"Exact pay" is a control added to a virtual card at card creation that limits the card to one transaction authorization only for the exact amount of the credit limit.
Exact pay allows users to add transaction-specific restrictions on a virtual card during card creation or card approval.
Who can use exact pay?
If your credit card issuer offers exact pay, any user with a budget or a registered card number (RCN) is able to create a standard virtual card with exact pay
Note: Exact pay is available to some issuers on Extend. Exact pay is not available on Recurring Cards.
Using exact pay
You can choose to apply exact pay to any Standard virtual card within the Create Virtual Card flyout:
- First, select on Create New to create a new card.
- Select the account that will fund the virtual card. If this account is under a participating issuer, the Exact Pay section will appear below the funding source.
- Check the box under “Exact Pay” to enable this functionality on the virtual card.
- Populate the rest of the information as you normally would and click Create a Virtual Card to finalize!
You can also choose to apply exact pay when reviewing a virtual card request:
- Click on the link in the email or notification center to approve the card request.
- Select the account that will fund the virtual card. If this account is under a participating issuer, the Exact Pay section will appear below the funding source.
- Check the box under “Exact Pay” to enable this functionality on the card.
- Populate the rest of the information as you normally would, and click Approve Card Request to finalize.
How can I tell if my card is an exact pay card?
Within Your Virtual Cards, you will see an “Exact Pay” label underneath the card type, indicating that exact pay functionality was applied to this card.
You can also see this label on the top left of the screen when viewing the card details page:
If the exact pay card is sent to a Guest or person outside the organization, the recipient will see the "Exact Pay" label at the bottom of the card viewing:
FAQ
- Can exact pay cards be updated once created?
No, once the virtual card is created with exact pay enabled, the account owner can only update the Card Name, Notes and add Attachments. - What if I receive an updated invoice amount and need to update the exact pay amount?
If an account owner needs to update the payment amount, they will need to deactivate the original virtual card and create a new virtual card with revised payment amount. - How many times can the exact pay card be used?
A virtual card with exact pay enabled can only be used for one transaction. - What happens after the payment is made with the virtual card?
Once the virtual card is used for payment, it will deactivate as. - If an exact pay card is not used for that exact amount, will the transaction decline (including if used for less than the amount)?
Correct. The auth must be exactly the same amount as the limit on the card. A penny more or less will decline. - If I apply exact pay, is this a single use card or can I apply exact pay on recurring cards?
The exact pay control is both exact pay and single use, meaning the user can only authorize the card one time. - What will the decline reason show as in Extend if the amount is not for the exact amount?
The decline reason will read: Decline - Amount Range Control Fail. - Reading your guide, if I set a card as exact pay, I cannot update it until a transaction has been made?
If you create a card for exact pay, the amount can not be updated. If the card was created for the incorrect amount, please deactivate and create a new card for payment. - Can I remove the exact pay option and treat is as a normal standard card?
Once you add the exact pay control on a virtual card, you can not remove it. You can deactivate it and issue a new card.