Streamline Payables

Streamline Payables

Single-Use Accounts

Single-Use Accounts (SUA) is a versatile electronic payment tool that eliminates the need for a physical card and is an ideal solution for large transactions that would traditionally be paid with a paper check. Unlike other commercial card products, SUA allow you to customize a single electronic card for each of your payments. It provides a 16-digit virtual account for each payment and lets you set the credit limit to the specific payment amount and the valid date range.

This one-to-one match of card accounts to payments gives you powerful security and antifraud control over your payment processing while automating the matching and reconciliation of transactions.

Features and Benefits

  • Process Savings – Automate payments by eliminating paper-based, manual activity
  • Enhanced Controls – Set exact payment amount limits for a defined time period
  • Optimize Working Capital – Hold cash longer by paying suppliers faster
  • Increase Visibility – Capture better data, run customized reports
  • Fraud Reduction – Eliminate the risks associated with paper checks
  • Financial Benefits – Leverage the potential to earn rebate or financial return

 

Case In Point

Client

North Central Texas Council of Governments

Objective

Automate and streamline the payment and reconciliation process of a popular program that provides individuals with financial assistance to replace a polluting vehicle with a new, low-emission vehicle.

Solution

Chase Single-Use Accounts

Results

  • The elimination of a reconciliation backlog and the potential for duplicate payments
  • A reduction in 1.5 FTEs and the need for contract labor to perform reconciliation
  • Faster and more efficient payments to automobile dealerships
  • Enhanced service levels for automobile dealerships
  • Strengthened accounting controls and reporting

To learn more about Chase's equipment finance solutions and how they can help you, please e-mail us or contact your local commercial banker.

In Our Client's Words...

“Single-Use Accounts have helped us to quickly identify duplicate payment requests and reduce the time and cost associated with reconciliation. Plus, accounting tasks that used to require days or even weeks to complete, can now be done in a matter of hours. This has resulted in a 1.5 FTE reduction in personnel, and reduced financial liabilities for NCTCOG due to Single Use Accounts’ quick reconciliation features.”

HOYT TAYLOR
Transportation Fiscal Operations Supervisor - North Central Texas Council of Governments
Commercial Card SUA
View our Demo
Commercial Card SUAs are an alternative to check payments.