Common use of Virtual Card Payments Clause in Contracts

Virtual Card Payments. If you elect to have the payment for an entry in your Data File made by virtual card, you will be the payor of the payment order that the Bank will initiate using information from your Data File, whether such payment order is transmitted to us through secure FTP or Online Banking. In order to elect virtual card payments as part of the Integrated Payables Service, you must have executed an Application and Rebate Agreement, accepted the Commercial Credit Card Terms and Conditions, and the Bank must have underwritten and approved you for a Commercial Line of Credit. Transmission of your Integrated Payables Data File