Frequently asked questions
Why should we accept virtual cards?
Accepting card payments allows you to get paid faster, receive settlement data from your merchant processor, receive enhanced data that mitigates errors, reduce fraud, etc.
Why not accept ACH instead?
You’re not a bank so why try and act like you have the security measures to properly store bank account numbers on behalf of your vendors? Who wants that type of pressure? Not to mention you’re 37% more susceptible to phishing attempts than your competitors who are utilizing digital payments today.
Why not accept checks?
Check payments require manual effort to receive, handle, and cash or deposit. Checks also pose the risk of being delayed, lost, or stolen in the mail, which can cause additional effort to track down or limit cash flow.
Are there fees associated with accepting virtual credit cards?
Interchange fees are negotiated by each individual vendor with their particular processing partner of choice. All payments cost money. Checks, ACH, and Wire all incur costs as well.
How do I get paid faster?
Digital Payments settle in your vendor’s bank account within the hour. Completely different than any other form of payment today. Fraud-free too!
How does it reduce errors?
Automation eliminates manual errors. Digital Payments are automated and utilize technology integration rather than key strokes and human interaction.
How do we get the payment?
There are 3 ways you could receive your payment: The card can be placed in your online portal, the card number is given over the phone, or we send the card to you via Cards-By-Email. You can decide which way makes the most sense for your company.
How do we receive payments with Cards-By-Email?
You will receive two emails. The first will establish your login credentials to our secure portal. The second will be at the time of payment and will allow you access to the virtual credit card payment loaded with the amount you are being paid.
What do the Cards-By-Email notifications look like?
A link to our secure web portal will be delivered via email when your payments are ready. There you can access the virtual payment details: 16-digit card number, CVV, exp date, buyer address, etc. You can also access other information such as: Invoice number, invoice date, invoice amount, and a list of invoices paid (if more than one).
How is this more secure?
Digital Payments are the most secure form of payment on the planet. Virtual cards do not carry any bank account numbers nor do they create the need for you to collect your vendor’s bank account number.
Will you advance the payment terms if we accept credit card?
This is up to the buyer, but in most cases your buyer will be happy to bump up the payment terms if they don’t have to manually write a check or wait to submit a monthly ACH payment batch through their treasury bank.
Are you able to reduce the merchant processing/interchange fees we pay when accepting cards?
BluePenguin is more than happy to give you contact information to some of the merchant processors they have worked with to see if you can get a better rate regarding the reduction of fees.