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E-invoicing, SCF & E-procurement

Billtrust launches Virtual Card Capture for automated virtual credit card acceptance

Wednesday 1 March 2017 | 10:30 AM CET

Billtrust, a services provider in payment cycle management, has announced the release of Virtual Card Capture.

Until now, the process for accepting virtual cards was a highly manual process. Upon receiving a virtual card payment, suppliers retrieved payment instructions from a third-party portal, manually keyed a card number into a terminal and then applied the remittance details into their ERP. While traditional straight-through-processing, or "STP," offerings automate the delivery of funds to a supplier's bank, none currently address the need to seamlessly match payments to open invoices in an ERP without requiring manual effort.

With Virtual Card Capture, payment instructions sent by banks and accounts payable platforms are re-routed to Billtrust for processing. Funds are deposited into a supplier's bank on the next business day and the remittance is consolidated across all payment sources and matched to open invoices in any ERP.

In addition to offering the Virtual Card Capture solution directly to suppliers, Billtrust has begun working with issuers, banks, and accounts payable platforms to extend the functionalities within their own supplier networks.

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