Features and Benefits of Virtual Credit Cards

Stay secure

Reduce the risk of fraud and misuse with advanced security features:

  • Avoid the risks of giving out your actual credit card number through insecure channels such as email or phone – or of having that credit card number on file. Generate a single- or multi-use virtual credit card for each payment.
  • Reduce erroneous charges by restricting payments to specific amounts.
  • Help prevent fraudulent use by having suppliers or employees authenticate.
  • Assign approvers before payment submission.

Save time

Reclaim valuable time by streamlining the payables process:

  • Pay multiple suppliers and invoices at once through a single payment file.
  • Automatically match transactions to invoices within a single reconciliation file, sent to both the company and its suppliers.
  • Gain confidence by knowing when payments are sent and completed.

Reduce costs

Create virtual credit cards at no additional cost, while incorporating the cost-saving advantages of the RBC Commercial credit card program:

  • Avoid traditional cheque and wire payment processing costs.
  • Improve cash flow by potentially extending days payable by up to 51 days.1
  • Earn RBC Rewards® points or cash back for every dollar spent.2

Easy to implement

Because virtual credit cards is an add-on capability to the RBC Commercial credit card program, it's easy to get started:

  • There are no extra logins or IT development efforts required.
  • Virtual credit cards share the same credit limit as the existing RBC Commercial credit card program.
  • We can work directly with you and your suppliers to make the switch to virtual credit card payments as seamless as possible.

How it Works

How to pay supplier invoices

1
Approve the invoice(s) to be paid
2
Submit the approved payments individually or through bulk file upload, along with supplier and invoice details
3
A single-use virtual credit card gets assigned to each payment
4
Suppliers receive email notification with payment details, self-authenticates to receive the virtual credit card and charges the virtual credit card
5
Payments get automatically matched to invoices, provided in a single reconciliation file

How to give an employee or supplier a virtual credit card

1
Create a virtual credit card by inputting the spend limit, specified numbers of uses, and recipient’s email address
2
Recipient receives email notification, self-authenticates to receive the virtual credit card and charges the virtual credit card.3
3
Transactional information for each virtual credit card will be provided in a single reconciliation file

Get Started Today

Discover how your business can experience a new level of security, convenience and control.

Have a Specialist Contact You