AVAILABILITY

Beanworks has partnered with Comdata to provide virtual credit cards (vcc) to its Canadian customer base.

PRE-REQUISITES 

• Your legal entity / company is enabled for VCC. If you would like to learn more about VCC, please email [email protected] or reach out to your customer success manager. 

• You have submitted vendor AP Spend for the previous year to our payment partner (Comdata). Please note, Comdata requires the vendor information to be submitted in a particular format, details of which will be provided during the on-boarding. 

HOW IT WORKS

STEP 1: On-boarding / Setup with Comdata

For virtual cards with Comdata we offer two different funding models -

Prefund EFT Model

With the Prefund EFT model, funds are first pulled from your bank account and then the payment is made to the vendor. Following information is required for setting up a customer on this funding model.

1. Comdata Application

2. Comdata Agreement Sheet

3. Comdata E-Payable worksheet

4. Payport Application (Additional content may be required) and all content indicated on the check list

5. VersaPay Bank Reference

Credit Model

With the credit model, Comdata first makes the payment to the vendor and then settles the payment amount with the customer. Following information is required for setting up a customer on this funding model.

1. Comdata Application

2. Comdata Agreement Sheet

3. Comdata E-Payable worksheet

4. Financial Statements (Income Statement, Balance Sheet, Cashflow)

STEP 2:  Vendor Master List Match

After you have submitted the vendor list, Comdata will match the vendors in your list to their master vendor database. This is done so that the vendors that Comdata knows will accept virtual credit cards, can be enrolled directly, without having to reach out to the vendor. For the rest of the vendors, Comdata will conduct a vendor campaign for 2-3 weeks. 

STEP 3: Vendor on-boarding

After Comdata sends a list of vendors that have been enrolled, go to Settings --> General --> List Management --> Select the vendor list --> Click on the edit vendor option to edit the vendor details and complete the on-boarding. 

3.a) Enter the vendor remittance email.
NOTE: This is important because both welcome email (with first 6 digits of the credit card number) and the subsequent payments emails (with the last 10 digits of the credit card numbers) will be emailed to the vendor. 

3.b) Select the credit card payment method and select the option from the enabled dropdown. 

• Yes: If the vendor will accept the credit card

• Pending: If it is not yet confirmed whether the vendor will accept credit card or not. 

• Declined: If the vendor will not accept the credit card. 

RECOMMENDATION

• Please ask your vendors to save the initial email that is sent to them with the first 6 digits of the credit card number.