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VendorPay a Digital Payment Platform: FAQ
VendorPay Overview PDF
General Information:
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What are digital payments? What is a Virtual Credit Card?
Virtual credit cards (VCCs) are pretty much what they sound like – virtual versions of physical cards.
They have expiration dates, security codes, and multi-digit card numbers that can be entered and claimed by any vendor who accepts traditional credit cards. Unlike physical credit cards, VCCs are unique and pre-funded for the amount of the transaction.
- A virtual card is a randomly generated, single-use 16-digit card number that exists electronically, rather than on a physical card
- The virtual card is pre-funded and can only be claimed for the amount approved by the payer
- Any firm accepting traditional cards can accept VCCs by simply “swiping”, or claiming, the card with their existing credit card partner- no new infrastructure required
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What makes this payment method different than the paper check process I'm used to?
Today, paying vendor invoices involves printing and stamping checks, scanning records, physically sending checks through the mail, storing documents in filing cabinets, and painful reconciliation processing all just to make sure payments get made on time. This is all without mentioning the increasing risks around security and fraud in the world today.
VendorPay eliminates these burdens and allows our customers to pay you directly via one-time, virtual credit cards, all managed in a cloud-based system.
- Improve cash management and collections: dramatically reduce the timeframe from an issued invoice to a received payment
- Remove operational burdens: eliminate time spent chasing late or missing funds and unnecessary trips to the mailbox
- Reduce exposure to check fraud and lost or stolen checks
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What are the benefits?
Great question!
Virtual Credit Cards are rising in prominence in the B2B world, and there are several reasons why:
Security: Recent data shows that over 60% of domestic firms were targeted by financial hackers in 2020 alone! All Virtual Credit Cards (VCCs) are unique and are only funded for their designated transaction amounts. Unlike ACH, which requires sharing sensitive bank information, VCCs are significantly more secure as they only contain the funds to exactly cover the invoiced amount.
Speed: Are you are often cashing checks for services rendered months in the past? Research shows most businesses spend up to 2 weeks a year chasing late payments and still write off 5-10% as bad debt. VCCs remedy this gap by becoming available to vendors within just days of being approved.
Controls: Currently, the cost to process an invoice is $10-12 dollars: digital payments help streamline this unnecessary expenditure. VCC payments come with more transaction details and are tied directly to the invoice(s) rendered. Mysterious lump-sum payments no longer require decoding.
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Why should I accept VendorPay?
As long as your business accepts credit cards today, Virtual Credit Cards (VCCs) are applicable: no new payments infrastructure is required. Transactions fall under the same terms and conditions that govern traditional card payments
If you are able to process credit cards then by providing the below we can activate you for VendorPay!
- Acknowledge that you are opting in for VendorPay
- Provide a payment remittance email
How it Works:
- Invoice is issued
- Customer instantly receives invoice
- Customer enters invoice information and moves through an approval process
- Approvals process immediately triggers a VCC; arrives within 72 hours to vendor email of choice
- VCC is “swiped” in a POS terminal; payment received!
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Are Virtual Credit Cards secure?
All Virtual Credit Cards (VCCs) are unique and are only funded for their designated transaction amounts. Unlike ACH, which requires sharing sensitive bank information, VCCs are significantly more secure as they only contain the funds to exactly cover the invoiced amount.
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Are there processing fees?
The VCCs fall under the same terms and conditions that govern traditional card payments and are not subject to any extra fees beyond that of a traditional credit card.
By processing a VCC, you are subject to the terms and conditions between you and your card service processor. You are also responsible for any charges and related third party fees. This includes interchange, merchant discount, or other card processing fees that may be imposed as a result of processing a credit card.
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What is Stripe?
Stripe is a financial service that provides the payment infrastructure and compliance to power WorkSpace's VendorPay digital payment platform.
How it Works:
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How do I process a Virtual Credit Card?
- From the Digital Payment Advisory Email, click on the here link to access the virtual credit card information for payment.
Generate a verification code that will be sent to the same email their virtual credit was sent to.
- Enter the verification code.
- Click Submit.
- Virtual Credit Card(VCC) will be displayed and ready for processing through your Credit Card processor.
Note: Be sure to save your VCC information as you will not be able to re-display your VCC information.
After your virtual card is displayed, enter the 16‐digit account number, the CVC, the amount, expiration date, and ZIP Code into your point of sale terminal.
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Where do I find the Virtual Credit Card's passcode?
By clicking on the link in the Digital Payment Advisory Email you will be prompted to enter a temporary passcode that will be sent to the same email address on file.
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What if I have different accounting offices for different properties? Can I get paid to different places?
Yes, you can! As long as you opt-in and designate a payment remittance email for each property(it can be the same one!). We recommend working with your payment contact at the customer directly to set this up.
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Do I have to swipe the whole amount at once?
Yes, all VCCs must be swiped for the full amount listed in the Digital Payment Advisory Email.
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How long do I have to process the Virtual Credit Card?
You have 30 days once the Virtual Credit Card is issued to process the payment. If you are unable to process the Virtual Credit Card during this period, you can reach out to the email address listed on your Digital Payment Advisory Email to have the payment information resent.
Payment Management:
How do I reconcile my invoices to these payments?
The invoice number will show up in the email – in fact, easier than checks! Simpler record keeping.
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How do I change my payment remittance email?
Please contact the email on your Digital Payment Advisory Email(see below) and request to change your payment remittance email.
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Who should I expect my payment from? How can I be sure it is not spam?
You should expect your Digital Payment Advisory Email from the email address: update@from.workspace.cc
Note: We recommend that you add this address to your Contacts to ensure these emails do not get sent to your spam folder.
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Who do I contact if I have an inquiry or difficulty processing a payment?
Please contact the email on your Digital Payment Advisory Email(see below).
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Should I swipe the Virtual Credit Card(VCC) if the payment amount is inaccurate/unexpected?
No, please contact the email on your Digital Payment Advisory Email(see below) and inform them on the inaccuracy so that they can re-issue you a corrected VCC.
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What do I do if I lost my digital payment email or my Virtual Credit Card(VCC) information?
Please contact the email on your Digital Payment Advisory Email(see below) and request a new secure link to your VCC.
Note: You will have another 30 days once the Virtual Credit Card is re-issued to process the payment.
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