bank of america virtual credit card number

Bank of america virtual credit card number code#

Virtual card numbers can be generated on-demand for transactions traditionally handled by paper checks, eliminating the time and physical cost of producing and cutting those checks.Virtual cards can contribute to AP teams’ efficiency because: Companies that use technology such as virtual cards to automate payment systems see an 80% improvement on average, with average invoice processing costs dropping to $2.25 and processing time dropping to 3.3 days. A recent survey by Ardent Partners showed that the cost to process a single invoice through traditional AP methods averages $9.25 and it takes 10.3 days for processing. Although most businesses will likely use a variety of payment tools, migrating some payments to virtual cards when it makes sense - for example, to pay invoices from regular suppliers - may help you to reduce risk.įor most companies, AP is a time-consuming part of business operations. Virtual cards also cut down on fraud risk by reducing reliance on other payment methods with greater potential for fraud.

If a supplier doesn’t use the number within the 30-day limit, the invoice can be resubmitted in the next pay cycle and a new number is issued. This means if a number is submitted for payment at a type of business that is prohibited - for example, a casino or jewelry store - it is automatically rejected.

Bank of america virtual credit card number code#

Merchant category code restrictions can also be placed on the numbers.If someone tries to use the number for a different amount, it is automatically rejected. Virtual card numbers can only be applied for the exact amount they are issued for.Virtual card numbers are difficult to misappropriate, and provide fraud protection for a number of reasons: Using virtual cards as part of your AP strategy has the potential to minimize that threat of fraud in your business. The Association of Certified Fraud Examiners (ACFE) reports that roughly one-quarter of businesses experience AP fraud each year and a typical organization loses 5% of its revenues to fraud annually. Reduced AP fraud riskĬompany success relies in part on keeping AP fraud at bay since costly attacks are commonplace. Research from the Association for Financial Professionals (AFP) shows that 74% of organizations experienced an attempted and/or actual payments fraud in 2020. The prevalence of AP fraud incidents may be prompting businesses to build these cards into their payment mix. Payments industry consultancy Mercator Advisory Group anticipates that virtual card use will outpace physical business credit card use by 2024.Ī virtual card is a one-time-use card for a specific invoice amount that has built-in protection against fraudulent use. To streamline accounts payable (AP) processes and guard against the increasing threat of AP fraud, businesses are using alternative payment methods such as virtual cards.

Use virtual cards for paying supplier or vendor invoices for high-ticket items.Ī typical company in North America makes more than 2,000 domestic payments annually, according to Juniper Research - each of these payments has an associated effort and fraud risk. Like all payment tools, virtual cards work best for certain AP needs.Virtual cards support AP efficiency by digitizing payments and simplifying reconciliation, leading to reduced time and effort needed for AP tasks.Alternative payment tools such as virtual cards - issued for one-time use, for specific invoice amounts, that expire after 30 days - are one of the tools AP teams use to mitigate the rising fraud threat.Nearly one in four companies report a payment fraud attack each year, according to Ardent Partners. The cost of accounts payable (AP) fraud can be high for businesses.