up, Vyteo will evaluate your spend and identify suppliers eligible for the virtual card payment system. We’ll also identify those suppliers already receiving virtual card from existing Vyteo customers. Keep in mind, there are some supplier types that almost always accept virtual card.
Absolutely. You can refer the new suppliers to Vyteo online and we’ll contact them. At the same time, Vyteo is constantly adding new suppliers to the virtual card population.
Absolutely, yes. When you add the cost of manually cutting a check (print stock, paper & postage) and compare it to the cost of sending a virtual card, a virtual card is significantly less expensive.
Yes. According to the AFP Payments Fraud & Control Survey virtual card payments are far less likely to be the target of fraud, representing only 3% of targeted payment fraud versus 66% for checks.
