FAQs

Frequently Asked Questions.
Here are some common questions about PayCertify Virtual Cards.

What is a Virtual Card and what can it do for you?

A virtual card is just like a physical card in a lot of ways except that it is designed for the digital world, adding a layer of protection. You manage your account separate from the card numbers assigned, as you can have many virtual cards issued under one account. They are designed for short term use and you can control spending better than with a physical card.

Some ways virtual cards may be beneficial to your business:

  • Issue virtual cards with specific minimum and maximum spend limits per transaction daily, helping control the spending of your employees.
  • Earn up to 2% on all your expenditures, manage 100s of media campaigns, and – depending on your business model – reduce the cost to process transactions.
  • You can set virtual cards with one time or short time uses, eliminating passing around a physical card to different employees to make purchases or reservations for your company.
  • Any remaining balances on your virtual credit cards are credited back to the original account automatically.
  • Virtual credit cards are issued only to a primary cardholder, not to any secondary cardholders.
  • Given that virtual credit cards are non-physical, it is almost impossible to clone them, which makes it highly safe for all online transactions.
How does it work differently from a physical or prepaid gift and credit cards?
With traditional credit, prepaid, or gift cards, the balance is associated with the actual card number, so if it’s lost or stolen, those funds can still be accessed. A compromised physical card will require you to go to the bank for a replacement; a compromised gift or prepaid credit cards typically means losing the balance.

With a virtual card, the card numbers are issued separately from the account. You will determine the balance for each card, set an expiration date, and whether it is a single or multi-use card. You also choose who you issue your virtual card to, and if the card needs to be cancelled, the balance immediately reverts back to your account. Issuing another card can be done at any time.

Virtual Cards are accepted by any vendor accepting Visa or Mastercard.

How do I submit payment so I can start issuing Virtual Cards?

Once approved for a virtual card account and you have been onboarded to our system, we can accept wire and ACH transfers. We will provide you the details on how to transfer to your account when you are ready.

How long before I can start issuing Virtual Cards after I submit funds?

We typically can have your wired funds populated within 24 hours after confirmation to wire@paycertify.com is sent. (Subject to change)

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How do I create a new Virtual Card and how many times can I use it?
  • Within the platform you can click Virtual Cards > New Virtual Card
  • Once the card information section is completed you can click Save
  • Reloadable cards can be used over and over so long as funds are re-

    added, and Multi-Use can be used until the card balance is depleted

What are the different types of Virtual Cards that I can create and what is the difference between them?

Single-use
The card is generated with the exact ticket price needed and terminated once used or after reaching its one-month expiration date.

Multi-use
Card can be used multiple times on more than one type of transaction until the entire balance is used and terminates or until it reaches the expiration date of 3 months.

Reloadable
Cards can be used repeatedly until the balance is reached, then funds can easily be added – great for media buyers.

Does my Virtual Cards expire?

Yes. Just like a traditional card, an expiration date is assigned to the card depending on the type of card selected; the expiration may be after a single use or up to several years. However, the account where funds are managed never expires, only the virtual card numbers issued off that account.

What expenses can I pay and not pay with a Virtual Card?

Virtual Cards are accepted by any vendor accepting Visa or Mastercard.

Below are some category codes in which we cannot have the virtual cards be spent on:

6211 – Security Brokers/Dealers
7273 – Dating/Escort Services
7297 – Massage Parlors
7995 – Betting/Casino Gambling
6051 – Non-FI, Money Orders
4829 – Wires, Money Orders (wallet funding)
7800 – Government-Owned Lotteries
7801 – Government Licensed Online Casinos (Online Gambling)
7802 – Government Licensed Horse/Dog Racing

How much is the rebate and how is it calculated?

The rebate is calculated by the volume of the merchant account processing (for processing merchants on our gateway), or by spending volume for clients not processing on our gateway and only using Virtual credit cards.

If you have a Merchant account and are processing the following volume tiers you will earn the set rebate:

Under $100K Processing volume you will earn a set rebate rate of 1.5% Over $100K Processing volume you will earn a set rebate rate of 2%

You will earn a set rebate depending on the total amount of virtual card spending you did for the month:

Spending under $100K you will earn a set rebate of 1.5% Spending over $100K you will earn a set rebate of 2%

How is the rebate paid and can it be applied to my balance?

We will disburse these funds the 5th of each month following 30 days in the rears from the month before and you will be able to apply this amount back to your general balance or create a card and spend online.

What do I do if a Virtual Card gets declined?

The default settings are below and in the event you are getting a declined transaction, please ensure you are within the limits as described below:

Visa: Max Spend $50K txn / $150K day / $2MM month MasterCard: Max Spend $50K txn / $150K day / $2MM month

  • If you need higher tiers please let clientsuccess@paycertify.com

  • If there is a decline with a specific response, please forward this to our

    team integration@paycertify & CC clientsucess@paycertify.com

Will applying for a Virtual Card account impact my credit?
No. Since these are pre-funded cards, a credit check is not performed. Your identity is validated for the account, due to banking laws and regulations, and we will confirm your account just like any other financial institution.
Are Virtual Cards secure?
Virtual cards, by their nature, are more secure than physical cards since they can be set up for one-time use, cancelled easily, and can have shorter expiration dates.

We take your security seriously and since these cards are designed for online use, we add as much state of the art security and fraud prevention methods as we can and are constantly working with issuers to keep
your information secure. Any virtual card assigned to your account can
be cancelled whenever needed and a new one issued. We not only provide you with unique log on credentials, but we use secondary identity
verification methods to keep your account safe.

What about fraud? Can I get a chargeback on a Virtual Card?

Yes. As any card you issue on your virtual card account is usable by any online merchant that accepts Visa or Mastercard, it is subject to the same rules and regulations as a regular credit card, so chargebacks can occur. However, we provide you access to many reports and tools to help manage and reduce chargebacks.

How do I cancel my Virtual Card?
  • Access the “See Details” section of the card wanting to be terminated

  • Click “Cancel Virtual Card”

*Learn how the Cashback Rebate is calculated

The cashback is calculated based on the subscription level purchased.  To reach the highest levels of cashback rebate you must be at the top subscription tier and have enough spend to reach that level.

Note:  some transactions do not qualify for the highest level of rebate due to the low interchange paid by the merchant and card brands.  These transactions are regulated to be low rate due to special deals made between the merchant and the card association, PayCertify does not control those limits, if your rebate tier is above the amount spent, PayCertify will retain a keep rate and then pay you all the rest.  If you find you are not qualifying at what you expected, you may be purchasing at a lot of merchants with special deals, speak with a PayCertify customer growth representative to help see if you can improve your spend rates.

Still need help?
Send us a note!

For any other questions, please write us at helpdesk@paycertify.com