Wells Fargo, the leading financial services company has recently announced a novel solution WellsOne® Virtual Card Payments service to enable the businesses to avoid paper checks by means of one-time virtual card numbers for the carrying out digital payment of invoices. Available to customers holding WellsOne Commercial Card, this service has been claimed to provide a convenient way to make business payments with more safety and control of a credit card, while offering suppliers with options to receive payments faster. Further, during this pandemic situation, businesses continue to extend remote work plans. In this regard, these digital benefits have apparently become crucial for maintaining payment operations and enabling easy fund flow between trading partners.
Speaking on the matter, Mary Mazzochi, senior vice president and manager of the Commercial Card product suite, Wells Fargo has stated that they are focused on consistently introducing easier ways for their customers to adopt new digital payment strategies through products and channels that are already familiar to them. Mazzochi further added that unlike paper checks, this virtual card service offers more transparency and precise payment timing which helps in optimizing working capital. Also, it provides added controls such as single-use numbers which in turn eradicates the risk of fraud.
For the records, the WellsOne Virtual Card Payments service provides easy tracking, reconciling, and remitting of payments. Further, its intuitive dashboard with responsive design quickly surfaces items requiring action. On the other hand, enhanced reporting helps in identifying exceptions, monitoring credit balances, and flagging items that need repair. Other prominent features are efficient audit trail, extended search options and access to reporting data of 24 months. Besides, provision of services such as Onboarding and Supplier Analysis in the WellsOne Commercial Card allows customer to engage suppliers and identify best accounts to pay by card.
Elaborating on the application procedure, customers can electronically send payment instructions from their enterprise resource planning system and those to be paid through card are directed to WellsOne Virtual Card Payments service, wherein every payment is tagged with a virtual number related to the respective commercial card account. The virtual number, which is utilized only once and for the exact dollar amount, is then routed through a digitally secure channel to the supplier for processing the payment.