Business Overdrafts
Be financially flexible with a business overdraft.
ePay
Control, data capture and reconciliation of your business expenses, for online and card-not-present payments.
Powered by Visa® and based on unique and dynamically generated Virtual Card Numbers (VCNs), ePay offers you security, control and efficient reconciliation for your business-to-business purchases and travel expenses.
What is ePay?
ePay generates a unique 16-digit Virtual Card Number (VCN), with associated CVV and validity date, for card‑not-present transactions.
It issues the VCN only when needed for payment, and when the purchase has been approved, capturing data linked to the purchase to improve your ability to reconcile payments more efficiently.
Available in Sterling, Euro and US Dollar denominations to minimise conversion costs when transacting in those currencies. Also ensures transactions undertaken in those currencies are not subject to currency fluctuations.
To take advantage of these options a Lloyds Bank Current account is required in the relevant currency.
Benefits of ePay
Greater control over spending – Customisable authorisation per purchase allows you to create pre-defined rules and approval processes, in line with your compliance, risk and governance policies.
Enhanced security – VCNs help minimise fraud associated with traditional business payments, as the Real Card Number is never revealed to the supplier. Transactional level controls provide additional security.
Efficient reconciliation – Each VCN relates to a specific transaction, so you can allocate payments quickly and easily to the right cost centre, project or GL code. With ePay, 100% reconciliation of payments is a reality.
Improved data and spend visibility – Add data elements for each transaction to help you reduce paper and manual administration processes.
Upload images to transactions – Store an electronic image with a transaction, like a proof of purchase (receipt) that may fulfil your audit requirements.
Integration – We can integrate ePay with your e-procurement or travel booking tools and link it fully with your ERP systems, to enable efficient information flow.
Support – We provide you with full ongoing support to give you the best possible service.
Ease of use – There are three ways we can implement ePay for you depending on the size of your business, payment requirements and level of automation:
- User Interface – a web portal for requesting and approving VCNs
- Batch Upload – a flexible batch file upload system
- API – Fully automated and integrated systems, via RESTful APIs provide optimum flexibility.
How does ePay work?
- Purchaser obtains a VCN through User Interface, Batch File or API which is generated based on pre-defined authorisation controls.
- Supplier accepts VCN as a regular transaction and processes as normal
- Acquirer submits the virtual card transaction as a regular transaction to the card authorisation and clearing network
- ePay intercepts the transaction and validates it against pre-defined authorisation controls. If checks are successful, the virtual transaction is translated to the Real Card Number (funding card)
- ePay submits the translated transaction to the card authorisation and clearing network
- Lloyds Bank processes the transaction and provides detailed reporting.
Working Capital
Commercial Cards solutions can help you optimise working capital while improving payment processes.
*or Euro or US Dollar purchases depending upon currency of account.