The virtual card payments service is designed to eliminate the paper checks for business customers
Man sitting at table with laptop, reading papers while talking on mobile phone. (Credit: Wells Fargo.)
US-based financial services company Wells Fargo has rolled out a new solution, dubbed WellsOne Virtual Card Payments service.
The virtual card payments service is designed to eliminate the paper checks for business customers through one-time virtual card numbers for digital payment of invoices.
The WellsOne Virtual Card Payments service is available to WellsOne Commercial Card customers, facilitating security and control for business payments.
The WellsOne Commercial Card is a purchasing tool intended for businesses for procurement, travel and entertainment, account payable invoices, and transportation expenses.
Wells Fargo senior vice president and commercial card product suite manager Mary Mazzochi said: “It’s important we continue to introduce simple ways to help our customers transition to new digital payment strategies by using products and channels they are already familiar with.
“Unlike paper checks, our virtual card service provides more transparent, precise payment timing to help optimize working capital, and added controls like single-use numbers help further mitigate the risk of fraud.”
New service enable business customers to easily track payments
To make payment with the new service, customers are required to electronically send payment instructions from their enterprise resource planning system to initiate the payments.
Payments to be made using card are routed to the WellsOne Virtual Card Payments service, where card payments are allotted to a virtual number related to a commercial card account.
The virtual number is allowed for use only once and for the precise payment amount, and is sent through a digital secure channel to the supplier for payment processing.
Wells Fargo also provides an automated, straight-through processing option to enable customers make virtual card payments directly to their suppliers’ banks, bypassing the need for any manual entry or interaction with suppliers.
The WellsOne Virtual Card Payments service is said to enable business customers to easily track, reconcile, and remit their payments, said the company.
Furthermore, the intuitive dashboard with responsive design will enable rapid display of items requiring action, identifying exceptions, monitors credit balances.