Accounts Payable (AP) departments and teams are working harder than ever to make timely payments, while trying to meet the ever-changing payment acceptance demands of their suppliers. AP departments are also under constant pressure from their perspective organization to cut costs, add value and ultimately to be viewed as a revenue generating cost center, which is always a challenge.
As all industries are being pushed by their suppliers to move away from the inefficiencies of paper checks to one of the acceptable forms of electronic payments, industries struggle to pick the ‘best’ electronic payment solution for their business-to-business (B2B) supplier payments.
Continue reading “Want a Better Way to Pay Suppliers? Here Are Your Two Options”
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”