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Use Paymode-X Virtual Card to Pay Your Vendors

Join the thousands of mid-to-large companies paying their vendors swiftly and securely with virtual card.

8/10 clients earn 50% more rebates than they did with their previous payments solution.

Cut Costs and Make More Money with Paymode-X Virtual Card Payments

Compared to check payments, virtual card payments are faster and more secure. They can also reduce costs – at least $4 per payment compared to checks – and drive revenue.

Issue Paymode-X Virtual Card Payments in 3 Easy Steps

Step 1:

Send your payment instruction file to Paymode-X, with card payments marked appropriately, and let our secure solution do the rest.

Step 2:

Paymode-X generates a unique virtual card number that can only be charged once for a specific amount and sends it to your supplier.

Step 3:

Your vendor’s AR staff receives the card number along with rich remittance details and processes the virtual card payment like a standard credit card transaction.

Incur No Fees

Payers don’t pay a fee with virtual card transactions.

Your vendors pay a small fee on each payment in exchange for faster receipt of funds. Plus, they gain access to Paymode-X remittance and accounts receivable tools which help them speed up their AR processes. Furthermore, payments are protected from fraud since virtual card is one of the most secure payment methods.

Get Unmatched Security with Paymode-X Virtual Cards

Every card payment comes with a unique, 16-digit randomly generated number and information that can only be used once. That means that unlike static, physical cards, a virtual card won’t be compromised in data breaches. Plus, these details are securely stored and can only be accessed by users you specify.

In addition:

  • Payments use the built-in security and controls of existing card networks
  • Controls can be set to decline authorization if a supplier tries to charge a different amount than what’s been specified
  • Payments expire if a vendor loses the card or forgets to access the payment, further reducing risk of unauthorized access

Gain Full Visibility into Payment Details

In the Paymode-X portal, payers can see details for every virtual card payment, including date issued and received, payment number, invoice, whether it was tied to a PO, and payments that are set to expire. This makes tracking payments simple and straightforward.

See your virtual card rebates at-a-glance with this report.

View Rebates and Spend

View how much cash back you’ve received from your AP spend, so you can forecast future rebates and decide where to apply them to help the business. Gain access to a variety of customizable, easy-to-use reports as well.

Paymode-X Virtual Cards Are Widely Accepted

Over 50% of your suppliers are likely already being paid through the Paymode-X supplier network. Here’s why your suppliers are likely interested in being paid via virtual card.

Speed

Compared to checks, virtual cards are fast and effortless for accounts receivable teams. That means payments arrive more quickly and can be processed easily.

Data

Virtual cards arrive with robust remittance details, with nearly infinite customization options. Because of that, suppliers find receipt and reconciliation much easier.

Security

Virtual cards are inherently safer than checks. They’re protected by layers of security and are very unlikely to be intercepted. That gives suppliers peace of mind.

Paymode-X Enrolls Your Suppliers for You

We’ll reach out to suppliers to explain the speed and security benefits of virtual card, doing the heavy lifting so you do not have to.

Then, vendors self-enroll in the Paymode-X portal, a process that takes under 15 minutes.

Paymode-X validates vendors to ensure they’re legitimate, using:

  • KYC
  • OFAC
  • Additional validations

Once vendors are validated, you can start issuing virtual card payments to them immediately.

Every time a vendor receives payments, they can log in to Paymode-X where they can check their payments, self-schedule reporting, and more.