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Which Should You Use? Purchasing Cards or Virtual Cards?

Written by Kaci Lee | Thu, Oct 17, 2019 @ 07:00 PM |

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: 

  • 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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The Fourth Industrial Revolution: The Future of FinTech

Written by Ben Frank | Thu, Oct 10, 2019 @ 04:30 PM |

Financial technology, or FinTech, has been opening new avenues for electronic payments in business-to-business companies for years. Many companies have moved 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 really upon us?

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How Can Payments Improve Your Bottom Line?

Written by Ange Desprez | Thu, Sep 26, 2019 @ 06:50 PM |

Save Time. Cut Costs. Earn Money.

The world has changed a lot over the last 20 years. In 1998 cellphones were the size of bricks and analysts were making (considered at the time to be crazy) predictions that the internet would one day be accessible from a mobile device. Fast forward to the year 2019 and not only is the internet accessible from a mobile device, nowadays we spend our lives constantly connected to the internet and to each other. We go to sleep scrolling through news feeds and checking email, only to wake up and start the cycle over again. Easy access to the information combined with the speed of communication and data transfer have made the internet an integral part of our personal and professional lives. One of the fastest growing arenas of this new era is Finance. Technological advancements and new software solutions have vastly improved the efficiency of any Accounts Payable department.

According to a recent study only 42% of organizations are using paper checks for payments. That's down by almost 50% from 2004. With the incredible accounts payable software solutions available today and the positive impact these solutions can have on any ap department, experts predict that the number of companies migrating away from paper checks will increase exponentially over the next few years. 

Payments and the way they are made have always had a big impact on the business environment. Starting with a reduction in the labor hours it takes to issue payments, to the amount saved on supplies and materials, to an increased certainty of cash flow; payments processed electronically offer a substantial impact to your bottom line. Eliminating the manual nature of outdated payment processing methods, which put a strain on the efficiency of an organization, creates a significant improvement to the bottom line.

By moving your business away from paper check printing to electronic payments, you will experience many benefits including: freed employee time and much lower costs per transaction. There's even an opportunity for monthly cash rebates through Virtual Cards — creating a new revenue stream for your company. 

Skip to Save Time, Cut Costs, Earn Money.

 

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Going Green should have two meanings to the well-informed CFO, Controller and AP Manager...

By now, everyone is programmed to immediately think of the "savings" associated with electronic payments. There are many different ways of saving. You can save on costs, save on paper, save on resources, save valuable time, and help save the planet. Each as important as the next. But have you ever thought about the money you could EARN using ePayments? Let's dive into both benefits of converting fully to Electronic Payment Processing below.

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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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