Online payment accounts
How it works
Our business customers allocate an online PSI-Pay Virtual Account to their employees and customers as appropriate. These account owners can then instantly deposit, withdraw and transfer funds to online merchants that support our Virtual Account, or to other Virtual Account customers.
PSI-Pay has developed a real time Virtual Account System to allow Finance Directors to manage budget spend and keep control of departmental expenditure.
A unique advantage of PSI-Pay is that it operates as main corporate account with sub accounts at departmental level, enabling an optimal balance of flexibility and control. Since accounts must have positive balances, budgets cannot be overspent without accounts being 'topped up' from above, allowing financial control at all levels of the business.
- A convenient and easy way to ensure all spending is authorised
- Accurate, accessible, real-time management information on companywide spend
- Control over expenditures with flexible limitations and audit trails
- System can be integrated with existing supply chain management
- On-line account access to facilitate management of funds more efficient than paper-based processes (cheques and bank orders)
- Reduced outbound and inbound processing costs
- Reduced bank fees
- Reduced print processing, distribution and mailing expenses
- Reduced cheque replacement costs
- Cardholder loads/replenishment can be easily assigned and managed
- Reduced risk.