Virtual Credit Card Payments – FAQ

Click on a question to learn more about using virtual cards for your customer payments

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What are virtual cards?

Virtual cards are credit cards that are shared digitally (via email and online in the Coupa Supplier Portal) rather than using a physical credit card. From a payments perspective, there is no difference between processing a virtual credit card and a physical credit card. Just as you see on a physical card, virtual cards contain a credit card number, expiration date, and CVV code. 

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    What are the requirements for virtual card payments?
    If your business is able to accept credit cards for invoice payments, you can likely accept virtual cards. You are a great fit for virtual card payments if:
    • You have a merchant account with a card terminal to process payments.
    • You can accept credit card payments by email (or log into Coupa Supplier Portal to access them) and then enter the card details directly in your credit card terminal.
    • You don’t charge any additional service fees for credit card payments.

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      Are there any hidden fees with virtual card payments in Coupa?
      There are no extra or hidden fees associated with virtual card payments in Coupa. Suppliers are responsible for paying just the standard processing fees or transaction fees charged by their merchant processor.

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        Why should I accept virtual card payments? What’s the benefit to me?

        Virtual credit cards are often the most preferred and efficient payment method offered by your customers. Suppliers who accept virtual card payments receive quick and secure payments that are easy to process. More and more businesses are prioritizing suppliers who can accept credit card payments, which can be a competitive advantage for you. Other advantages include:


        • Quicker access to funds for improved control over your working capital.
        • Secure payments with detailed electronic remittances, helping improve and expedite your accounts receivable process.
        • Reduced fraud risk.


        Note: Some customers may also offer accelerated payment terms with virtual card payments. This can decrease your DSO (Days Sales Outstanding) which benefits your cash flow. Please check with your customer or refer to the email you received about the virtual card program to see if your customer offers this option.

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        How do we process virtual cards?

        You charge the virtual card the same way you process any credit card using your existing merchant account. The card number, expiration date, and CVV will be provided to you within the email and also viewable in the Coupa Supplier Portal after MFA authentication. You will simply enter the card details and amount into your credit card terminal or merchant payment processing account to charge the card for payment (just like a physical card) and have the funds deposited to your account.


        You can charge the virtual card multiple times until the full amount of the card is utilized. Please remember to fully charge the virtual card before the expiration date shown. If your card expires before you charge it, please contact your customer directly.

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          We can’t accept credit cards but would like to. How do we get set up to process card payments?
          Coupa has payment partners that can help!

          One of the quickest ways to get set up for credit card payments is by opening a Stripe account. Visit https://stripe.com/ to get started. Once you have a Stripe account, you can easily connect it to your Coupa Supplier Portal account to enable touchless payment processing and have funds automatically deposited to your bank account registered with Stripe. Learn how here.

          You can also work with our partner Boost to get set up for credit card payments. Visit this site to learn more: https://www.boostb2b.com/coupa-supplier

           

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            We accept credit cards but my customer is using American Express cards and we don’t accept Amex. How do we get set up to accept their cards?
            American Express offers services to help you start accepting their cards directly with Amex or with a Payment Provider. Get started here.

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              We charge service fees for credit card payments. Will my customer pay these fees?
              No, suppliers are responsible for paying any transaction fees associated with credit card processing. Although you may be charged processing fees for credit card payments, please consider the benefits of enhanced reconciliation data and process efficiencies, preferred supplier status, and earlier availability of your funds leading to improved cash management.

              Note: Some customers may also offer accelerated payment terms with virtual card payments. This can decrease your DSO (Days Sales Outstanding) which benefits your cash flow. Please check with your customer or refer to the email you received about the virtual card program to see if your customer offers this option.

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                We have a payment limit for credit card transactions. Can we use virtual cards?
                Virtual cards can be charged as many times as necessary to stay under your individual transaction limit until the total approved amount of the card is fully accepted. Be sure to use the full amount of the virtual card before it expires.

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                  Are virtual cards secure?
                  Yes. Virtual cards provide a unique credit card number for each payment so you don’t need to store credit card information for your customer. This keeps financial data more secure and reduces fraud risk. Card details are sent by secure email and also viewable by authorized users in your Coupa Supplier Portal account only after multi-factor authentication.

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                    How do we receive virtual card payments?
                    Virtual cards are delivered right to your inbox in a secure email. Cards will be sent to the email address you provide to your customer as your “Payment Remittance Email Address” either via an enrollment form that was emailed to you, or within the Coupa Supplier Portal when you set up your Payment Method.

                    The payment email will include the payment number for the invoice being paid and will contain all the details needed to process the payment using your merchant account. Just as you see on a physical card, your virtual card includes the card number, expiration date, and CVV code.

                    If you do not receive your virtual card payment email, please check your junk and spam folders. You can also contact your customer directly to have them resend the card payment email.

                    Virtual card details and full remittance details are also viewable by authorized users in your Coupa Supplier Portal account.

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                      What security standards are required for virtual card payment emails?

