We encourage companies to use this checklist when migrating to virtual card payments.
When seeking a virtual card provider, companies should seek a provider that:
- Pays CASH rebates on a monthly basis.
- In researching virtual card providers you will find that many hold rebates for quarterly or annual disbursement.
- Most banks issue rebates annually and pay them only if you reach a target (known or unknown).
- Can integrate into an existing accounting or ERP system seamlessly.
- Can take you live with virtual card payments in under 60 days.
- Will provide necessary data in a usable format for your GL reconciliation after the cards clear.
- Can work within existing standards and processes of your accounting or ERP system
- Will ensure that the transition to virtual card payments minimally impacts those responsible for issuing the payments and will not be perceived difficult.
Making the change to virtual cards should be seamless, manageable and uncomplicated. This change also yields a new profit stream into your organization providing for change that will be welcome by all from the C-Suite to the A/P Clerk.