Virtual cards can solve bill payment issues

Virtual cards can solve bill payment issues
If your organization is in the market for a bill payment solution with a focus on finance, consider one that maximizes supplier payments by replacing paper checks with electronic transactions and puts the emphasis on virtual cards. The cards can be delivered to suppliers through email and processed just like a credit card transaction.

 

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.

Comments are closed.