Overcoming the monumental barrier of collecting supplier bank instructions is typically close to the top of the list of reasons why companies rationalize continuing to issue check payments. 

Who can blame the CFO or CIO for their lack of enthusiasm toward a project that is seems like it could take months or years to manage when their staffs are already stretched thin managing other operational requirements?  Relatively speaking, it seems that their decision to stick with checks just seems smarter.

Many businesses today are leveraging new payment technologies to issue payments within accounts payable to streamline processes, cut costs and reduce risk.  

One of the newest forms of electronic payments is vCards, which you will find can make your process inexpensive, fast, convenient, all while providing a higher level of security to your company.

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.

Being great at what you do means being as efficient as possible. Accounts payable and accounts receivable departments can be full of inefficient processes that can hold a company back. In this article, we will help identify the six wasteful areas and activities that can kill your business efficiency.

According to a study published by the experts at Triaster, "The 7 Wastes Killing Efficiency: How to Identify your Wasteful Processes", in order to be efficient, you have to understand the differences between activities and deliverables.

According to an ACFV Report, companies lose an estimated 5% of their revenues annually due to fraud.

Many businesses today are leveraging technology to manage finances with accounts payable. You will find that technology can make your process inexpensive, fast, convenient, and provide a high level of security to your company.

Although technology has made accounts payable automation a standard for many organizations, 60% of businesses in the United States are not aware of the countless benefits of A/P automation.