Discovering the Features and Benefits of Virtual Cards

A virtual card is a unique, digitally generated,16-digit card number associated with an account. It has a Card Verification Code (CVC) and an expiration date, and is designed for online use. A virtual credit card gives businesses comprehensive control and visibility over company expenditures. The finance team can track, limit, and monitor expenses, ultimately leading to more versatile and secure payment options for the business.

Virtual cards in the Concur Invoice Virtual Card Payments system are issued by Extend. This integration ensures that each virtual card is specifically generated for individual transactions, providing enhanced control and security. Extend's role in issuing these cards allows for real-time tracking, accurate authorization, and seamless management of invoice payments through the Concur platform. This partnership streamlines the payment process, making it easier for businesses to manage their finances with secure, tailored virtual card solutions.

Invoice Payment Manager provides a convenient way to manage your company's invoices and payments. It allows you to create payment batches of approved invoices, which can be paid through various methods, including virtual cards. This level of functionality and control can significantly improve your company's invoice payment processes.

Once SAP Concur enables Invoice Payment Manager, you can configure virtual cards.

Fully Managed

Allows admins to manage the entire lifecycle—from invoice receipt to final payment—within a single, centralized solution (Invoice Payment Manager).

Streamlined Control and Visibility

• Configurable control over batch payment timing, method, and final release.
• Flexibility to tailor payment schedules and amounts.

Cash Flow Management

• Gain control over daily and monthly cash flow management.
• Necessary funding amounts are displayed in the User Interface (UI).

Now that you understand what a Virtual Card Payment is and its benefits, the next lesson will introduce you to the roles available for the Invoice Payment Manager tool and the common terminology you'll encounter.