By converting to ePayments or digital payments, an organization can expect an immediate return on investment (ROI)
In today's digital world, no one really uses checks regularly for their personal transactions. And now, receiving a paper check seems like something out of the 70's. And the steps to process the check file are also very dated. In business, your advanced ERP may output the file seamlessly, there's just no getting around the folding, stuffing and mailing unless you outsource that to a department with machinery to handle that for you.
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:
But, MOST of the PROS for P-Cards are on the PAYEE side of the transaction:
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.
Looking into the future, change can be scary, but exciting, it’s uncomfortable yet enduring the process we adapt and change just as our businesses. B2B payments are evolving from paper checks to electronic payment delivery. This paradigm shift from paper checks to electronic is creating a new timeline for payment delivery.
In today's digital world, receiving a paper check seems like something of the Stone Ages. Not only is there a significant lag time before the check is transferred from Payer to Payee - but there's also the daunting task on the receiving side of getting deposited either via electronic means or good old-fashioned driving it to the bank.
All of us here at OnPay Solutions would like to wish our Blog readers who are football fans the best of luck for your favorite Super Bowl LI (51) team.
Who's it going to be? New England or Atlanta? Let us know your pick!
To win this game you know that the team's have to be able to score.
When it comes to making Accounts Payable payments, broker payments or any kind of scheduled payments, we'd like to help you be a winner and become a Accounts Payable Perfect Payer, which can be looked at much like a Perfect (football) Player. Just like the Perfect Player, you have to know how to play effectively and how to win.
Maximize your virtual card program- An acquirer’s perspective on optimizing vendor participation
Do you have vendors who are unwilling to participate in the virtual card program – or worse, vendors threatening to unenroll? Is the cost of transaction acceptance a barrier to participation?
On January 18th, Ryan Rybolt, CEO of Infintech teamed up with Neal Anderson, President & CEO of OnPay SolutionsTM to talk about how a company could maximize its virtual card program — an acquirer's perspective on optimizing vendor participation. They explored easy ways to simplify the vendor enrollment process and reduce the costs vendors pay to accept virtual card payments.
From common vendor objections and effective responses and techniques to minimize credit card acceptance costs, without affecting the rebate, to overall payment industry trends and emerging technologies, Rybolt addressed it.
Missed the Thought Leadership webinar? No problem. We have provided a recap of the highlights below.