The payment industry is moving increasingly towards paperless vendor payments, and it is important to understand how an ePayables Program (also known as a Virtual Credit Card Program) can benefit your business. We also cover what you should look for in a virtual payment provider as you research solutions for your business.
Why Should I Care About Virtual Credit Cards?
Virtual credit cards can provide multiple benefits for both your business and the vendors you work with.
What Should I Look for In an ePayables Program Provider?
When researching ePayables program or virtual credit card providers, there are several questions you will want to ask:
- Does it provide a dedicated implementation team?
- Does it have a dedicated in-house vendor enrollment team in place?
- What is the process for vendor enrollment after the initial campaign?
- Does it integrate fully with your ERP or account system? If not, what are internal IT costs to consider?
- What would happen if you add or change treasury banks?
- Is rebate paid annually or monthly?
- How do they define large ticket spend? Is it defined by interchange qualification or only by amount?
- What kind of reporting do you receive on the realization of your program? Is there any benchmark reporting to measure success?
- What role does the provider play in ongoing enrollments of new vendors?
Taking the time to evaluate if virtual credit cards are right for your organization can be daunting and low on your list of priorities. To help you determine if an ePayables / Virtual Credit Card program is right for your organization, we created a checklist that asks questions about various elements of your payments program, check it out here.