Billtrust’s Virtual Card Capture Further Automates the Cash Application Process

Last week, Billtrust launched Virtual Card Capture, its secure, touchless process that allows the company to automatically process emailed card payments from customers or third parties.  Virtual Card Capture eliminates the keying of credit card payments, optimizes interchange fees to help lower supplier fees and simplifies the cash application process by including the payments within an organization’s remittance file while also ensuring PCI compliance.

Virtual Card Capture was introduced to address a growing problem for accounts receivable departments.  Increasingly, buyers are sending payments via email with one-time use credit cards, often called virtual cards.  The process for accepting these virtual cards has historically been very manual.  When a supplier receives a virtual card payment, payment instructions are retrieved via a third-party portal.  The card number is then manually keyed into a terminal followed by the remittance details entered into their ERP.  Traditional straight-through processing solutions can automate the delivery of funds to a supplier’s bank but none addressed the need to seamlessly match payments to open invoices in an ERP without manual intervention.  Virtual Card Capture now resolves this issue.

The way it works is simple; payment instructions sent by banks and accounts payable platforms are re-routed to Billtrust for processing.  Funds are deposited into a supplier’s bank on the next business day and the remittance is consolidated across all payment sources and matched to open invoices in any ERP.

Virtual Card Capture is ideally suited for organizations interested in automating 100% of their virtual card payments being sent to them by multiple banks and accounts payable providers.  For example, Medela, a market-leading medical supply company, was manually keying in thousands of emailed virtual card numbers into their ERP.  Each email was unique in where and how pertinent information was placed, making the process that much more time-consuming.  Now that the process is automated, Medela has been able to reallocate resources to better support the business and has seen significant improvement in their Accounts Receivable program.

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