Using proprietary GE Pre-Authorization System® technology, the vPayment system enables transmission of accounting data and the setting of transaction-specific limits.

Accounting data is transmitted by including unique accounting codes in the credit card transaction information, regardless of the merchant's level of data capture. GE - Corporate Payment Services is the first in the industry to offer this degree of control and data capture.

In the online request, the authorized user can input the customer organization's unique accounting codes in the charge card transaction information, regardless of the merchant's level of data capture. vPayment does not require the merchant to have enhanced data capture capabilities (called Level 2 or Level 3 detail).

After the transaction is made, a settlement file with specific information, such as general ledger, job number or service claim number, is automatically included in the MasterCard® transaction record.

The settlement file allows the mapping of transaction data to the customer's GL system. The vast majority of transactions post to the customer's GL system in an "auto-approve" mode, with no requirement for human review or adjustment.

Transaction-specific limits empower vPayment's secured system. The vPayment system maintains a pool of account numbers, and communicates with the customer's procurement system via encrypted transmissions. By utilizing digital certificates, the vPayment system verifies that the user is valid. The vPayment system checks for the appropriate digital certificate and, once validated, selects an account number from the card pool.

Using GE - Corporate Payment Services' proprietary Pre-Authorization technology, a Pre-Auth request is associated with the transaction. The Pre-Auth request sets an upper limit to the transaction amount corresponding to the amount of the PO, plus a tolerance if needed. For added security, all vPayment transactions require a Pre-Auth request. This means that in the unlikely event a vPayment account number is used outside of the procurement system, the activity will not receive a valid authorization at the point of sale.

vPayment also allows users to modify or delete pre-authorization requests associated with partial shipments. In addition, vPayment can manage a batch AP payment process.

In contrast to traditional purchasing cards, vPayment accounts are assigned to business units rather than to individuals. The accounts do not have a plastic card issued and are not used outside of the procurement system, since they require a system-generated Pre-Auth request for valid merchant authorization.