Do you know the difference between a P-Card and V-Card program?
Purchasing cards and virtual cards play a vital role in any AP department, but which payment method is the better option?
I'd like to learn more about Virtual Card Programs
Purchasing card use has risen dramatically in the past years as companies seek to reduce the friction and paper in making purchases. Yet there are multiple benefits that a virtual card has to offer that a purchasing card does not.
Virtual Cards alone are:
Are unique for each transaction
Are activated and assigned to designated payees only
Carry a specific maximum dollar amount that will ever be authorized
Can pay approximately 1% cash back each month on payments issued through your A/P process
In addition, the right virtual card programs provide General Ledger clearing information for ease updating your records.
To find out more about the best ways to use V-Cards, tell us more about you.