With the adoption of virtual B2B payment methods predicted to grow 340 percent to exceed $121 billion in 2027*, here are answers to frequently asked questions to help increase your success by implementing virtual payments into your business.
What are virtual cards?
Virtual credit cards are digital card numbers that are linked to a credit card account. Primarily used for online and card-not-present transactions, virtual cards keep bank account information private, protecting the card holder. Virtual cards also prevent repeated unauthorized use by generating a new card number for each transaction.
How does using virtual cards help grow revenue and cut costs?
Suppliers that accept virtual cards and other virtual payment methods increase revenues and reduce costs by gaining the following benefits:
- Reduction in processing costs through digital transformation.
- Improvements in accounting efficiency with fewer human errors.
- Increase in secure transactions as compared to paper checks.
- Greater transparency into the company’s financial operations.
- More negotiation power for more favorable terms.
- Increased customer satisfaction and potentially more repeat business.
What are the key benefits of virtual cards for suppliers?
- Quicker Access to Funds. Faster access to working capital.
- Easier Payment Reconciliation. Automatically linking to specific invoices, making it easier to reconcile accounts.
- Improved Customer Relationships. An easier, more positive buying experience for buyers.
What are the key benefits of virtual cards for buyers?
- Greater Spending Control. Ability to set spending parameters, such as payment limit, date range and merchant type, helps control costs.
- Ease of use. Virtual cards that operate just like credit cards.
- Affordable way to pay for goods that is less expensive than using checks or wire transfers.
What are the three top benefits of Virtual Cards for both suppliers and buyers?
- Greater Efficiency by integrating with accounting systems, helping eliminate the need for manual reconciliation of invoices and payments. It also reduces human errors.
- Improved Cash Flow Management since payments are nearly instantaneous.
- Financial Flexibility compared to traditional payment methods.
- Greater Security since virtual cards are more secure than paper checks.
How does utilizing B2B Payments reduce fraud?
- Security is built in since the number can only be used one time, after which it no longer works, and merchants do not need to keep a card number on file.
- Integration of real-time monitoring and account validation so you know what is happening to your accounts in real time and can react quickly if there is an issue.
- Elimination of outdated forms of payments such as paper checks, which can be “washed” by a fraudster to change the payee’s name and amount.
Increase Your Success By Embracing Virtual Cards
By utilizing virtual cards and other virtual payment methods, you can gain, keep and build strong relationships with your customers. Plus, your company will reduce incidences of fraud, reduce payment processing costs and increase revenues.
Want to get started with virtual payments?
Let PayNation help you increase your business while capturing increased revenues. We offer transparent, low and competitive fees with no hidden or registration costs.
Join PayNation Today!
Whether you currently have a payments processor or need to know how B2B payments can help your business, connect with PayNation today to give your buyers and suppliers the digital payments support they need for the cutting-edge payments solutions of today.
If you’re an agent looking to learn more, it’s time to discover the benefits of onboarding your clients with PayNation, including a wide range of B2B products and services, excellent customer service and an easy-to-use platform. Let PayNation help increase your residuals and grow your business.
