Kaci Lee


Purchasing cards are prevalent in the B2B payment world because they are convenient and they offer cash-back rebates.  They are used by many companies despite there being another, better and more secure option. Because purchasing cards have become somewhat the standard for credit payments, the risks and adverse affects of have been disregarded.

But they shouldn't be.

Virtual cards have been available for use for some time, and the security and rebates they offer far outweigh the perks of using a purchasing card for issuing Accounts Payable payments

According to the NAPCP, here is the positive aspect of using a purchasing card for PAYERS: 

  1. handling and mailing cost reduction 

But, MOST of the PROS for P-Cards are on the PAYEE side of the transaction:

  • electronically deposited funds
  • faster receipt of payments and improved cash flow
  • increased sales, as many organizations solicit only suppliers that accept P-Cards as payment 

As you can see, most of these positives, are for the PAYEE and not the PAYER.  In addition, there is the impression that using a purchasing card is as SAFE for PAYERS as the alternative, virtual cards.

 

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Two Ways Virtual Cards Will Bolster Your Business

Written by Kaci Lee | Tue, Aug 04, 2015 @ 11:00 AM |

Virtual Cards in the Business World:

Virtual cards have been available for six years, but there is still a large percentage of corporations and mid-sized companies that have not incorporated the use of V-Cards into their AP model. However, the spread of awareness of how virtual cards benefit companies is generating a steady increase in usage.CFO magazine cites a study that states in 2013 18% percent of AP managers used virtual cards. According to an analyst from the same article, using virtual cards for AP is "- a good idea with a good value proposition".Companies may be holding back from using Virtual Cards may be that they do not understand the potential benefits involved. Find out below how virtual cards can benefit you, - from increasing efficiency to saving money. 

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The Future of Payment Technology

Written by Kaci Lee | Tue, Jun 23, 2015 @ 02:05 PM |

Fact: According to a 2013 Federal Reserve payments survey, 8 BILLION remittance payments (payments by businesses against invoices) are still made via check.

The 2015 Goldman Sachs Future of Finance Symposium held in Boston recently highlighted this fact and current payment problems such as Cost, Perceived Lack of Alternative Payments, Limitations of Accounting/ERP Systems. They discussed that it’s really only the largest corporations who have successfully migrated to electronic payments. Even the CEO of MineralTree posted in a LinkedIn a summary on this topic.

The need for change in payment technology is urgent.

Keep reading for solutions.

Image Source: Goldman Sachs


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The Card Games: Purchasing Cards vs. Virtual Cards

Written by Kaci Lee | Tue, Jun 16, 2015 @ 03:51 PM |

Purchasing cards are prevalent in the payment industry. They are used by many even though there is another, better and more secure option. Since purchasing cards have become somewhat the standard for credit payments and not many know of a better alternative, the cons of purchasing cards have been disregarded.

Virtual Payments - Virtual Card Payments

But not anymore.

Virtual cards have been available for use for some time, and what they offer far outweighs the perks of using a purchasing card for use in Accounts Payable. 

According to the NAPCP, here are the pros of using a purchasing card for PAYERS:  cost reductions in handling and mailing.  But, MOST of the PROS are on the PAYEE side of the transaction:

  • electronically deposited funds
  • faster receipt of payments and improved cash flow
  • increased sales, as many organizations solicit only suppliers that accept P-Cards as payment (This is changing.)

It seems that most of these positives, are for the PAYEE and not the PAYER.  In addition, there is the impression that using a purchasing card is still not as SAFE for PAYERS as the alternative, virtual cards.

 

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Updated Information on ERP's and Automating Payments

Accounts Payable - Payment AutomationSince we last touched on this subject with part one and part two of our AP Best Practices Blog Series, we have continued to demonstrate to companies that ERP and Accounting software fall short of payment needs. In the last three years, ERPs have failed and keep failing.

If your goal is to not waste money, then an ERP is not the way to go...A Payment Automation Hub is the ticket. 

Last year alone, Panorama Consulting Solutions reports that ERP implementations cost most companies 5% of their overall operating budget.  And, enhancement projects (many of which included electronic payment processes) failed to stay on track in 2014.

This is also despite the fact that some ERP projects were on and even under budget. Regardless of the statistics, there are some that just haven't given up on this process that is less efficient.

In addition to the continuing inefficiency of issuing payments via an ERP or accounting system, it is also less effective when it comes to security. Below are three ways OnPay's technology protects you.

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    Debunking Myths about Virtual Cards in AP

    Written by Kaci Lee | Tue, May 26, 2015 @ 11:30 AM |
    Virtual Cards are not new to the U.S. Marketplace. As a matter of fact, they have been available for use for more than six years. Yet even with the trailblazing technology that they offer, virtual cards have not been very popular until this year. At this point, 13% of companies are incorporating virtual cards into their payment strategy, including large financial institutions as well as mid-sized and smaller companies as well.
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