What are virtual card payments?
Virtual card payments are a secure electronic method for paying suppliers. Instead of a physical credit card or processing a paper check, a buyer generates a unique, one-time-use virtual credit card number for each payment.
How it works for suppliers
- Suppliers submit their invoices to Oracle as per the current process.
- Once the invoice is approved and due, payment is initiated.
- The supplier will receive an email from J.P. Morgan with virtual card details.
- If the supplier has signed up for secure emails, the entire card information will be displayed
- If the supplier has not signed up for secure emails, the card information will be masked and instructions on how to access the cards full details will be sent.
- The supplier will then use the virtual card details like a regular credit card to process the payment through their existing card network.
- Funds will be deposited directly into the supplier’s merchant account.
Key benefits for suppliers
- Faster payments: Eligible suppliers, who accept virtual cards, may receive shortened payment terms
- Reduced fraud risk: Virtual cards do not rely on bank account information, eliminating risks tied to incorrect or fraudulent banking details
- Easy reconciliation: Each payment includes detailed remittance information
How to get started
- Contact supplier.enrollment@jpmchase.com to enroll.
- After enrollment, you will receive a welcome email from J.P. Morgan with instructions on how to securely receive and process virtual card notifications.
Want to pay your suppliers with virtual cards?
Learn more about Oracle’s virtual card payment technology.