Product suits businesses looking for a way to reconcile payments and eliminate accounting discrepancies
TORONTO—American Express Canada has launched American Express vPayment, a digital payment solution that replaces plastic cards with virtual account numbers.
American Express vPayment assigns a specific-use account number to each transaction, and users can set a payment amount, date range, and other transaction details. During expense reconciliation, a transaction is matched to its associated virtual account number.
American Express vPayment was designed to help a wide range of companies, said American Express. It suits businesses looking for a way to reconcile payments and eliminate accounting discrepancies. It’s also suited for procurement and accounts payable departments within organizations looking to streamline payment processes.
It can also simplify travel bookings by providing an easy way to pay for hotels and other travel expenses, especially for contract employees or infrequent travellers.
American Express vPayment lets organizations set the value a supplier can charge, as well as a specific date or date range within which they want the transaction to occur.
Suppliers spend less time waiting and get paid faster with streamlined receipt of payments, the company said. Because virtual account numbers can be processed using the same point-of-sale equipment as traditional credit cards, there is no additional technology required for suppliers already accepting American Express.
How American Express vPayment works: