For Small Businesses
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American Express® vPayment
Less time on paperwork. More time for growth.
Introducing the virtual payment solution that simplifies the supplier payments process so you can spend more time on your business.
Automated payments and easy reconciliations are just the beginning
American Express vPayment™ uses Virtual Account Numbers as a secure payment solution for each transaction. Program Administrators can set payment amounts, date ranges and transaction details to help improve control and streamline reconciliation processes.
Control meets efficiency with American Express vPayment
Gain control
Set spending parameters to help keep spending within budget and make sure company money is being used the right way.
Reduce risk
Use multiple controls and verification features to help ensure policy compliance while dynamic virtual account numbers help reduce the risk of fraud.
Improve efficiency
Easily track and match spend, using enhanced data to help streamline back office reconciliation processes.
Strengthen relationships
Reinforce strategic relationships by making it easier to recognise and reconcile payments they receive from your business.
How does American Express vPayment work?
Set
parameters
Choose from up to 20 customisable fields such as cost centre, job code, requisition number, event number and project code.
Create Virtual
Account Number
The American Express @ Work® platform enables you to generate a single-use or multi-use Virtual Account Number for the transaction.
Process
payment
The supplier charges your American Express vPayment account.
Verify
payment
The virtual payment processing platform verifies the transaction. If all the parameters are met, the transaction is approved and the payment is initiated.
Case study: a professional services company matches transactions to invoices
The Challenge: When transactions were not matching invoices, the Accounts Team at a professional services company found themselves struggling to reconcile payments and accurately report their budget.
The Solution: Implementing American Express vPayment allowed them to generate Virtual Account Numbers for each invoiced amount and add parameters such as cost centre and date range to help match transactions to invoices. They then send Virtual Account Numbers to the suppliers as payment for approved invoices with each payment tied to a specific set of customised data, limit and validity period. Each transaction must match all approved parameters, including amounts and date ranges, to be processed. The Virtual Account Number becomes inactive once the balance of payment is taken or the valid date range has passed.
Start your American Express vPayment application
Fill out the form to request a call back from a Specialist, or reach out to us at 1300 729 483, Monday to Friday 9am-5pm.
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Frequently Asked Questions
American Express vPayment is a virtual payment product that assigns a single-use or multi-use Virtual Account Number to each transaction. Program Administrators can set payment amounts, date ranges and transaction details to help improve control and streamline reconciliation processes while also reducing paperwork, fraud risk and billing errors.
After setting up your American Express vPayment account, you and your finance staff can set controls and parameters for each transaction. The platform automatically generates a single-use or multi-use Virtual Account Number. Because this number is a digital token and is not tied to any of your existing Corporate Card numbers, it can help reduce the risk of fraud. The Virtual Account Number is applied to each unique transaction and the system approves it if it falls within all the parameters.
American Express vPayment is accepted at any merchant that accepts American Express. Additional set-up for the merchant is not required. Foreign exchange fees may apply.
Find more ways to streamline business spend
Buyer Initiated Payments
Optimise your working capital and maintain control of your supplier payments.
Corporate Purchasing Card
Consolidate multiple employee expenses and process them as one easy payment.