Simplify your international corporate payments process, save money, and increase efficiency with WEX Virtual Payments. With our global payment solutions, you can pay suppliers in 210 countries and 21 currencies.
Our experts work with you to identify the best currency strategies for your business and customize the solution to minimize FX markups and cross border fees.
Through the use of virtual card technology, we can help you:
- Eliminate currency fluctuation risk
- Save up to 3% on international payments
- Optimize working capital
- Earn rebates
- Improve operational efficiency
How Does it Work?
When you need to pay an international supplier, you can save money by paying them in their own currency. With a WEX solution that uses virtual card numbers (VCNs), the process is simple. Virtual cards can be used in 210 countries and 21 of the most used currencies, so chances are your suppliers will accept VCNs.
- If your supplier is based in a country that uses one of the 21 accepted currencies, the VCN is funded and settled in your supplier’s local currency. You avoid conversion fees and eliminate FX risk.
- If your supplier is not a country that accepts the 21 currencies available, you still save money. You can still pay your supplier in their local currency, but you will settle the VCN with WEX in US dollars. Your company still benefits from FX conversion without additional markups and you just pay a small conversion fee that WEX does not mark up from the Mastercard® rate.
Other Benefits of Virtual Card Numbers
In addition to being the easiest, most cost-efficient solution for international payments, VCNs have other benefits. VCNs have sophisticated controls in place to increase the security of your payments. They are generated automatically, and used for a one-time, specific use. VCNs can be set up with specific controls such as payment amount, merchant category code, and with a specific time frame, so you can reduce the risk of fraud.