5 Reasons to Stop Paying Suppliers by Paper Check
Eliminating B2B paper checks not only streamlines your AP processes, but it also reduces costly errors, prevents fraud, and speeds up digital...
2 min read
Chris Cosgrove : Dec 2, 2014 1:00:31 PM
No one ever likes being tasked with breaking bad news to their boss, but it tends to be a reality that any leader has to face at some point in their career. The trick as they say is in the delivery, and hopefully being able to provide a silver lining for whatever is being delivered. However, in today’s post, the only bad news that we have to pass on is that the days of making manual, paper payments (can anyone say checks?) are numbered. So consider this a license to share the good news about virtual payments, and more aptly put virtual card payments, a rapidly growing subset of automated electronic payments. This is key stuff for any Accounts Payable Manager, Controller, & CFO because it affects them all in positive ways.
Spend per month - $10,000,000
% of Spend that takes electronic payment – 30%
% of Spend pushed electronically - $3,00,000
Cash Rebate @ 1% of Spend - $30,000
That’s no small number just for switching your payment method in addition to getting all the other bennies out of it.
So with that said, unless you know of another easy-to-implement means of bringing about a $360,000 annual windfall into your AP organization, virtual card payments may be the best news you have brought to your boss in a long while.
If you’re interested in learning more about how virtual card payment programs work, please click here!
We've also got quite a bit of intel on accounts payable automation if you're looking for ways to improve that process too!
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