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Frequently asked questions

What is Optum Financial®?

Optum Financial is a total business-to-business payment solution for your claim payments currently being printed and mailed. We manage all the payment preferences (check, ACH and virtual card) for your payees and provide an impactful ROI by eliminating print and mail costs as well as banking fees.

What is a virtual card?

A virtual card is a virtual card that replaces checks and allows your payees to receive electronic payments via the MasterCard network.

Does Optum Financial require changes to my claim system?

No, Optum Financial is an outsourced payment process based on your current payment file output.

How do payees enroll to accept a virtual card?

Optum Financial does not require any enrollment process to accept the virtual card.

How is a virtual card delivered to the payee?

The Virtual Card is delivered electronically or by mail, along with the remittance advice.

How soon are payment files processed and payments delivered to the payee?

Payment files can be processed as batch or real-time. For batch processing, files received before the cutoff are processed same day. Real-time payments with the virtual card are processed immediately and the virtual card is delivered within minutes.

How is remittance data delivered?

Remittance data is sent with the Virtual Card or check in a format defined by the payer. For ACH payments, the remittance advice can be faxed or delivered as an 835 file.

How does a payee cash a virtual card?

A Payee processes a virtual card just like any other card-not-present transaction: enter the 16-digit card number, enter the security code, enter the expiration date and enter the amount.

What if a payee doesn't accept credit cards?

Optum Financial is all about choice. If a Payee prefers another method of payment, our call center will immediately change their preference in our database. Payees can choose to receive a check or enroll for ACH.

What percentage of my payments will be converted to a virtual card?

Depending on the market (Healthcare, worker’s compensation, service contracts, etc.), you can expect to see 50-100% of your payments converted to a virtual card.

How do I track my payments with Optum Financial?

Payers have full access to transaction details via the Optum Financial payer portal. Each transaction is electronically tracked from the point payments are received, loaded, delivered and settled.

How do I reconcile cleared payments?

A reconciliation file is generated and delivered daily with full detail of the previous day’s payment activity.

Are there any fraud risks associated with a virtual card?

Each virtual card is loaded with the amount of your claim payment and cannot be overcharged. In addition, each virtual card is associated with an industry-specific merchant classification code and the merchant ID of the payee is tracked as part of the electronic transaction. Virtual card payments reduce fraudulent transactions and exposure over checks and standard credit card transactions.

Is Optum Financial a secure process?

Yes. Optum Financial is powered by an uncompromising infrastructure that provides extensive security and control over all data and processes. We annually conduct SSAE 16, PCI, NACHA and HIPAA audits, as well as numerous security audits by our clients and bank partners.

Find out how the Optum Financial payment solution can make a difference for you