Wells Fargo has announced a new solution as it seeks to support business customers in eliminating paper checks by using one-time virtual card numbers to digitally pay invoices through the WellsOne Virtual Card Payments service.
Available to WellsOne Commercial Card customers, the service looks to elevate efficiency allowing business payments to be made with the security and control of a credit card while providing suppliers with options to help receive payments faster.
Mary Mazzochi, senior vice president and manager of the Commercial Card product suite at Wells Fargo, commented: “It’s important we continue to introduce simple ways to help our customers transition to new digital payment strategies by using products and channels they are already familiar with.
“Unlike paper checks, our virtual card service provides more transparent, precise payment timing to help optimise working capital, and added controls like single-use numbers help further mitigate the risk of fraud.”
It comes as businesses continue to extend remote work plans due to the pandemic, these digital benefits have become increasingly central to maintaining payment operations to help keep funds flowing between trading partners.
The WellsOne Virtual Card Payments service looks to make it easier to track, reconcile, and remit payments. Its intuitive dashboard with ‘a responsive design quickly surfaces items needing action while enhanced reporting identifies exceptions, monitors credit balances, and flags items that require repair’.