Executive Memo - Improving AP Efficiency While Strengthening Controls

Virtual cards are single-use payment card numbers. With no physical card, they are exclusively a set of 16 digits that are issued for a single transaction, or “swipe,” of a specified amount to a specified vendor. Companies use them primarily to help reduce fraud risk and increase efficiency. This type of card differs from a “ghost” card in that the virtual card is single-use. It differs from a P-card in being both single-use and having no physical card.