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.
Through speaking with hundreds of vendors a month, Infintech compiled the most common objections acquirer representatives hear as to why a vendor does not want to accept virtual cards.
In this webinar, Rybolt discusses these objections as well as and how to tackle them:
#1. “Accepting credit cards is too expensive.”
- It’s important for vendors to work with an acquirer that understands the payment space. They can counsel merchants on best practices to ensure vendors achieve the lowest payment processing rates possible.
#2. “We’ve always been paid by check. Why change?”
- Virtual card payments streamline processes, reduce concerns of check fraud and decrease the time it takes to pay vendors.
- Many buyers will select vendors who accept card as a form of payment, thus resulting in increased sales.
#3. “We don’t see any value in enrolling.” — Accepting virtual card payments means:
- Improved financial controls, since checks can be lost or stolen
- Prompt settlement to minimize payment delays, collection costs and disputes
- Detailed remittance information (includes list of invoices paid)
- Automatic reminders to process outstanding payments
- Access to a full network of rewards and business services
- Potential “preferred vendor” status for future business
- Potential improved payment terms
Read More on Virtual Cards:
- vCards - How to Revolutionize Your Business with Virtual Credit Card Payments
- Which Should You Use? Purchasing Cards or Virtual Cards?
- Create an Additional Revenue Stream by Issuing Supplier Payments with Virtual Cards
- 6 Wastes That Kill Efficiency in Your Accounts Payable Department
- 7 Best Practices for Payment Fraud Prevention
Want to learn more about Virtual Cards and how it can help your company earn additional revenue? Download this free eBook now.