Streamlining Virtual Card Transactions
Visa AR Management automates several critical steps in virtual card transactions to boost efficiency and reduce manual workloads for merchants. By automating the retrieval of card details, authorization initiation, and subsequent clearing processes on behalf of suppliers, this solution significantly enhances the transaction flow. Furthermore, it offers reconciliation data needed to finalize invoices within an ERP system.
Enhancing Supplier AR Workflows
According to Visa’s research, 60% of surveyed companies acknowledge areas for improvement in their virtual card processing procedures. Visa AR Manager addresses this challenge by streamlining the operation into a faster and less labor-intensive process. With an anticipated compound annual growth rate of 21.2% for the global virtual cards market from 2024 to 2030, Visa aims to meet growing demands while improving efficiency.
Main Features of Visa AR Manager
The solution includes a simplified onboarding process for suppliers, verified merchant identifier checks, and automated card account retrieval via batch files or email integration. For US acquirer processors, Visa AR Manager initiates authorization and clearing steps automatically, with an API expected to be integrated soon. It also provides timely and relevant reconciliation data to close invoices efficiently.
Benefits for Suppliers
Implementing Visa AR Manager allows suppliers to maintain their current acquirer relationships while eliminating the need for storing card numbers. This results in smoother invoice closure with better reconciliation details, all without additional Visa fees. For issuers, the solution supports flexible integration methods, optimizes virtual payments for suppliers, reduces down payment exceptions, and ensures a secure transaction environment.
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