Tom Parrish

Recent Posts

Report: Suppliers Need to Adapt to New Payment Technologies

Posted on Nov 29, 2018 11:36:47 AM by Tom Parrish

A recently released whitepaper from The Strawhecker Group on B2B payments highlights the need for suppliers to adapt to new payment technologies, including virtual card, in the very near term. According to TSG and their partners at Mastercard:

"As customers move to eliminate paper checks and improve working capital through the use of virtual account payments, suppliers should capitalize on the opportunity to invest in technology. This will help to both create a more seamless experience for the customer and improve the efficiency of the card acceptance process. The supplier’s investment should focus both the current needs of the business and the future state of payments acceptance." - The Strawhecker Group/Mastercard, 2018.

As a supplier in the business-to-business sphere, you've no doubt encountered buyer organizations that wish to pay you electronically rather than via paper checks. How do you determine which forms of payment your organization will accept from buyers? Are you concerned about added costs associated with electronic payment formats? And if you do go electronic, which format makes the most sense for your B2B payments?

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Topics: Payment Cards, B2B Innovation, Accounts Receivable

4 Reasons Why Virtual Card Payments Have Surged Among Nonprofits

Posted on Sep 6, 2018 12:43:15 PM by Tom Parrish

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. 

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Topics: Nonprofit Organizations, Virtual Payments

Cost Center to Cost Saver: Using Accounts Payable To Drive Cost Savings

Posted on Jul 26, 2018 10:35:00 AM by Tom Parrish

 

Summer vacation season may still be in full swing, but many of us are already looking ahead to the fall and our end of year financial goals. Did you know your accounts payable - historically a cost center - can actually drive your organization's cost savings? By shifting from resource-intensive approaches to more efficient, effective and secure payments, your AP can move from cost center to cost saver. Here are the top five ways your accounts payable process can help reduce costs all year 'round:

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Topics: Cost Savings, Rebates, Virtual Payments, security

5 Ways Virtual Card Delivers Ultra-Secure Payments

Posted on Jun 26, 2018 9:58:56 AM by Tom Parrish

Virtual card payments are now used for more than $90 billion in transactions annually, yet for many potential users and their suppliers, payment fraud is a lingering concern. With good reason: If a company lacks a secure payment platform, payment fraud can be a routine issue in the AP department. In 2016 The Association for Financial Professionals reported the highest percentage of payment-related fraud since 2005, and stated that 75% of respondent companies had been victims of payment fraud. More recently, from January to March 2018 an estimated 1.4 billion records were compromised. Fortunately, the virtual card payment platform directly correlates to a decrease in compromised records.

We've long known that electronic payments like ACH and wire offered more protections than cash or check. But the advent of virtual card solutions has brought next-level security that is unmatched in the corporate payables and consumer spheres. Virtual credit cards offer many security benefits, protecting users from threats ranging from cyber-criminals hacking records to dishonest vendors attempting to invoice more than what is really owed. Single-use credit cards truly are the most secure way to pay. Here are five reasons why:

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Topics: SUGA, security, Payment Fraud

Improving Accounts Payable Processes: 5 Easy Goals

Posted on May 25, 2018 10:41:29 AM by Tom Parrish

Would you believe that accounts payable processes can be dramatically improved by meeting just five easy goals? A few procedures will enable you to smooth out efficiency issues, reducing the amount of time spent on each individual invoice. Following these readily implemented fixes will enable you to save a great deal of effort and money in the long run.

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Topics: Electronic Invoicing, Cost Savings

Too Good to Be True? 6 Questions to Ask a Potential Virtual Card Provider

Posted on Apr 26, 2018 10:46:03 AM by Tom Parrish

One of our most frequently asked questions about card-based virtual payments is, "Is this too good to be true?" I've found that potential virtual card users have a healthy amount of skepticism about a technology that offers better payments and increased revenue, with no investment by the buyer. In fact, "is this too good to be true?" is one of six key questions it's important to ask of your prospective virtual card provider before you sign a contract. Here they are:

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Topics: Payment Cards, Virtual Payments, Vendor Enrollment

One File: Benefits and Best Practices

Posted on Mar 29, 2018 11:00:00 AM by Tom Parrish

Is your payment process as simple as it ought to be? With so many different ways to pay suppliers, B2B payments can get complicated quickly. Some suppliers accept card payments, such as virtual cards. Other suppliers prefer ACH or wire payments. And yes, of course, some suppliers still require payment by check. So what’s the best way to manage all of these different payments? Increasingly, Accounts Payable departments are turning to one file payments to address the challenge of multiple payment types and bring unprecedented ease to the AP process.

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Topics: One File, Virtual Payments, Consolidated Payments

Game-Changers: 4 Innovations Transforming Commercial Payment Programs

Posted on Mar 2, 2018 2:18:02 PM by Tom Parrish

A new generation of game-changing innovations is rapidly transforming commercial payment programs. Acknowledging that AP professionals need access to their accounts from a variety of places, not just their office computers, these three features make monitoring online commercial payment activity easier and more efficient, while making commercial cards - especially virtual card - a more attractive product than ever for banks to offer their treasury clients.

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Topics: B2B Innovation, Commercial Cards

All Together Now: Combating Payment Fraud Takes a Team Effort

Posted on Jan 18, 2018 1:32:20 PM by Tom Parrish

Payment fraud is one of the most pressing dangers that organizations routinely face. The stakes are incredibly high: If you aren't careful, your organization may quickly lose thousands - even millions - of dollars to payment fraud. And though no executive expects to encounter fraud at the hands of a business partner or client, one should always be prepared for it. Your employees should be fully trained to recognize security risks, report them and take measures to combat them. This is one initiative that is truly a team effort.

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Topics: Payment Fraud, security

Exploring the Value of Virtual Payments for Nonprofits

Posted on Dec 21, 2017 10:47:00 AM by Tom Parrish

Nonprofits play a vital role in communities worldwide, often providing crucial support to those who need it most. Because of their status, nonprofits enjoy certain financial benefits to which for-profit organizations may not be privy. One financial tool that for-profits have embraced, however, can also be particularly useful to nonprofits: Virtual card payments. Virtual card presents unusual benefits in cost-efficiency, payment efficacy and security to nonprofit organizations.

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Topics: Nonprofit Organizations