Sean Songer

Recent Posts

Electronic Payments 101: The Basics of Virtual Payments Technology

Posted on Feb 20, 2014 3:30:00 PM by Sean Songer

If you're like most who are responsible for making payments for a corporate or nonprofit organization, you're continually seeking to maximize efficiency and minimize the cost of doing business. Virtual Payments Technology does both, offering the opportunity to turn a manually intensive operating expense into an automated process that actually generates revenue for your organization.

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Topics: Payment Cards, Commercial Cards, Electronic Invoicing, Virtual Payments

Regional Banks: The Payment Product Value Proposition

Posted on Jan 17, 2014 4:49:00 PM by Sean Songer

One of the greatest advantages of the virtual payments movement is how AP solutions can empower small-to-midsized regional banks to offer a greater range of services to their clients – fueling their own revenue streams in turn.

How does this work? Well, in the context of the card business, these regional banks (or “Agent Banks”) typically license the credit card programs and technology of other “Primary Banks.” This enables the regional bank to offer the technology and products of the Primary Bank to its customers without a lengthy implementation process, and without large up-front fees.

 

Often, an Agent Bank is a smaller, regional bank with strong, local treasury relationships and a need for a commercial card solution. If you represent a bank like this, you're probably already fielding questions from your larger clients around card-based AP solutions; or you might have seen competition encroach on your treasury relationships because you lack a viable AP product.
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Topics: Agent Banking, Commercial Cards, Regional Banking