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American Express® vPayment
A virtual payment solution that uses customer specific reference fields, which simplifies the reconciliation and streamlines the procure to pay process of your company
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vPayment
Streamline the payment and reconciliation process with specific controls for transactions.
Need a simple and efficient way to pay suppliers quickly?
With American Express vPayment you can streamline your payment and reconciliation process and get greater control over your company’s spend. Assign a single-use Account number to a transaction, project, commodity or staff member. Set specific pre-authorisation amounts, date ranges, and transaction details with a virtual payment solution designed with your business in mind.
Enhanced Spend Control And Less Administration
vPayment is a virtual solution that allows you to generate single-use account numbers that facilitate secure and efficient payment for goods and services.It provides you with granular control of your expenses, reduces paperwork and errors, enhances security and offers an opportunity for online spend analysis.
Maximize control
Determine payment setting for how the Virtual Account numbers are used while linking payments to expenses for automated reconciliation.
Streamline your P2P process
An automated report is periodically generated with all transactions processed. This can be seamlessly integrated into your existing accounts payable system reducing paperwork and saving time.
Simple to implement, use and control
Your entire vPayment programme can be managed online through the American Express @Work portal, giving you the flexibility to control your Accounts wherever you are.
vPayment
Enhanced data capture and easy reconciliation
You can thoroughly analyze transaction data using available reports in American Express @Work to help reduce costs, monitor compliance and further increase efficiency.
We capture buyer data (purchase order/invoice, line-item detail) linking to each settlement. Track, match, and allocate spend easily with true single-use virtual Cards and many user-defined fields. This will simplify the reconciliation.
Managers and procurement teams get improved account visibility, enabling effective management of your programme.
How it works
Virtual Account Number Creation
A virtual account number is assigned to each transaction and provided to the supplier. Your company can set a specific amount, usage date range, and enter key expense details that will be associated to this payment.
Payment Verification
The supplier charges the vPayment virtual account number and charges are verified against the pre-authorised controls set by your company.
Expense Reconciliation
Transaction data is matched to your company’s predefined expense details and consolidated into a single data file for reconciliation.
How does American Express® vPayment work?
Transaction level Control and Authorisation
vPayment provides enhanced control of all spend down to exact amounts and dates, with your own unique references and buyer-specified references - making reconciliation problems and errors a thing of the past.
- Help protect against out-of-policy spend and fraud with customised, pre-set purchasing controls.
- Set and maintain spending limits by transaction by month, or by set temporary limits.
- Implement spending limits at the corporate account or Cardmember level.
Improve Purchase Reconciliation
Online analysis and expense reporting tools offer managers and procurement teams account visibility, enabling effective management of your programme.
- Compare real purchase data with contractual pricing by part number and unit price.
- Cross reference discrepancies within an order to match to online order systems.
- Monitor internal requirements for capital purchases.
- Access required tax reporting detail.
Easily Accepted Globally
vPayment works with any supplier that accepts American Express Cards so you’ll be able to use it with a global network of suppliers. American Express also provides dedicated supplier enrollment teams to further aid in helping your key suppliers accept American Express Cards.
Increase Efficiency
vPayment helps save you time while it handles the transactions. By capturing accounting data for each transaction, it reduces manual data entry or data tracking, making reconciliation easier. vPayment also improves your accounting information for later reporting or analysis by integrating any additional supplier-provided data.
Set your vPayment parameters
Choose from up to 20 customizable fields such as cost centre, job code, requisition number, event number and project code.
Create an Account Number
The American Express @ Work® platform enables you to generate a single-use or multi-use Virtual Account Number for the transaction.
Supplier processes the payment
The supplier charges your American Express® vPayment Account.
Verify payment by parameters
The virtual payment processing platform verifies the transaction. If all the parameters are met, the transaction is approved, and the payment is initiated.
- American Express® Corporate programme:
- Terms and Conditions
