Visa AR Management is designed to automate the virtual card transaction process to grow and maintain existing card volume. The solution retrieves card details, initialises authorisation, and clears steps on the supplier’s behalf to improve the virtual card transaction process. It also provides reconciliation data to close out invoices in the supplier’s ERP system. The automation aims to improve the way virtual cards are managed, simplifying the process and reducing manual touchpoints for merchants.
Processing a single virtual card payment from one customer can potentially take two to 10 minutes. Visa aims to transform this time-consuming operation into a fast and simple one by launching Visa AR Manager. As the projected compound annual growth rate of the global virtual cards market size from 2024 to 2030 is 21.2%, 60% of companies surveyed by Visa claim they see room for improvement with their virtual card processing.
Visa AR Manager reflects the company’s commitment to payments development aimed at reducing friction with commercial acceptance. The solution will improve supplier AR workflows, enabling the increase of efficiency, minimising operational costs, and simplifying virtual card payments for merchants.
Key capabilities of the new solution include a simplified onboarding process for suppliers, including verification of merchant identifiers, and automatic card account retrieval via batch file integration or email extraction with participating issuers, with an API soon to follow. Visa AR Manager initiates authorisation and clearing steps automatically for the majority of acquirer processors in the US, and provides meaningful and timely reconciliation to close out invoices, ensuring efficiency and accuracy. Visa is now accepting new issuer implementation requests.
Benefits for suppliers include keeping their existing acquirer, eliminating the need for storing card numbers, closing paid invoices with timely reconciliation details more easily, and no extra charges from Visa. For issuers, the solution enables them to choose their method of integration, optimise virtual payments for suppliers, reduce the chase for down payment exceptions, and ensure safety.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now