Audience: All users.
Summary: This article is an overview of SilverPay, MineralTree's virtual card.
SilverPay is MineralTree’s secure virtual card platform that enables you to convert paper checks to electronic payments.
By leveraging SilverPay, you are able to pay your vendors securely with a randomly-generated 16-digit credit card number that can only be charged one time for a specified amount. This process, called tokenization, makes SilverPay a safer alternative to check payments or ACH transfers. Since it can only be charged one time, vendors cannot accidentally overcharge and they don't have your credit card numbers on file, so data breaches aren't a threat.
At its heart, SilverPay combines the security, simplicity, and financial benefits of a credit card with the seamless reconciliation of an ACH transaction. When vendors are enrolled in SilverPay, you just submit payments as you normally would in the platform. After your payment is sent, your vendor receives your one-time-use card number for processing, along with the corresponding remittance detail. Once processed, your checking account is debited electronically. Essentially, SilverPay payments will look like an ACH to you but a credit card transaction to your vendor.
MineralTree’s SilverPay network includes more than half a million vendors. Beyond that, MineralTree works on your behalf to identify other vendors you can pay through SilverPay. By guiding you through the transition and providing cash-back for payments, MineralTree helps you get the most out of your accounts payable process. Getting started is simple and is included in your MineralTree subscription.