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?
Two Reasons Why Virtual Cards are Essential for B2B Payments:
FOR PAYERS: No Vendor Overcharging - Since virtual cards will only carry the exact amount you wish to pay, there is no chance for vendors to overdraft and misuse the card. Traditional credit cards provide no protection from this. Smith states that with credit cards “that’s an error that would get corrected down the road, but the virtual card prevents the error in the first place." As the PAYER you also gain the benefit of an enhanced relationship with the vendor who will know where they stand and who won't be calling looking for a payment.
FOR PAYEES (VENDORS): No Paper Chasing - Virtual cards take less time as well as less paper. CFO of Fortessa Tableware Solutions, Jeff Smith, states that "...there is no check to receive or take to the bank, and you don’t have to worry about the payment getting lost, mishandled, or misplaced.” Therefore, with virtual cards, getting the payment to the bank is guaranteed.
The Explosive Growth of Virtual Cards:
It seems that it will be only a matter of time before awareness spreads from those early adopting companies who are already reaping the benefits of Virtual Cards to other companies and institutions. They save paper, money, and provide added security for your credit payments...not to mention that they earn cash rebates for each transaction and contribute to the PAYER company's bottom line.
In today's digital world, no one really uses checks regularly for their personal transactions. Ask anyone outside of the finance industry the last...
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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.