Pay supplier invoices digitally through your preferred issuer
Leveraging integrated virtual payment
Concur Invoice with integrated virtual payment powered by Conferma Pay
Leverage integrated virtual payment
Why
Today, businesses struggle to onboard new suppliers quickly and do not have the tools to control payments made by colleagues working from home.
What
The new integration of Conferma Pay with Concur® Invoice helps to solve these challenges by allowing businesses to pay suppliers using virtual cards, rather than legacy checks or bank transfers.
How
When a business receives an invoice from a supplier, there’s no need to follow a cumbersome payment approval process.
Instead, a virtual card is generated against that invoice for a specific amount within Concur Invoice, and pre-authorised payment details are securely provided to the supplier for processing. The virtual payment is automatically reconciled against the invoice, reducing manual work for finance teams.
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Enabling the use of virtual cards for Accounts Payable (AP) with controls on spend amounts, validity period and merchants means:
Greater flexibility
Leverage instantly generated virtual cards to complement or remove physical payment.
Higher security
Enhance control and authorization rules to prevent fraudulent transactions and misuse.
More control
Add configurable payment controls and authorisation rules for quicker payment processing.
Better data
See enriched data in a single place and automate manual processes for better reconciliation.
How it works in 5 steps
Optimal experience and simplicity:
- Receive invoices digitally, and route for approval
- Set payment controls on spend limits, merchants and dates
- Virtual cards created in real-time
- Communicated securely to suppliers for processing
- Transactions and invoice data matched automatically
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Why businesses love it
Optimised payment experience
Integrated
Virtual payment integration with Concur Invoice
Controlled
Advanced payment controls on spend limits, merchants and dates
Enhanced reporting
Enhanced reporting by linking transactions with invoice data
Working capital
Ability to increase Days Payable Outstanding (DPO) while reducing Days Sales Outstanding (DSO)
Capture more spend
Maximized card spend capture for increased commercial card incentives
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Why banks love it
Enhancing the payment experience
Speed to market
Digital innovation without the development cost
Increase spend & customer retention
Capture additional card spend and optimize clients’ payment experience
Integrated with SAP Concur solutions
World class innovative fintech solution
Security
Increased payment security and fraud prevention
Enhanced reporting
Linking transactions with invoice data offers advanced visibility
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Process flow overview
Key roles and stage explained:
- The invoice is captured in Concur Invoice and routed for approval
- Conferma Pay extracts the approved invoices every hour and presents them to the corporate buyer to review and or make payment
- Payment status updates become availble
- Conferma Pay sends payment communication to the Supplier or Acquirer
- Supplier or Acquirer charges virtual card
- Issuer sends Conferma Pay a feed of settled virtual card transaction data
- Conferma Pay matches invoice and settlement data received in steps 2 and 6 and produces a consolidated output file to Concur Invoice
- The issuer sends a statement to the corporate at the end of the billing cycle
Activation
New to Conferma Pay
1. Apply for a virtual card account
Apply for a virtual card account with your preferred Issuer.
2. Contact your SAP Concur rep
Notify your SAP Concur rep that you would like to setup virtual payments from Conferma Pay within Concur Invoice for your supplier payments.
3. Issuer sets up and submits virtual card account(s) details to Conferma Pay
Once your Issuer has completed the virtual card account setup they will securely upload these details to Conferma Pay. Conferma Pay performs virtual card account set up, quality assurance and testing.
4. Conferma Pay and SAP Concur activate your account
Conferma Pay links the account received from your Issuer. We notify your Issuer that the virtual card account build is complete and ready to use. You are provided with access to applicable Conferma Pay tools: Conferma Pay Online, Conferma Pay Snap.
New to Conferma Pay
1. Contact your issuer
Confirm with your issuer that you would like to add Conferma Pay virtual payment to your existing Concur Invoice agreement. The issuer will instruct Conferma Pay to activate your account for Concur Invoice.
2. Contact your SAP Concur rep
Notify your SAP Concur rep that you would like to add Conferma Pay virtual payments to Concur Invoice for your supplier payments.
3. Issuer sets up and submits virtual card account(s) details to Conferma Pay
Once your Issuer has completed the virtual card account setup they will securely upload these details to Conferma Pay. Conferma Pay performs virtual card account set up, quality assurance and testing.
