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Simplify Insurance and Warranty Claims with Virtual Payments

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

The Process

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.

How it Works

Insurance and Warranty How it Works

Fact Sheet

Download an informational fact sheet that explains how virtual payments can help you streamline your insurance claims payment process and eliminate checks at no charge to you.

Case Study

SouthwestRe realized that it needed a credit card solution to pair with its policy administration system in handling real-time immediate payment of claims. Our solution has enabled SouthwestRe to issue single-use cards directly to vendors with the allowed amount limited to the exact claim amount due.

Fact Sheet

Buyers Guide

Our Buyer’s Guide can help you make smart payment choices. Arm yourself with information about automatic reconciliation, currencies and more to make sure you are getting the most out of your payments solution.

  • Our Customers
  • SouthwestRe