Single-Use Accounts is an electronic, credit card-based payment solution that acts like a check. It provides a single 16-digit virtual account number for each payment. And like a check, the credit limit on each Single-Use Account is set to the specific payment amount. Single-Use Accounts can be used for AP payments or for real-time payment types such as warranty claims, healthcare claims, travel claims or retail/catalog payments.
Single-Use Accounts simplifies reconciliation using a specific reference and account number for each transaction. Actual transaction data is automatically matched to pre-purchase information without manual data entry.
You can achieve greater spending control by setting unique spending parameters for each purchase, including limits for amount, payment date range, and merchant type.
Single-Use Accounts securely and seamlessly integrates into your procure-to-pay process and systems, thereby fully leveraging your existing investment and guaranteeing faster program growth.
Faster program growth drives bottom line savings by increasing your total rebate potential. Single-Use Accounts is an ideal payment tool for replacing manual check payments and higher dollar spend, or in situations where ACH payments and negotiated discounts cannot be maintained.
To learn more about Single-Use Accounts and how they work, please visit www.jpmorgan.com/singleuseaccounts.