Westpac Go to Pay

Many organisations face challenges in managing employee spending by having to rely on post-transaction reporting provided via inefficient systems and processes - costing valuable time and money.

Westpac Go to Pay is a ePayables solution that automates and manages the electronic payment of invoices through the use of a pre-approval workflow, including the generation of virtual card numbers for business expenses.

Go to Pay is based on MasterCard's Purchase Control platform. For an overview, click on this video from MasterCard.

Key Features & Benefits

The Go to Pay solution enables the generation of unique virtual card numbers and the application of dynamic authorisation controls based on pre-determined spending and reconciliation requirements. Go to Pay enables specific information to be captured, configured and fed into reporting and analysis systems, which helps to simplify your reconciliation processes and provide efficiency gains.

Go to Pay provides outstanding key functionality, including:

Virtual card numbers – helping to provide security for the electronic payment of invoices, these are available for multi- and single-uses with a set dollar value and expiry date.

Real-time controls – approve or decline transactions based on merchant categories, specific suppliers and transaction amounts, essentially determining where, how and what type of purchasing activity occurs.  This helps ensure compliance with your organisation’s spending policies and preferred supplier agreements.

Automated approval workflow – user groups can be created with relevant approval thresholds in line with procurement spending policies.  This provides a standardised approval process that helps simplify compliance, reduce fraud, and minimise out-of-policy spending – and there’s no need for paper-based approval processes.

Web-based tool – With 24/7 online access from anywhere internet access is available, Go to Pay enables spending to be managed and controlled in real time, providing greater visibility over expenditure.

Other Benefits

Westpac Go to Pay could also help with the following:

Process efficiencies – accounts payable administration could be reduced by removing manual processing of one-off and manual payments.

Security – Single-use cards are less likely to be compromised in online scamming situations and suppliers cannot see the primary account number that the virtual card number is generated from, which helps to reduce the potential for fraudulent activity.

Free up significant working capital – defer payments with up to 53 days interest free .

Reconciliation benefits – specific payment information can be collected, which can flow through to your reporting tools and general ledger to help with simplified transaction matching.

 

Rates and Fees

The cost to implement and operate Go to Pay depends on individual business requirements. For further information on Go to Pay fees, please contact us on 0800 666 001 or email gotopay@westpac.co.nz