WEX Virtual Payments allow insurance companies to pay preferred and out-of-network suppliers with a real-time, electronic payment method.
Streamline your supplier payment processes with automatic reconciliation and reduce administration and overhead in accounts payable with our virtual payment solutions.
Plus, benefit from extended payment terms for your accounts payables and improve supplier relationships.
Key benefits of our virtual payments solution for insurance businesses:
- Pay and close claims faster helping increase customer satisfaction
- Secure payment method that is globally accepted by suppliers in 210 countries through existing systems
- Control and track the timing, recipient and exact amount of each payment helping to avoid fraud and misuse
- Automatically reconcile payments with custom data and reporting – freeing up time and resouce
- Enhance working capital with access to a credit line at no cost and earn an incentive for payments made
It is quick and easy to get started with our virtual payments solution with no new hardware or software required for implementation. The solution provides you with access to flexible, customisable data and reporting by category, supplier and time period – which can be used to streamline processes in your accounts payable department.