Virtual cards are often discussed in the context of corporate travel, enabling travel managers and employers to have greater control over how much their employees spend and on what. One travel and expense management firm now wants to tap into the potential of virtual payments for its clients.
Concur announced late last week that virtual card technology company GraspPAY is now integrated into its T&E solution, meaning corporate users can have the option to pay via virtual card while on business travel.
Single-use virtual cards enable managers to set parameters on a payment, assigning the card a certain value and for a certain transaction at a particular vendor. Proponents of the technology say virtual cards can be more secure than other payment methods, as they are able to be used for one purpose and for one amount.
Reports said Concur travelers that have a GraspPAY account can set up GraspPAY as a payment option within the Concur platform. This means travelers no longer have to go elsewhere to generate a virtual card number; they can simply do so in one step and apply it towards a purchase.
The integration also enables a PDF record of the transaction to be sent to the business traveler and for the travel supplier to receive a faxed authorization of the transaction.
“Our goal with GraspPAY was to create a solution that made managing single-use VCNs easy, flexible and seamless,” explained Grasp Technologies CEO and Founder Erik Mueller in a statement. “We know there was room for further automation and integration of VCN technology into current workflows, so we developed GraspPAY to interact seamlessly with Concur and other booking tools.”
According to the companies, the integration of virtual card technology into the T&E platform is an “industry first.”
“Concur integration for single-use VCNs is a functionality that has been top-of-mind for our customers,” Mueller continued. “We are very pleased that we could develop and deliver this to them, bringing new capabilities to the T&E payments space.”