A virtual card is a fast, secure way to pay card-accepting vendors. It's a delivery method that allows you to make credit card payments without using your real card number.
The virtual cards that are sent via Accounts Payable are issued by Capital One can only be processed once. These cards are issued for an exact amount specific to a payment and expire 14 days after they have ben sent.
This guide explores the following:
- What are Accounts Payable virtual cards?
- What happens when I send a virtual card payment?
- Will my vendor receive emails?
- What do the card details look like to my vendor?
- What if my vendor does not process the payment within 14 days?
- What happens if I cancel the virtual card payment?
- What if the virtual card payment fails?
- What if my vendor does not accept virtual card payments?
What are Accounts Payable virtual cards?
- A virtual card is a fast, secure way to pay card-accepting vendors. It's a credit card payment without using your real card number. It is not a gift card.
- These cards are single-use (no recurring charges) and have an exact payment amount. The vendor must swipe the card for the exact dollar amount.
- Your vendor receives the virtual card securely via email. They then have 14 days to process it through their point-of-sale terminal, at any time—including weekends and holidays.
What happens when I send a virtual card payment?
- Once you send a virtual card payment, you will receive a confirmation email that your payment has been sent to your vendor.
- This email will include the set amount that has been sent and the expiration date for the payment.
- You will then receive an email once your vendor has processed the payment.
- If the vendor doesn't immediately process the virtual card payment, you will receive a reminder email two days before the virtual card payment expires.
Will my vendor receive emails?
- Your vendor will receive an email notifying them they have been sent a virtual card payment from you. The email will include the amount, as well as the expiration date of the virtual card.
- If they do not immediately process the virtual card payment, vendors will receive an email reminder three days before the expiration date.
What do the card details look like to my vendor?
- Your vendor will be able to view the virtual card details in order to process the payment in their POS terminal for the exact amount sent.
- Your vendor can only open the card details seven times.
What if my vendor does not process the payment within 14 days?
- Your vendor will receive a message notifying them that the card is expired if they try to view the card details.
What happens if I cancel the virtual card payment?
- You will receive an email confirming your payment has been canceled.
- Your vendor will then receive an email notifying them the payment was canceled and that they can no longer process that payment.
What if the virtual card payment fails?
- You will receive an email notifying you that the virtual card payment has failed and why.
What if my vendor does not accept virtual card payments?
- Your vendor has the ability to cancel payment if the do not accept virtual cards.
- You will then receive an email notifying you that the vendor does not accept virtual cards and therefore the payment was cancelled.