Basics
Selling
Process
Random/Bonus
100
What is a Vendor Virtual Card?
Vendor Virtual Cards are digital credit cards that function like physical credit cards—but without the plastic. Rather than providing the same card number to multiple vendors, companies can limit their exposure to potential fraud by generating different 16-digit card numbers and expiration dates for each transaction.
The card is generated from Corpay One Cards > Virtual Cards > Vendor Cards.
It is sent to the vendor’s email address where they will process the card using their preferred Point-of-Sale System.
100
What are the benefits of Vendor Virtual Cards for customers and vendors?
Faster payments, fraud protection, more rebates, faster processing, additional payment options, and better payment visibility.
100
What are vendor requirements and considerations for sending Vendor Virtual Cards?
They must be able to accept credit card payments with a credit card payment terminal (POS system like Square)
If the customer is not able to process it and instead needs the card to be input in an online portal, our team will provide ‘Pay for You’ service where they generate the virtual card and then process it on behalf of the customer in the vendor's online portal.
While the payment option is free for Corpay One customers, the vendor would be subject to any credit card fees according to their existing processor.
100
What are Sales Engineers?
This group will help you when brought into discovery to navigate questions and identify good Virtual Card fits.
They will also be your go-to resource when it comes time to do a visual walk through with your prospect of CP1, onboarding and training the customer.
200
What is the delivery time for Vendor Virtual Card payments?
Up to 1 business day
200
What is the rebate a fuel customer receives on Vendor Virtual Cards?
Customers can save up to an additional 1.5% rebate on their fuel statement when they pay vendors with Virtual Cards.
200
What is the process of Vendor Matching? How do integrations Help?
When a customer connects to an accounting system the vendors get synced into Corpay One and ‘magically’ we get the customer’s AP Spend file showing us:
Which vendors match the database
Amount of spend for the last 12 months
Vendors paid for the last 12 months
How vendors were paid
Estimate rebate value
If no integration is available, we can simply upload the customer’s Vendor List using a CSV template
200
What accounting systems do we integrate with?
Optimal Integration:
- Quickbooks Online
- Xero
BETA/Early Adopter Integrations:
- Quickbooks Desktop
- Business Central
- Sage Intacct
300
What are the funding source options for Vendor Virtual Cards?
Vendor Virtual Cards can be funded by a bank account.
Coming soon: funded by a credit card (CP1MC with no fee)
300
What are common objections to Vendor Virtual Cards?
“My vendor will only accept checks;”
“I’m not the one who handles that;”
“I will be charged a convenience fee.”
300
How would you send a vendor a Multi-Use Virtual Card?
Vendor Virtual Cards are Single Use only
That being said, multi use ghost cards are coming soon
300
What is the good funds model?
Funds are pulled from the customer’s bank account before the payment is sent to the payee, thus ensuring funds availability.
400
How is an Employee Virtual Card different from a Vendor Virtual Card?
Employee Virtual Cards are intended for internal company use
Card and Spend Template managed in Corpay One
Full card number is accessible in Corpay One
400
What is a discovery question to kick off conversations on Vendor Virtual Cards?
“How do you typically pay your vendors?”
“How many of your vendors accept credit cards or virtual cards as a form of payment?”
“If you could earn additional rebates by simply changing your method of payment to vendors, would that be of interest to you?”
400
What are the End to End Steps to sending a Vendor Virtual Card?
1) Ensure the Vendor will accept
2) From Payables, choose an existing Vendor or create a new Vendor (you will need their email address)
3) Select your funding source, amount and input a memo (such as an invoice number). Once reviewed, click ‘Pay Now’
It’s as easy as that!
The vendor then receives an email the next business day with unique card details and inputs into their preferred POS to receive their payment
400
What is Corpay One’s Full Accounts Payable tool?
I don’t know yet! Training next week..
Sneak preview: CP1’s Full AP helps automate all vendor payments and effortlessly keep books up to date. This solution can send checks and ACH in addition to other payment options.