Overview

Gone are the days when businesses regularly used checks in their transactions. In fact, checks are no longer convenient in the current digital world. The current economic climate requires businesses to embrace technology instead. If your business relies on outdated systems and manual checks, consider shifting to virtual cards for accounts payable.

In this digital payment solution, a 16-digit, randomly-generated card number is created for each vendor transaction between payer and payee. It modernizes the conventional processes, increasing accuracy and saving time. Many accounting teams prefer virtual cards because they’re convenient, highly secure, and cost-effective. Also, vendors that take traditional credit cards often accept this form of electronic payment.

After receiving an initial AP spend document, the analysis identifies which vendors and suppliers are presently not being paid with a card, but that may be acceptors of card payments or that accept virtual card payments from other businesses.

By increasing the amount of spend being paid in this manner, we will improve AP efficiency, reduce AP costs, better manage cash flow, and increase the “ROS” (Return on Spend) to the organization.