Accounts Payable oversees a virtual Mastercard credit card program that provides a credit card to a merchant or vendor for the exact amount of an expenditure. This allows campus business officers the ability to obtain a one-time or multi-use credit card for purchases via standard UAccess Financials processes. This is an additional University tool to reduce out of pocket expenses, maintain compliance to PCard Policy, and ensure University tax obligations are met.
Some examples of when a virtual credit card may be utilized are:
- Lodging for non-employees on University business
- Prepayment for conference registration
- Membership dues
- Foreign software with/without tax withholding obligations
Benefits and How to Obtain
A virtual credit card can be provided via the following:
- A secure email from Mastercard directly to the vendor.
- To the Payment Request or Disbursement Voucher eDoc within UAccess Financials on the Note/Attachment tab.
- By providing Accounts Payable with the vendor contact information to pay invoices over the phone or secure website.
The benefits of the virtual credit card program include:
- Efficient and secure method of payment when PCard is not a viable solution.
- Credit Card (Mastercard) is limited to a specific vendor for a specific amount, significantly reducing the risk of fraudulent activity and prevents vendor from over charging the card or misapplying payment(s).
- Upon final approval of the eDoc in UAccess Financials eDoc is finalized, the virtual credit card is issued and available for use the next business day.
- Allows business units to pay for foreign software licenses which are not allowed on PCard or reimbursements due to the institutional tax liability. These types of payments are often made at point-of-purchase via the vendor's online portal.
- Accounts Payable will reconcile credit card after the vendor has charged the card and work with department to ensure expenses are reconciled accurately with appropriate tax applied.