Virtual Cards - FAQ

What are Virtual Cards and Virtual Payments?

Virtual card payments create a unique number for each payment.   They are issued to a specific vendor and for a specific amount.

What are the benefits of Virtual Cards?

One benefit is added security. The virtual card can only be used by the vendor to whom it was issued and only for the specific amount authorized. This also makes reconciling your card easier since you can see the status of any virtual card immediately, so you can see when a payment has been settled by a vendor.

 

Will using Virtual Payments change my current Rewardworks process?

No, your process in Rewardworks will continue in the same way. However you will notice an added section for virtual payments in your Rewardworks software. This section allows you to see the status of any virtual payment you have sent, and allows you to recreate a virtual card when needed.

Can I enable any American Express card for Virtual Payments?

Only Business and Corporate American Express cards can be enrolled for virtual payments.

Can I use a Virtual Card for any payment format (Email, Letter, Phone, Online)?

Yes, you can use virtual payments with all contact preferences in Rewardworks. On the remittance letter that is produced, it will simply insert the virtual card number in place of your physical card number. We do recognize that in cases of online payments and auto-payments, using your physical card number may be more efficient.

Three Types of Virtual Cards

When flagging a vendor for payment in Rewardworks, you will notice the option to choose from two different types of virtual credit cards. (If you do not see this option, please let us know and we can enable it, or upgrade you to the latest version of Rewardworks.)

By default, vendors will be set for a single-use virtual card. This will allow for a vendor to charge the full amount, one time. This means if the vendor attempts to run the card for any number more or less than the exact amount, it will decline.

Multi-use numbers are also available. This type of card is able to be charged multiple times, but never exceeding the maximum amount allotted to the card on creation. These should only be chosen if one of the following scenarios requires it:

1.     The vendor charges the card per invoice instead of one total payment amount.
2.     A  single payment is being made to multiple account numbers., which requires vendors to process separately.

Reloadable numbers are used when you have to store a card on file. Instead of creating a new virtual card every payment, one is generated during the first payment and all future payments will add to the existing balance of this virtual card. This allows you to store the card on file and not update it each payment. For a more detailed description about how Reloadables work, how to set them up, and different scenarios to use them, see this artcile.

Can I continue to use my physical card for point-of-sale purchases, such as when traveling?

Yes, your physical card continues to work as a regular credit card when making purchases at American Express accepting vendors. Having it enrolled in the virtual card program does not change this functionality.

What do I do if a Virtual Card expires?

Virtual Cards have an expiration date that is one month after the day it was created. You can see if a card is nearing the expiration date before it has been used by the vendor on the Virtual Payments tab in RewardWorks. If you need to change the expiration date, making it either sooner or later, you can do so by right-clicking on the payment and choosing the Update - Expiration option. You will then be able to set new expiration date.

If the Virtual Card expires before a vendor can use it, you can use the Recreate Payment option to create and send a new remittance letter with a new Virtual Card number to the vendor.