Setting Up a Virtual Card Configuration

Objective

After completing this lesson, you will be able to configure and set up the Virtual Cards configuration within the Invoice Payment Manager.

Virtual Card Configuration - Setup Guide

To configure Virtual Card Payments, you must use the Invoice Payment Manager tool.

Follow these steps to complete the Virtual Card Payments Configuration:

Steps

  1. Go to Invoice → Payments → Payment Manager.

    • Under Configuration, select Card Accounts.
    • Select New Card Account. The Card Account window appears.
    Select Payment Manager from the Payments tab of the Invoice Manager page. Then, select New Card Account button on the Card Accounts page.

  2. Complete and save the mandatory fields under the Account Information tab.

    • Complete the fields on the Account Information tab on the Card Account window.
    • Select Next to save the entries and move to the next tab: Provider Onboarding Application.
    Select the Account Information tab and then select Next.
    Index #Field NameDescription
    1Currency

    List of supported currencies for all payment providers.

    Select the billing currency of the credit card being registered.

    Note

    The invoices must be in the same currency as the card account to pay by virtual card.
    2Account Country/Region

    List of supported countries/regions based on currency.

    Select the billing country of the credit card being registered.

    3Account Display NameThe name of the card account that will display on the Monitor Payments page.
    4Active

    The card account's activation status:

    Yes - account activated

    No - account deactivated

    Note

    This field defaults to No until the virtual card configuration/registration is complete.
    5Apply Credit Memos

    Credit Memos tracked by the system that can be applied to payments:

    Yes - track and apply credits with vendors for future payments

    No - not track and apply credits

    6Available ForThe list of available payment groups that can be paid from the card account.
    7Cash Account CodePayee's general ledger account code for the card account the payment is made from (used for the Payment Confirmation Extract).
    8Liability Account CodePayer's general ledger account code for the liability account being cleared by payments (used for the Payment Confirmation Extract).
    9Company Name

    The name of the company making the payment.

    The company name will display on remittance notices and e-mails.

    10ProviderList of supported payment providers based on the currency and country/region selected.
    11Days to Expiration

    The number of days after a virtual card is issued and a vendor has to charge the card before it expires.

    Payment demands for expired cards will fail and display in the Failed Payment queue in Payment Manager.

    12Maximum Card Limit

    The maximum payment amount a single virtual card can be created for from the card account.

    Payment demands that exceed this limit will fail to be processed after the batches closes and display in the Failed Payments queue in Payment Manager.

  3. Complete the Provider Onboarding Application tab.

    The Provider Onboarding Application tab appears for the selected provider.

    • Complete the required fields. Select Register.
    • The Account Verification Required message instructs the Payment Manager on the steps required by the bank to verify that the authorized cardholder has registered the card with the provider to issue virtual cards.
    • Complete the account verification required.
    Select the Onboarding Application tab to add card details. Then, select Close.
    Index #Field NameDescription
    1Card NumberThe credit card number.
    2Expiration DateThe expiration date for the credit card.
    3Card Security Code (CVC)The security code for the credit card.
    4Business EmailThe e-mail address of the cardholder for the credit card.

Virtual Card Configuration - Activation and Deactivation Steps

Account card configurations must have a Complete status and be active for payments of approved invoices being paid by cards to be batched and sent to vendors.

How to Activate a Card Account

  1. Go to Payment Manager → Configuration → Card Accounts. The Card Accounts List page appears.
  2. Select the card account you need to activate. Under Actions, select Activate Card Account.

    The Card Account List page will display the newly activated account with Yes in the Active column.

    Select the Activate Card Account option from the Actions dropdown on the Card Account List page.

    Note

    Once you activate a card account, it becomes possible to batch newly approved invoices for payment.

How to Deactivate a Card Account

  1. Go to Payment Manager → Configuration → Card Accounts. The Card Accounts List page appears.
  2. Select the card account you need to deactivate. Under Actions, select Deactivate Card Account.

    The Card Account List page will display the newly deactivated account with No in the Active column.

Select the Deactivate Card Account option from the Actions dropdown on the Card Account List page.

Now that you've learned how to set up the card account configuration, we'll move on and review how to manage virtual cards.

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