Many businesses today are leveraging technology to manage their finances. With Accounts Payable, you will find that technology can make your process inexpensive, faster, and more convenient, while providing a high level of security to your company.
Virtual Cards are one of the newest forms of electronic payment. Also known as V-Cards, when issued, each V-Card is a randomly generated 16 digit credit card number created solely to pay for a transaction or multiple transactions at a predetermined dollar amount, without a physical card. Each virtual number will expire after the payment is processed by the supplier. The V-Card can be used with any vendor that accepts credit card payments because it is the equivalent of a credit card payment.
Enrolling suppliers to accept Virtual Cards should be easy, as most V-Card providers provide vendor or supplier enrollment programs which feature an in-house team to create custom enrollment campaigns, contact your suppliers, and even help with special projects.
There are several benefits to using the virtual card.
First, they have a high level of security, serving as a buffer between your actual credit card account number and the vendors that you work with. Consequently, you won’t have to worry about someone intercepting your payment, running up fraudulent charges, or your supplier having an open line of credit to charge at will.
Second, It’s much less costly to use a virtual card than it is to print and mail checks. The process is paperless, which eliminates the cost associated with check stock, envelopes, postage and man-hours required for manual processing.
Most importantly, virtual cards generate cash rebates, which make a huge impact on your cost. In some cases the V-Card program PAYS you back much more than you ever spent issuing check payments. Some providers pay rebates on a quarterly or annual basis (however, we suggest you choose a monthly payment program). The amount of cash you earn is tied dollar-for-dollar to the virtual card payments you make. The more payments you make, the more cash back you will earn.
Virtual cards are not just available to corporate conglomerates. Smaller, mid-sized businesses can also leverage virtual card payments to streamline their A/P processes, thereby reducing the high costs of writing checks and also creating an additional stream of income.
Virtual card payments offer many benefits in the form of high level of security, cash rebates, which generate a new form of revenue, lower costs than paper checks, and the ability to streamline your A/P processes. Technology has transformed the way we do everything – making things easier and taking much less time. You might not hand write a letter today; as you would likely send an email. That’s faster and in real time. So why not streamline your A/P processes and get rid of those outdated paper checks? There is no better time than now to jump into the virtual card movement.
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Listed by CFO Tech as one of the Top 10 Accounts Payable Solution Providers 2018 and 2019 and by CIO Review as part of the 20 Most Promising Corporate Finance Tech companies for 2017, OnPay Solutions streamlines processes for accounts payable by automating invoice processing and payments.