Comdata's Virtual Card Lockbox is a cloud-based receivables solution that collects and processes incoming virtual credit card (aka single-use credit card) payments, making acceptance simple and secure.

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Virtual Card Lockbox

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How It Works

Comdata’s Virtual Card Lockbox is a cloud-based receivables solution that collects and processes incoming virtual credit card (aka single-use credit card) payments, making acceptance simple and secure. By using Virtual Card Lockbox, your organization will automate virtual credit card acceptance, in turn easing reconciliation and cash application and creating a touchless receivables process.

VCLB How It Works DiagramOn average, it takes 5.6 minutes and costs $3.05 (excluding merchant fees) to process one virtual card payment.

What is a virtual credit card?

A single-use virtual credit card number is a unique, 16-digit number tied to a single vendor payment and issued for a specific dollar amount. Your buyer may issue them via email, phone or through a portal.

Eliminate Manual Effort

Utilize your staff for strategic credit and collections activities, not opening emails and keying credit card payments. Virtual Card Lockbox automatically processes virtual cards as they are received, eliminating manual and error prone processes.

Improve Cash Flow

In many cases, the card acceptance fees with Virtual Card Lockbox are lower than your existing fees. And, transactions are processed immediately and deposited to your bank account in 24-48 hours, reducing DSO.

Simple Reconciliation

You can choose from industry standard or fully customized reconciliation files to expedite closing open invoices in your AR system, like including your customer’s account number.

Increased Security

Our PCI-compliant system takes the burden off you. You no longer have to store and key sensitive payment data, including card numbers and customer portal credentials.

Improved Customer Relationships

Allowing your customers to pay via their preferred method will decrease the likelihood of losing them to other suppliers.

Fast, Simple Implementation

Implementing Virtual Card Lockbox couldn’t be easier. A limited implementation process coupled with light IT involvement allows you to go-live in as little as 30 business days.


  
“We had one full-time employee who dedicated eight hours a day to processing emailed virtual card payments. They were forced to keep a spreadsheet of logins, passwords and URLS handy to retrieve virtual card numbers.”
Credit and Accounts Receivable Manager

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ComdataSTP

ComdataSTP
ComdataSTP automatically processes Comdata-issued virtual card (aka emailed or single-use credit card) payments, making acceptance simple and secure.
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