Audience: All users.
Summary: This article is an overview of SilverPay, MineralTree's virtual card.
SilverPay is MineralTree’s in-house, tokenized, virtual, credit card payment method. It is a full service payment method designed specifically so that you, the customer, get all the benefits and none of the extra work that goes along with it.
In-House- MineralTree owns the SilverPay brand and provides all services associated with using the payment method. SilverPay payments are submitted directly in the platform
Tokenized- This is a method of paying with credit card that is even more secure than a regular credit card payment. Key features of tokenization include:
- One-time-use: Every individual SilverPay payment has a unique 16 digit number and is pre-loaded for an amount that you choose. Once a SilverPay card is used, it is rendered useless
- Must be run for the exact amount: Suppliers must run the card for the exact amount submitted down to the penny. While credit card scams are unlikely compared to other payment methods, this provides yet another hurdle for any fraudulent attempts
Virtual- SilverPay is sent via email, ensuring instant delivery. With the email comes both remittance information (invoices) and payment information embedded within a secure link
Credit Card- At the end of the day, this is simply a credit card payment. Emails come with a 16 digit number, CVV, expiration date, billing zip code, etc. From there, it is processed just like any other credit card.
- Security- Credit card payments are naturally secure since they don’t share any of your bank account information and are guaranteed by its respective card network. SilverPay combines the security benefits of a regular credit card with the security benefits of a tokenized payment.
- Speed- SilverPay is delivered to your vendor electronically the same day it’s approved, making it the fastest payment method out there. Even ACH, a fellow e-payment, can take up to 3 business days to hit your supplier’s bank account.
- Rebates- Why pay to pay your suppliers? Turn your AP team into a profit center by getting paid to make payments! Cash back rebates are distributed quarterly