Which Should You Use? Purchasing Cards or Virtual Cards?

Written by Kaci Lee | Wed, May 09, 2018 @ 10:46 AM |

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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Discover how payments impact your business and relationships.

From improved levels of productivity to lower costs, there are many positive outcomes of maintaining good supplier relationships.

Find out how A/P automation can help transform your business relationships.

Discover more on accounts payable automation:

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Virtual Cards in the Business World:

Virtual cards have been available for seven 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 A/P payment automation process.

Companies that are holding back from using Virtual Cards may not understand the potential benefits. Find out below how virtual cards can benefit you, - from increasing efficiency and reducing risk to saving money... to even EARNING CA$H rebates. Who wouldn't like to turn their AP department into a revenue generator?  

Peaked your interest? Read on — PS. make sure to scroll to the end for a Free eBook "Virtual Cards: When You Don’t Use Them, You Miss a New Revenue Stream".

Virtual Cards - Virtual Cards for Business - Business Virtual Cards

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As a CFO or Controller, you maintain a close relationship with your banker. As a result, working directly with your bank may seem like the natural step to automatic payment or to making your electronic payments easier, especially when you consider the demands for time of your finance staff, knowledge of your IT resources project list, and other staffing limitations. Whether the efforts made by bankers grabbed your attention, or you simply want the fastest or easiest solution, keep in mind that that banking is a results-oriented, sales-driven operation.

Your conclusion is the result of the diligent efforts of your bank's relationship managers, especially if you are banking with a mega-bank. Each such financial institution is continuously focused on driving organic growth by building on the ongoing relationships with business customers like yourself. Banks concentrate on training their people to maintain constant contact for educating business clients on all of the services the bank can provide which translates into deeper and more meaningful relationships.

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By converting to ePayments, an organization can expect the following return on their investment (ROI)

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Why Continued Paper Check Use is Hurting Your Business

Written by Ange Desprez | Fri, Jul 01, 2016 @ 05:04 PM |

Over the last five years, there has been a decline in the use of paper checks for business to business payments. Many forward-thinking businesses have grasped the financial and eco-friendly benefits of reducing paper check processing. Businesses that have converted to electronic payments have found that their efficiency has increased with the reduced use of paper. 

"With the number of businesses equipped to handle faster, more secure, and less fraud-prone payment methods, the continued use of checks in business to business payments is both astounding and disappointing," Wex Inc., a payment solutions company adds. "Electronic payments are 10 times cheaper than checks. Writing checks to suppliers is not only time consuming and inaccurate, it’s wasteful in terms of cost, as the average cost of writing a business check ranges from $4 to $20."

This is no surprise. The transition from paper-based to digital payment processes allows for a faster, more secure, and easier to use payment platform. It simply takes less time to find and process information.

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Excerpt from the 'Four Fundamentals to Accounts Payable Process Metamorphosis' eBook by CloudX and OnPay Solutions.

Accounts Payable is one of the most paper-burdened areas of the corporate landscape. Today, more companies are looking for ways to do more with less and get rid of wasteful processes. OnPay Solutions has teamed up with Chris Cosgrove, senior vice president and head of marketing at CloudX to share insight into the possibilities of a 'transformed' Accounts Payable process.

Time, invested wisely, is your organization’s most valuable asset when harnessed properly.

"Our knowledge of transactional document process management combined with OnPay Solutions' insights into payment automation create a broad and deep functionality necessary to make the end-to-end AP invoice and payment cycle as robust as possible," states Cosgrove. "We’ve distilled some of our key thoughts into an eBook we believe you will find a valuable asset in your journey towards payables optimization."

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The Fourth Industrial Revolution: The Future of FinTech

Written by Ange Desprez | Wed, May 25, 2016 @ 01:45 PM |

Financial technology, or FinTech, has opened new avenues for electronic payments in business-to-business companies. Many companies have strayed away from financially (and environmentally) costly paper checks to inexpensive and time-efficient payment automation, saving money in the process. Heavily depended on by investors, consultants, multinationals, startups, and entrepreneurs, FinTech exists to help solve these problems.

The technological revolution, dubbed the fourth industrial revolution, has gained traffic in the corporate world by fundamentally changing the way many businesses interact with consumers. With the rise of digital currency and a surplus of investment options in payment automation technology, is the next Industrial Revolution upon us?

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