Simplify the claims payment process and increase customer loyalty with a virtual payment solution from WEX. Our insurance payment solutions can help you save money, reduce timely reconciliation, and eliminate the need for paper checks.
How it Works
Virtual Payments make the claims payment process quick, easy, and efficient. Instead of the lengthy process for paper checks, you simply click a button to create a unique virtual card number for every insurance and warranty claim payment. Virtual cards work with your existing payment system, so there is no need for additional hardware or software. Payments are safe and secure, and are available in 24-48 hours.
- Electronic single-use credit cards eliminate the need for paper checks
- Set-up is quick and easy, and works with your existing payment system
- Customized controls allow for secure payment processing
- Virtual payments can be emailed, faxed, or provided through a provider portal
- Every payment is transmitted with remittance data, such as a claim number
- Funds are available in 24-48 hours
- Reconciliation data and reporting data are available to payer and provider
Our single-use electronic claims payment program leverages virtual card functionality to deliver complete control over the electronic claim payment process, while delivering value-added information for your accounting department.
When you have a claim, you simply request a single-use virtual card number (VCN) to be generated. The VCN is sent to the contractor, such as a repair shop, and processed like a traditional credit card. You can set up the card for a certain dollar amount, for a certain date or range of dates, and with other controls to help protect against fraud. The supplier is paid within 48 hours, so services can begin promptly. On your end, you can easily reconcile payments with suppliers, saving you time and money.
“The WEX solution is integrated so seamlessly into our business that we are able to focus on getting our work done and not on working on the payment platform itself.” VP of Claims, Safe-Guard