To configure Virtual Card Payments, you must use the Invoice Payment Manager tool.
Follow these steps to complete the Virtual Card Payments Configuration:
- 1. Go to Invoice → Payments → Payment Manager.
- Under Configuration, select Card Accounts.
- Select New Card Account. The Card Account window appears.
- 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.
Index # Field Name Description 1 Currency 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.2 Account Country/Region List of supported countries/regions based on currency.
Select the Billing Country of the credit card being registered.
3 Account Display Name The name of the card account that will display on the Monitor Payments page. 4 Active 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.5 Apply 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
6 Available For The list of available payment groups that can be paid from the card account. 7 Cash Account Code Payee's general ledger account code for the card account the payment is made from (used for the Payment Confirmation Extract). 8 Liability Account Code Payer's general ledger account code for the liability account being cleared by payments (used for the Payment Confirmation Extract). 9 Company Name The name of the company making the payment.
The company name will display on remittance notices and e-mails.
10 Provider List of supported payment providers based on the currency and country/region selected. 11 Maximum Card Limit The maximum payment amount that can be created for a single virtual card from the card account.
Payment demands that exceed this limit will fail to be processed after the batches close and display in the Failed Payments queue in Payment Manager.
12 Days to Expiration The number of days after a virtual card is issued that 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.
- 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.
Index # Field Name Description 1 Card Number The credit card number. 2 Expiration Date The expiration date for the credit card. 3 Card Security Code (CVC) The security code for the credit card. 4 Business Email The e-mail address of the cardholder for the credit card.
