Managing Virtual Cards

Digital payment processes require a secure and streamlined platform. Concur Invoice allows you to pay invoices using virtual credit cards. These cards are created in Concur Invoice and linked to a virtual card payment partner. The software is designed to handle multiple card accounts, making it easier for businesses to use various corporate credit cards for payments.

For the system to work smoothly, vendor records on SAP Concur are given the virtual card payment method as a default. This designation ensures that card payments are the first choice for payment processing. The Contact Email field in each vendor record must include the e-mail address of the person who should have access to the virtual card details.

Regarding payment processing, invoices linked to virtual cards are batched to the designated card account. These batches and invoices can be monitored from the Concur Invoice Monitor Payments page. The platform's API will link with the payment partner to create virtual cards, each assigned to a specific payment demand. Vendors can only use these cards once for an exact payment amount.

Once a virtual card is created, Concur Invoice sends a remittance e-mail to the vendor. This e-mail contains a link and instructions on accessing card details, the authorized amount, the card's expiration date, and the invoices being paid.

Invoices paid using virtual cards are added to an open batch set to close the day before or as close as possible to the invoice's due date. The virtual card is generated and sent to the vendor the same day the batch closes.

To ensure transparency and efficient management, the data concerning the payment is updated on the Invoice List page. This feature enables you to track the status and details of each virtual card tied to invoices. Customers can also view a summary of all transactions made with virtual cards via the Payment Confirmation Extract. This bolsters effective and secure tail-end payment management.

You must maintain up-to-date records in the Concur vendor profiles for a seamless and timely virtual card payment process. This means vendors' profiles should contain addresses in the same country from where the configured invoices are paid.

Setting the default Pay Method Type field in the vendor profile as Single Use vCard is essential. The system will route invoices generated for a specific vendor to be paid using the virtual card. You can update the vendor profiles in Concur on the Manage Vendors page by uploading a file or using API for pertinent changes.

For vendors that accept virtual card payments, including their e-mail address in the Contact Email field on the vendor's record is crucial. This step allows Concur Invoice to send remittance e-mails to vendors, providing them with a link to access the virtual card details. The e-mail specified in this field will authorize the recipient to access and use the virtual card, bolstering the security and efficiency of payment processing.

In situations where the Contact Email field remains empty, those invoices linked with a virtual card payment method will be transferred to the Invoices Requiring Action queue of the Payment Manager. Thus, these invoices will need manual handling and may require alternation of the payment method. Vendors can expedite their virtual card payment processes by providing a contact e-mail, ensuring timely and accurate payments.

Upon a batch's closure and virtual card creation, vendors receive remittance e-mails sent by Concur Invoice. These notifications are critical to informing vendors about the payment status and the date their virtual card was processed.

The invoice within the Concur Invoice platform will then reflect a Paid status alongside the payment date. Such updates can be tracked on the Monitor Payments Payment Demand List page. This real-time accounting facilitates both vendors and customers in tracking payments, thereby promoting a transparent financial process.

After receiving the e-mail from Concur Invoice, the vendor selects the provided link and follows the authentication process to view the virtual card details. The vendor can use this information to charge the card through their accounting system, enabling secure and efficient payment processing.

A one-time passcode is generated for additional security when the vendor selects the Generate Code button. This passcode is then sent to the vendor's e-mail. By entering this passcode and selecting the Submit and View Card button, the vendor can access the details of the virtual card. Unique to every transaction, the virtual card number is dynamically generated, adding another layer of security to the payment process.

The vendor can access the complete credit card details after entering the passcode. This encompasses the entire credit card number, the 3-digit security code, billing information, and any other details necessary to process the payment.

Once the virtual card is dispatched to the vendor, the associated invoice in Concur Invoice will update its payment status to Paid. The payment information related to these invoices will then be readily available for extraction. You can then use this information to update and reconcile the accounting systems, maintaining an accurate financial record.

The card will be closed once the vendor charges the virtual card in their accounting system and the transaction settles. The settlement date of the transaction will be updated in the Payment Date field on the Monitor Payments page. New virtual cards will be issued for future payments to the vendor.

Once a virtual card has been dispatched to the vendor, all relevant updates concerning the card's status or payment transactions are received from the payment partner. These updates provide insight into whether the card has been charged, expired, declined, or canceled. If the vendor successfully charges the card, the payment status will be modified to Paid.

However, if the virtual card expires before the vendor can charge it, the payment status will change to Expired. In such a case, the vendor must contact the payment partner to request a new virtual card to charge the payment.

Accessing and utilizing the virtual card through the payment provider's URL simplifies the task for vendors. It enables them to charge the card effortlessly and monitor the payment processing within Concur Invoice. These attributes enhance the transparency and efficiency of the entire payment process.

Viewing Charged Virtual Cards

You can check the transaction history or statement of the virtual card to see if it has been charged. To view if a virtual card has been charged, select the virtual card payment you want to view on the Payment Demand List page.

The Invoice List for Payment Demand window appears with the Status as Charged, and the Payment Date will be populated with the date of the charge. This easy-to-navigate setup allows users to effectively track their virtual card transactions within the Concur Invoice platform.

Viewing Expired Virtual Cards

Virtual cards are designed to expire if they aren't charged before the expiration date, as indicated in the Valid To Date field. Payment demands associated with expired cards will appear in the Failed Payments queue in the Payment Manager. Note that expired cards can be reissued, either in the same form or a different payment method.

If you need to reissue an expired virtual card, follow these steps:

1. Log into the Payment Manager system.
2. Go to the Failed Payments queue.
3. Identify the payment demand for the expired virtual card.
4. Choose to reissue the card.
5. Decide if you want to reissue the card in the same or different form of payment.
6. Complete the necessary information for the new virtual card.
7. Submit the reissued card request.

Once the reissued virtual card is processed and approved, the vendor can use it for payment transactions as usual, ensuring smooth and uninterrupted business operations.

Canceling Virtual Cards

Virtual cards can be canceled before they are charged, safeguarding against unauthorized or incorrect charges. After a virtual card has been created and dispatched to a vendor, you can cancel the card before any charges are made.

Follow these steps to cancel a virtual card:

1. Navigate to the Payment Demand List page on the Concur Invoice system.
2. Find and choose the virtual card payment that you wish to cancel.
3. Open the Actions menu.
4. From the Actions menu, select Cancel vCard.
5. A message will appear, prompting you to confirm the cancellation. Choose Yes to proceed.
6. Concur Invoice will then send a request for card cancellation to the payment provider.
7. The payment provider will convey the cancellation to the card issuer, who will proceed with the cancellation.

Note

Be aware that once a virtual card has been charged, it cannot be canceled. In other words, it is irreversible if the vendor has already processed the transaction using the virtual card.

Editing Virtual Cards

If you are seeking to view and edit an existing card account, follow these steps:

1. Begin by accessing the Card Accounts List in Concur Invoice.
2. Locate the card account entry you wish to view and edit. You can scroll or use the search function for the specific account if necessary.
3. Once you have found the relevant card account, select it. Detailed information about the chosen card account will be available for viewing at this stage.
4. Carefully review the existing information and make any required updates or modifications.
5. Once you've made the necessary changes, select Save to preserve the updated information on the card account. With this action, your changes are saved, and the card account is updated with the new information.

Note

If the Card Accounts List contains over 25 card account entries, you may need to navigate various pages to find the desired account. Look for page numbers or pagination options to access other card accounts.

In the final lesson, we'll wrap things up.