As virtual credit cards become an increasingly popular payment method for their speed and security, many accounts receivable (AR) teams face a new challenge: the manual effort required to process these transactions. Virtual card payments can be particularly time consuming when payments arrive via email. While these cards offer enhanced protection against fraud, they also introduce complexities that can slow down operations and increase security and compliance concerns regarding the exposure of sensitive cardholder data.
This is where Billtrust steps in with a powerful solution—a Digital Lockbox.
The Billtrust Digital Lockbox is designed to automate the capture and processing of virtual card payments, particularly those received in the email inbox. Traditionally, AR teams must manually open messages and attachments, extract card details, and enter them into their systems—a time-consuming and error-prone process.
Virtual card usage is expected to increase over 320%.
Billtrust eliminates this manual work by:
- automatically retrieving emailed card payments,
- securely extracting the necessary data, and
- processing the transactions with minimal human intervention.
One of the standout features of Billtrust’s platform is its ability to reduce the security concerns of exposing sensitive card data. By adhering to security requirements and safely handling virtual card information, Billtrust helps companies maintain PCI DSS compliance. This was a key benefit for the finance department at Cintas, which reduces their number of audits since PCI DSS compliance is taken care of for them. This not only enhances security but also reduces the risk of data breaches and any associated reputational damage.
Routing all credit card payments through Billtrust has removed the risk of PCI non-compliance and data exposure from Cintas’ internal systems. It also simplifyed SOC 1 and SOC 2 compliance. With credit card volume exceeding $60 million per month, the impact is significant. “None of that touches my system,” explained Scott Hess, Director of Treasury, Cintas.
Beyond security and automation, Billtrust Digital Lockbox offers flexible business rules that allow organizations to tailor their payments acceptance policies, customizing their list of accepted payments according to the lifetime value of each client group. Companies can define which payments are allowed, how payments are processed, routed, and reconciled, creating incentives but also optimizing workflows to improve efficiency. This flexibility helps manage the costs associated with virtual card transactions, such as card interchange fees. Furthermore, payment behavior tracking enables strategic decision-making around which payments to accept and how to keep the cost of payment acceptance low.
Integration is another key advantage.
Billtrust’s Digital Lockbox solution connects seamlessly with major banks and financial systems, ensuring that payment data flows quickly and accurately into existing AR platforms. This reduces reconciliation time and improves cash application accuracy, giving finance teams better visibility into incoming payments and bad debt risks.
In summary, Billtrust’s Digital Lockbox transforms the way AR teams handle virtual credit card payments. By automating email-based card processing, enhancing data security, supporting PCI DSS compliance, and integrating with financial systems, the platform helps businesses save time, reduce risk, and improve operational efficiency. As virtual credit cards continue to gain traction, solutions like Billtrust’s are essential for companies looking to modernize their payment processing and stay ahead in a fast-evolving digital payment trends.
Learn more about how Billtrust can support your AR operations with a full suite of automated payment services.
