Order.co Virtual Cards allow users to create a virtual credit card for use with any vendor! A Virtual Card captures all transactions and assigns a location, cost center, and coding that fully automates card reconciliation. Cards can be used for one-time purchases or recurring costs, with transactions added to the consolidated bill as they settle. As your team makes purchase, easily attach receipts and invoices to each transaction!
Creating a new Virtual Card
Creating a new card is easy and intuitive! To create a card, users must have the Enable access to virtual cards and Create and edit virtual cards permissions.
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Click the “Add New Virtual Card” in the top right corner of the app. You will be directed to fill out a Virtual Card Form.
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Complete the order summary section.
- Order Name — This will be the name that appears in your Virtual Card table.
- Order Description — Additional information you would like to include about the order.
- Vendor or Create New Vendor — Assigning the card to a vendor will label those transactions in Insights. Please note that Order.co virtual cards become locked the vendor that charges each card first, regardless of the vendor in this field.
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Primary User — The default primary user is the user creating the virtual card, but can be changed later. Only users assigned to this virtual card will be able to read the full card details (Card number, exp. date, CVV). Primary users will also:
- Be the name associated with the virtual card
- Be the user name that will appear on the table view
- Receive emails relating to this order
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Additional User — If needed, you can add a user who will:
- Receive an email when the card is created
- Be able to see the Virtual Card when viewing the table view, including the card details
- Have their name listed on the Virtual Card detail page
- Will receive all emails relating to this order
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At this time a virtual card can only have 1 additional user.
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Fill out the payment details
- Estimated payment amount per recurrence (in USD) — Specify the projected amount you plan to pay during each billing cycle. If payment amounts are subject to change, input the highest anticipated payment.
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Will this be a recurring payment? — Please indicate whether payments to the vendor will be recurring. If yes, please mark if the recurrence is monthly or yearly.
- If the payment is weekly, please select "monthly" and multiply your estimated payment amount by 4.
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If the payment is quarterly, please select "yearly" and multiply your estimated payment amount by 4.
Spend and Credit Limits
Spend Limits
Spend limits on a Virtual card give you control over how much can be spent on that card. Order.co will add a buffer to your spend limit on the card to avoid declined transactions when vendors use authorization charges to test new cards. You may see up buffers of up to 50% of your selected spend limit.
What does it mean for a Virtual Card to have a recurring spend limit?
For cards that recur monthly, transactions will be authorized up to the set spend limit for the trailing month plus an additional 6 days. The additional days are added as a safeguard to ensure transactions are not declined in the event the merchant does not charge on the same date each month.
For cards that recur yearly, transactions will be authorized up to the set spend limit for the trailing year plus an additional 36 hours. The additional hours are added as a safeguard to ensure transactions are not declined in the event the merchant does not charge in exact accordance with a calendar year.
The spend limit window starts on the day of the first transaction to settle on the card. As transactions roll off of the monthly or yearly limit window, the remaining spend limit will increase on the card.
Credit Limits
When creating Virtual cards, remember that any spend will be applied to your credit limit. To best gauge your available credit, please refer to the Credit and Financing Report on the Insights page or ask your account administrator for guidance.
If your credit limit is exceeded, your virtual cards will be paused by Order.co until an invoice is paid to bring you back under your credit limit.
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Add the accounting information here to ensure the transactions appear, fully coded, on the correct invoices. If you would like to allocate across Locations, Cost Centers, or accounting codes, click here to learn more.
- Location - Please select the relevant location associated with this order.
- Cost Center - If in use, you will be required to apply a cost center
- Coding - Please select all relevant coding information for this order. If you have any questions about which codes to select, please reach out to your admin or accounting team.
- Allocations - Use allocations to split transactions across multiple Locations, Codes from a single code category, or Cost Centers. Learn more about Allocations here
- Click “Submit card request” and your new virtual card will be created. New cards are ready for use immediately! If you need to Edit an order, check out this article.
Editing a Virtual Card
To edit the details on your Virtual Card, or pause or close a virtual card, navigate to the Virtual Cards page. Find the card and click View, then the Edit Virtual Card button.
The Edit Page will allow you to update details, including Location, Cost Center, Coding, and the users assigned to the card. Changing the users assigned the card will adjust who can see the full card details (Card Number, Exp. Date, CVV).
Changing these details will impact the transactions for this card on your next invoice. If the card has any uninvoiced transactions at time of editing, they will assume the new settings when they are invoiced.
To learn more about virtual cards, check out some of these resources:
Virtual Card Transaction Allocations
Virtual Card Declined Transactions
Order.co Virtual Card Program FAQs