What is a Virtual Account Number (VAN) in Vendor Pay?
Instead of manually exchanging a Card number with your vendors with no security around usage, our service provides a Virtual Account Number valid for a limited time, that can be restricted to a limited amount and limited number of authorizations.
- What is a Virtual Account Number (VAN)?
- How does a Virtual Account Number function?
- How are Virtual Account Numbers generated?
- How long are Virtual Account Numbers valid for?
- How many times can a Virtual Account Number be used?
- How are Virtual Account Numbers delivered?
What is a Virtual Account Number (VAN)?
A Virtual Account Number is a randomly generated, one-time use 15-digit-number that's tied to the American Express Card number.
- A Vendor keys the Virtual Account Number into their Point-Of-Sale (POS) system as they would a regular Card number.
- Virtual Account Numbers offer added security and allow the Vendor to process payment only for the stipulated amount.
- The Virtual Account Number automatically expires if the Vendor doesn't use it within 30 days.
- The transaction rate will vary based on multiple factors, such as transaction size and merchant category code.
How does a Virtual Account Number function?
A Vendor keys the Virtual Account Number into their Point-Of-Sale (POS) system as they would a regular Card number. The Vendor must key it in at the exact amount that's shown in the email they received with the token number.
How are Virtual Account Numbers generated?
Virtual Account Numbers are generated once a successful payment request is received by American Express from Bill.com through Vendor Pay.
How long are Virtual Account Numbers valid for?
Virtual Account Numbers are valid for 30 days from the day they're generated and sent to the vendor. If the Virtual Account Number isn't used within the valid period, it'll expire and a new Virtual Account Number will need to be issued.
How many times can a Virtual Account Number be used?
A Virtual Account Number can only be used once at the exact amount of its value. The only exception to this is if the vendor performs a “pre-authorization” at a value of less than $2, after which they'll be allowed to authorize the Virtual Account Number again.
How are Virtual Account Numbers delivered?
Virtual Account Numbers are delivered via a secure email, directly from American Express, for immediate use. The email also has a remittance report attached for easy vendor reconciliation.
Payment emails for payments $10,000 and under are unencrypted, but payment emails for payments over $10,000 are encrypted. First-time recipients of an encrypted email will create a login ID and password to access the contents of the email. The vendor will need to remember their credentials for the encryption software for future payments.
The following is what vendors will see:
- Vendor opens the email attachment and follows the instructions in the attachment.
- The attachment says Click to Read Message. Vendor clicks on the button.
- Vendor creates an Email ID, chooses a password, selects a Recovery Question, and provides an answer to the question.
Vendor checks email to complete their registration.
Their email contains the Virtual Account Number and a link to a PDF of the Supplier Remittance Report.