RewardWorks offers multiple types of virtual payments (tokens) to address the various use cases. Below are the types of token, how they work and a few examples of when they should be employed.
You can choose which type of token you'd like to use for each vendor on their Modify Vendor card.
Single-Use
This allows the vendor to charge only the exact total amount authorized on the payment remittance. This is the default token type used by the majority of vendors.
Default Expiration: 30 Days but configurable
For example, you are paying a vendor for multiple invoices. The vendor runs the virtual card for the total amount of all invoices--one single amount.
Multi-Use
This allows the vendor to charge in smaller increments up to amount authorized on the payment remittance.
Use Cases:
- Vendor needs to charge card for each individual invoice
- Vendor has maximum amount for card charges, thus needing to run card multiple times for smaller amounts
Default Expiration: 30 Days but configurable
For example, you pay a vendor for ten invoices. They need to run the virtual card for each individual invoice, so ten separate times, adding up to the total amount.
Reloadable
Allows the RewardWorks user to add funds to a token for use multiple times.
- Online payments where the card information is saved in the payment portal
- Vendors who want to keep your card on file
- Token based reporting - You can create multiple named, reloadable tokens for a specific vendor. Then have the ability to report on each token. This could be used for project/job based reporting.
Default Expiration: 3 Years
For example, you have a vendor that you pay online. In order to pay them, you need to enter your card information to the portal where it is stored. Instead of entering new information each time, you can enter a reloadable token once and then add funds to it each time you need to pay that vendor.
