Among the advantages:
- Virtual cards are less expensive than paper checks, eliminating the costs of paper, ink, printing, postage and bank fees
- Virtual cards offer the opportunity to generate cash rebates, and they can be processed for a fraction of the expense involved in processing a paper check.
- The rebates that virtual cards make possible for a portion of an organization’s AP spend means the AP department can be transformed from a cost center to a revenue generator.
The challenges an organization faces with respect to bill payment issues are expensive and time consuming. Changing the system from paper-based to electronic can increase efficiency and lower costs, and considering an option that includes virtual cards can save an organization even more money — to the point of making the accounts payable department a source of revenue rather than expenses.