Ready to give up the high costs and hassles of paper checks and start paying suppliers via card?
Virtual cards are on the agenda for more finance professionals. And for good reason.
Paying suppliers with a virtual card enables buyers to reduce costs, mitigate risks and generate lucrative monthly rebates or rewards on payments made by card. Suppliers benefit from secure payments, self-service reporting, and streamlined reconciliation of payments and open invoices.
Paying more suppliers electronically is likely near the top of your department’s to-do list for 2018.
Institute of Finance and Management (IOFM) reports electronic payments – not invoice processing automation – is the top automation priority of accounts payable professionals.
Paying suppliers with paper checks is a costly proposition.
The median cost of sending a paper check is $3.00, compared to a median cost of $0.29 to send an Automated Clearing House (ACH) payment, per the Association for Financial Professionals (AFP).
No business goes into a new year with the intention of falling behind the competition. But that’s what will happen to businesses in 2018 that don’t have a plan for migrating to electronic payments.