Conferma, the specialist in Virtual Card technology, has announced the launch of its proprietary new solution, Conferma Connect. Conferma Connect is a breakthrough in the transmission of virtual card payment details to suppliers, and is the first PCI compliant way to send virtual card details to suppliers without the need for a fax machine.
Simon Barker, CEO of Conferma, says of the new solution:
“We`ve been working towards making the existing communication technology and infrastructure work for the transmission of Virtual Cards for many years. As a result, Conferma Connect is designed to automatically find the best way to transmit virtual card information to a supplier securely via a number of PCI compliant methodologies including universally used business email technologies. We now want to reach out to our supplier network to work with us towards the adoption of this improvement.”
Conferma Connect is certified as a PCI DSS compliant process and has been approved by a number of Conferma’s significant banking partners, including Barclaycard and American Express. In addition to increased security, the system will also bring costs of virtual card acceptance down for issuers and suppliers. The cost of ensuring secure payment for a hotel stay using Conferma Connect technology offers a reduction of 60% since it eliminates both the fax transmittal and receiving costs. Simon Barker:
“Conferma has been providing virtual card technology since 2005, and since then acceptance hasn’t been able to move beyond the antiquated fax. While virtual cards provide a more secure method of payment to their plastic predecessors, many believe a viable solution improving virtual card acceptance is years away. Conferma Connect is a breakthrough solution that makes the way virtual card details are transmitted as secure, efficient and high tech as the method of payment itself.”
Until now, the only PCI compliant way to transmit virtual card details has been via fax. Although this has remained the most secure method of payment technology, continuing to rely on fax transmission, while business progresses onto more contemporary technology, has proven challenging to business efficiency and budgets.
Conferma Connect utilises a number of PCI compliant methods including universally used business email technologies.
Jason Carruthers, Managing Director, Jury’s Inn, said:
“The opportunity for electronic communication of virtual cards facilitated by Conferma Connect alleviates the reliance on fax
and helps close the gap on the other developing technologies in the hospitality industry. At Jurys Inn we receive thousands of faxes per month,
the opportunity to manage these electronically will improve processing time and support PCI compliance processes moving forward.”
Virtual card acceptance is on the rise. In 2015, around 20 percent of American businesses paid for travel using virtual card payments, and the majority of travel suppliers accepted these.
Although some suppliers have been unclear about how to take a payment using virtual card details, Conferma Connect will provide suppliers with a simple instruction of how to charge the virtual card, securing a successful transaction. Conferma Connect has been designed to identify the most economic and effective method of communicating with each individual supplier to guarantee successful delivery of virtual card details without the need for the supplier to buy or download additional hardware or software.