The cps virtual card program
CPS processes payments in the most efficient way for our customer. The payment batches can be imported through a payment file integration or a direct Database linkage.
CPS generates a one-time use card and electronic remittance for each payment number generated from the source system for delivery to the supplier.
We deliver an electronic remittance including invoice & payment level data in the preferred format of the supplier.
The CPS Payment Portal pulls real-time transaction status of authorizations and cleared payments.
Reconciled payments can be delivered back into our customer’s Source/ERP System.
Overview & Features
The CPS Virtual Card Program provides a method to deliver payments electronically using a secure, one-time use MasterCard account number. These payments can only be processed by a vendor for the amount specified and reduces the cost of handling and mailing paper checks.
- Increased value to the AP organization by earning rebates
- Submit consolidated remittances for your suppliers electronically
- Leverage existing vendor pay cycle (terms)
- Secure payments through one time use feature (exact payment amount)
- Reduced AP costs
- Reduce financial risk and enhance financial controls
Implementation And Setup
Your virtual credit card program can be up and running in as little as 7–15 days without eating up a bunch of your team’s time and resources. Speed matters because every check payment that goes out the door is a lost opportunity for rebate revenue and cost savings. A dedicated project manager will lead our in-house team of implementation specialists to integrate our system to your accounting software.
We offer the industry’s most advanced vendor enrollment approach—which means less effort for you with more benefits, including:
- Automated payment type determinations.
- In-house team of full-time specialists who understand the needs and pain points of your vendors
- Substantial vendor network with 46% growth over the last two years
- Multiple advanced enrollment techniques to maximize electronic payments.