                      The virtual card payment email is sent as a TLS (Transport Layer Security) encrypted email. The inbox receiving the virtual card emails must meet TLS 1.2 protocol. The majority of email services including Gmail meet this TLS encryption requirement. If your inbox does not meet this requirement, you will not be able to view the full card details in the email and would need to log into your CSP account to access the card number. Please consult with your IT Team to confirm your email account meets TLS protocol.

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                        What is the email address sending the virtual card emails?

                        The email address will vary depending on the bank your customer is using to issue their virtual cards. Please confirm the issuing bank with your customer or refer to the email you received about the virtual card program.

                        • Cards issued by American Express in the U.S. are sent by: [email protected]
                        • Cards issued by JPMorgan Chase are sent by: [email protected]
                        • Cards issued by all other banks and American Express non-U.S. cards are sent by: [email protected]

                        Please ensure the email address is whitelisted as an approved email with any spam filters you have on your email server so virtual card emails will arrive successfully. If you are unsure how to do this, consult with your IT Team.

                        If you do not receive your virtual card payment email, please check your junk and spam folders. You can also contact your customer to have them resend the card payment email, or you can view the virtual card details directly in the Coupa Supplier Portal within the Payments page after multi-factor authentication.

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                          What does the virtual card email look like?
                          The virtual card payment email will vary based on the bank your customer is using to issue their virtual credit cards. But each payment email will include the following information:
                          • The Invoice Number(s) being paid
                          • Your Customer Name
                          • The credit card number, expiration date, and CVV

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                            How do we view virtual card details in the Coupa Supplier Portal?
                            Users with the Payments role in CSP can view virtual card details after multi-factor authentication. First, go to the Payments page (available in your top navigation bar) and find the relevant payment.

                            • Click the Payment # to open the payment details, then scroll down to the “View Card Details” section.
                            • Click the View Card link. This prompts you to authenticate, after which you can access your virtual card.

                            The card image that is displayed contains all the information needed to charge your virtual card. The card number and expiration date are on the front of the card. Click the double square icon to copy the card number. CVV is on the back of the card. Use the circle icon to flip over the card image to see the CVV.

                            If you’re unable to view the Payments page, this means you do not have the correct permissions assigned. You can contact your CSP Admin for help by navigating to the home page and clicking the “View Admins” link to see your Admin Users. Click on a name to email your CSP Admin asking them to review your user permissions.

                            If you’re able to navigate to Payments but can’t view data for your customer, you will need to edit your Customer access permissions in Setup > Admin > Users or contact your CSP Admin for help.

                             

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                              We receive many credit card payments and would like to avoid manual entry. Can we automate our virtual card processing?

                              If you currently use Stripe to process your credit card payments, you can connect your existing Stripe account to your Coupa Supplier Portal account to automate your virtual credit card payments. Learn how here. Coupa also partners with Boost, a provider of straight-through processing services, that can automate your card processing. Learn more here.

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                                How will we receive our remittance advice for virtual card payments?
                                You will receive a separate email from Coupa https://supplier.coupa.com/coupa-pay-help/credit-cards/virtual-card-faq/?et_fb=1&PageSpeed=off#with the Payment Remittance Advice. The remittance email will be sent to the same email address receiving the virtual card payment email. In addition, all Coupa Supplier Portal users with the Payments permission will receive remittance emails and can view remittance details anytime in the Coupa Supplier Portal.

                                A sample of the remittance email is below. The remittance email will specify the invoice(s) that were paid with the virtual credit card.

                                Remittance emails are sent from “[email protected]” and your customer’s name would appear within the email address. You can verify the exact email with your customer.

                                Please ensure this email address is whitelisted as an approved email with any spam filters so payment remittance emails will arrive successfully. If you are unsure how to do this, consult with your IT Team. If you do not receive your remittance email, please check your junk and spam folders. You can also contact your customer to have them resend the remittance email, or you can view the remittance details directly in the Coupa Supplier Portal within the Payments page.

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                                  How can we see payment remittance details in the Coupa Supplier Portal?

                                  Users with the Payments permission can click on the Payments tab in the top navigation bar, and then click the Invoice Payments submenu. You will see all the details of each virtual card payment, including which invoice(s) were included in the payment.


                                  In the Payments page, you’ll be able to see the payment details by clicking on the Payment number in the table that shows up. You can also see what documents this payment relates to.


                                  If you’re unable to view the Payments page, this means you do not have the correct permissions assigned. You can contact your CSP Admin for help by navigating to the home page and clicking the “View Admins” link to see your Admin Users. Click on a name to email your CSP Admin asking them to review your user permissions.

                                  If you’re able to navigate to Payments but can’t view data for your customer, you will need to edit your Customer access permissions in Setup > Admin > Users or contact your CSP Admin for help.

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                                  How do we update our payment method to start receiving virtual card payments?
                                  If you have been contacted by Coupa by email or phone on behalf of your customer, you can easily enroll via the online form in the email or work with the Coupa representative to confirm your payment information and sign up for virtual card payments. Coupa will provide your information to your customer who will complete your payment method setup. Once your new payment method is approved by your customer, your payments will be made by virtual cards on all your future invoices.

                                  You can also update your Payment Method to Virtual Card directly in the Coupa Supplier Portal by following these directions.