Virtual Card for businesses

A virtual card works just like a normal credit card, except instead of a physical card, you get a single-purpose virtual card number for each situation. Virtual cards provide a secure way of making payments. You can restrict their use to a single transaction, limited date range, dollar value, or use by particular merchants.

CommBank offers virtual cards that can be used for travel or procurement.

A Virtual Card for Travel lets your staff or contractors book and pay for travel through a travel management company without needing a corporate credit card or a charge back process. Each time someone books travel, the travel management company automatically generates a single-use, unique card number and links it back to your account.

Benefits for your business

Simplify reconciliation

• Traveller data is captured up front during the booking process, speeding up invoicing and reconciliation
• Reduces the need for travellers to put expenses on their own cards and claim it back from the business

Greater transparency for reporting

Enhanced & custom travel data including flight path, reason for travel and staff ID

Control and security for your business

A Virtual Card for Travel has a limited life, a maximum number of transactions, a set value that covers the traveller's expenses and limits the use to certain types of merchants such as hotels

A single-purpose virtual card number is generated as required. You can use it to pay for specific transactions securely, over the phone, online or by providing the card details to the supplier. We can help you determine which suppliers can accept virtual cards. 

Benefits for your business

Streamline your payments

• Securely pay suppliers via card
• Transition EFT suppliers to card
• Replace existing cheque payments with a virtual card
• Move recurring payments from existing employee corporate cards so your payments aren’t tied to individual staff

Control and security for your business

• Defined date ranges, a nominated number of transactions, limited values, and the ability to decide which merchants can transact on the card
• Requests for new cards to be created are approved by nominated approvers

Financial benefits

• Working capital benefit via extended payment terms, providing flexibility in managing cash flow
• Cost savings via process efficiencies
• Potentially improved trade terms through early supplier payment

Efficiency benefits

• Faster processing times
• Integrate with your finance system to automatically generate your virtual cards
• Reconciliation can be automated with custom data captured upfront
• Single account to be reconciled regardless of how many cards are issued

Benefits for your suppliers

• By paying invoices on virtual card, your suppliers can receive funds more quickly, as payment can be taken immediately on delivery 

Virtual cards are suitable for medium to large businesses that are existing relationship managed clients or qualify to be relationship managed. 

To open a virtual card account, speak to your relationship manager.