With the skyrocketing growth of commercial virtual card acceptance in the business-to-business (B2B) space many organizations are struggling to find an Issuing Bank who can deliver a product and service that will provide a successful ROI.
Typically, most organizations think that their existing treasury bank can implement a virtual card solution for their supply chain. However, these banks cannot deliver on offering a long-term strategy for the entire supply chain, which includes “the long tail” (or, the small volume suppliers). Most banks must monitor their efficiency ratios, which means if your organization does not have a 10-digit annual supply spend to support the bank’s revenue requirements, the bank will not assign a dedicated team or person to manage your virtual card program or ensure maximum accounts payable process efficiencies and supplier participation.
Continue reading “10 Must Ask Questions Before Implementing a Virtual Card Program”
Over the last several years many health care systems have been working diligently to upgrade from their legacy accounts payable systems to be more efficient. Fast forward to today, and many new accounts payable systems are in place and primed for health care systems seeking to revamp their payment processes to suppliers. A critical component to improving the payment processes is to ensure the entire AP department is engaged, along with the finance team, and works together toward common strategizes to remain competitive and not to create internal chaos.
Improved accounts payable processes mean ‘payment automation.’ Payment automation means having the ability to pay suppliers electronically, faster and more secure all while saving time and generating revenue for your health care system.
Continue reading “Eight Things Your CFO Needs to Know About ePayables”