NuPay Plugs Your Business into Fintech – Simplifying and Streamlining Credit Card Payments
ABSTRACT: If your company uses credit to pay bills online, then you should plug into the benefits made possible by recent FinTech advances without replacing your current software. Adding NuPay, from Nucore Software Solutions, will simplify your staff’s credit payments, give you the information needed to control day-to-day credit usage, increase security, and save money.
Eliminating Plastic, Eliminates Problems
Plastic credit cards are fine for personal use, but in business plastic cards can incur significant costs that with today’s technology can be avoided. Whether you company is large or small, replacing a physical card with a virtual card account can simplify and streamline your payment process through automation, and do so while increasing online security.
If you have only twenty employees authorized to use online credit card payments, a detailed analysis would most likely show they may easily process more than 200 payments during any normal day. That is more than 73,000 transactions a year! When considering extraction, reconciliation, problem resolution, limit control, and other payment-related staff activities, the aggregated time spent can be a significant percent of your current, and sometimes hidden, “cost of doing business”. Many of these costs can now be reduced or eliminated with NuPay.
NuPay combines recent FinTech Virtual Credit Card Account technology with a travel-centric automated payment process to simplify, streamline, and reduce staff and management time required to maintain cost-effective online credit payments.BOMBSHELL: Leaked conversation of Lancet and NEJM Editors-In-Chief reveals they already know Big Pharma is a “criminal” cartel pushing rigged science for profit where to buy trenbolone acetate home – safest oral steroid for bulking, strong oral anabolic steroids – snowchat4um
Optimize Payments with a Virtual Credit Card and NuPay
Every company makes payments to suppliers and service providers. How payments are made and what information is retained impacts just about every other function in the company from accounting to customer service and especially the management of day-to-day operations.
Streamlining, and automating payments can significantly reduce operational costs and provide a suite of powerful management tools to optimize and control credit usage, liquidity, staff balancing, and quality of service.
Being positioned between a new Virtual Credit Card bank account and your existing accounting system, NuPay can add transaction related information to payments that can be used to increase efficiencies across the entire organization.
What is a Virtual Credit Card?
Recent FinTech advances include Virtual Credit Card Accounts that replace familiar physical plastic cards. A virtual Credit Card is associated with an issuer’s funding or billing account that, upon request, will generate a different number for each online purchase or payments A different “virtual card” number (or VCN) is issued for each transaction and expires upon the completed transaction. All purchases and payments are charged against the same funding account. Since no two VCNs are identical, the VCN can be used as a unique digital transaction identifier.
Virtual Card Benefits
- A virtual card cannot be lost, stolen, damaged or “loaned.”
- Different VCNs for each transaction increase security and greatly reduce the probability of fraud.
- Usage can be controlled (by credit limit or time of day, etc.) and traced (by user, purpose, issuer, etc.).
- Extraction, accounting, reconciliation, and other processes can be partially or fully automated.
- Issuer APIs allow VCN requests to be user transparent in an automated process.
What is NuPay?
NuPay is a virtual payment management platform that integrates an issuer’s funding account with a company’s payment system. NuPay collects and attaches user-defined payment data to each transaction. NuPay pre-approves transactions before requesting a Virtual Credit Card number and processing the payment. NuPay added information allows transactions to be grouped, reported, and analyzed using any search criteria. Management dashboards can be used to track supplier accounts, GDS payments, credit usage, credit limits, staffing demands or other payment related operation.
Examples of payment information that may be attached to a transaction include:
- Traditional Bank transaction information
- Pre-approval information (acceptance, rejection, override, etc.)
- Staff information (who, transaction start/stop time, etc.)
- Payee Account information (status, current amount, balance, pending, etc.)
- Process Information (booking, GDS, Debit Memo, problem resolution, etc.)
- Company policy information (adherence, exception, override, etc.)
- Control Limits (how much, how often, how frequently, etc.)
NuPay added information simplifies or eliminates staff-intensive functions such as reconciliations, supplier disputes, debit resolutions, duplicate payments, and credit abuses, among others.
NuPay Benefits – optimized, streamlined, and automated payments
Information added to every transaction provides managers with a suite of previously unavailable reports to manage day-to-day operations and develop long-term strategies.
- Smoother Reconciliations with drill down problem identification and resolution
- Improved Credit Card Monitoring and Limit Control
- Improved credit reporting for cash and liquidity management
- Analysis of payments by payer, purpose, branch, currency, etc.
- Increased staff effectiveness and efficiencies requiring lower skill levels and less resources.
How Does NuPay Work?
During setup and configuration, payment information – limited only by what can be accessed from the company’s existing systems – is defined by management and added to each transaction. In addition, NuPay can incorporate controls, such as credit limits, hours of operation, card balances, or other control parameters into a payment authorization process to be executed before payments are processed. Once defined, all payments will include the new information fields and be validated before being processed. Information fields can then be used by dashboards to manage day-to-day operations and track market changes.
Expanded payment information can also be used by non-accounting departments to answer supplier enquires, simplify reconciliations, provide detailed audits, and resolve supplier billing problems.
Once authorized users are assigned, NuPay is then linked to a Virtual Credit Card account through the issuers’ API to gain increased security of different “virtual” card numbers assigned for each credit transaction.
NuPay and TRAACS – Made for Each Other
The more powerful a user’s reporting capabilities are, the more effective NuPay will be as a management tool. Being able to process and access information in real time greatly enhances the value of data on an as needed basis.
TRAACS, Nucore’s accounting system serving as the foundation of Nucore’s Agency and Airline Management Platforms, maximizes NuPay’s value with a powerful relational database and an on-demand, real time accounting system. NuPay and TRAACS were made for each other, literally as well as figuratively.
NuPay’s value is increased by TRAACS’ extensive library of standard reports and financial statements. TRAACS’ ability to create and save customized reports enables management to use NuPay’s payment information as soon as transactions are completed.
NuPay Use Cases
Just about every function of an operating company can benefit from NuPay payment information and control.
- Management: Credit usage, limit controls, and validation, day-to-day cash and liquidity management, corporate policy enforcement, staff balancing, trend analysis, and market insights.
- Front-End Booking Consultants: inter-GDS bookings, hotel bookings, reconciliations, problem Pharma Donations Flow to GOP Lawmakers Fighting Curbs on Prices | Bloomberg Government testosterone suspension cenzo pharma archives – buy genuine anabolic steroids online uk, eu – fast delivery – steroid dispensary drilldowns.
- Accounts Payable: automated VCN access, pre-authorization, detailed auditing.
- Finance and Accounting: expense reporting by transaction, information field, and corporate policy.
What Can NuPay Do for Company’s Pain Points?
If plastic credit cards are a management headache, eliminate them with NuPay. If staff is spending too much time on payment issues, eliminate them with NuPay’s pre-authorized payments. If you are “flying blind” making credit decisions without the management data you need when you need it, get real time, full visibility with NuPay.