Sep 6, 2018 12:43:15 PM
Most of the conversation around card payments in the nonprofit sphere tends to be about the best ways to process electronic donations. This focus is, of course, highly understandable: No 21st century nonprofit can thrive without empowering donors with an easy means of supporting the organization. But what about the flip-side of the payment coin? Nonprofits have to pay their suppliers, too, and some ways are smarter and more beneficial to charitable organizations than others.
For instance, when nonprofits implement virtual card solutions for their automated accounts payable, the accrued benefits can be exceptional - revolutionizing not just the accounts payable process, but organizational funding strategies, as well. A not-for-profit organization that implements virtual card payments for a significant portion of its AP spend can expect to reap a host of perks, including cost-savings; time-savings; heightened payment security and control; and most compellingly, an alternative source of revenue to help fund its mission.
Virtual cards deliver cost-savings to all types of organizations - not just nonprofits - in several ways:
Time is money, particularly for an organization operating on a strict budget, so it's worth delving more into the ways virtual card promotes efficiency for its users:
In addition to being hyper-efficient, virtual card is incredibly secure. Here's how this technology helps nonprofits uphold their fiscal accountability:
Perhaps the single biggest way virtual card payments can revolutionize a nonprofit's AP strategy is by transforming accounts payable from a cost center to an authentic source of revenue to help fund organizational operations:
The fact that, at press time, more than 20,000 organizations now pay more than 1 million suppliers with virtual cards is a testament to what the platform delivers: super-efficient, super-secure payments, and a significant revenue share. These facts, along with an increased openness to all forms of electronic payment, explain why virtual card payments have surged among nonprofits. Is your nonprofit organization already using this simple, highly effective technology? What do you love about it?
Not using virtual card, yet, and feel like you might be missing out on something big? Download our ebook on virtual card for nonprofits to learn more about what's involved with implementing virtual card, and what rewards your organization may realize by using it.