May 11, 2017 10:14:47 AM
The benefits of card-based virtual payments for regional banks are too good to be ignored: Super-secure, ultra-convenient virtual cards benefits businesses, banks and customers alike. Virtual payments furnish a host of benefits to regional banksthat enable them not only to survive competition with big banks but even to compete as equals in the field. A few of these key benefits:
Virtual Cards Are More Convenient and Offer Faster Processing
One of the best known and well-appreciated benefits of virtual payments for regional banks lies in the sheer convenience that they offer. Businesses are no longer bound to accept a loss of momentum in the time it takes to receive and then process a conventional paper check. When a regional bank client implements a virtual card system, the payment cycle is complete in a matter of mere moments: The bank receives an email notification when the payment process is initiated and then quickly processes the client’s payment. Meanwhile, if the bank that offers these services is regional rather than national, clients will enjoy the added benefit of keeping track of their payments and balances at a local bank with familiar, friendly faces. This is a win-win-win for the regional bank, its clients and the clients’ vendors.
Businesses that hold accounts at regional banks share amply in the benefits that come with virtual card. These payments are also a dream for bank clients’ vendors. Vendors that receive instant virtual card payments are no longer forced to devote a significant amount of time tracking the progress of these payments or checking to see if they have arrived by a given time. This saves vendors significant time and effort that can instead be focused on running their own business.
Meanwhile, regional banks benefit from the increased trust and loyalty that they receive from the local businesses they serve with virtual payments. By being able to offer a list of conveniences that a larger bank may not be able to give, a regional bank can win and keep the business of business banking clients.
Virtual Card Payments Offer a Wealth of Data
The ability to give minutely detailed payment data on each transaction is another one of the benefits of virtual payments for regional banks. This is a benefit that appeals directly to local businesses and is a big selling point for regional banks. Thanks to virtual payments, companies receive a full email remittance that includes a detailed account of every transaction they have made. This data comes complete with invoice numbers to enable a business to balance their accounts quickly. No other payment process offers this much valuable data with such a quick turnaround.
Virtual Card Payments Enable Businesses to Keep Their Money Local
The ability for businesses to keep their money local is perhaps the most overlooked benefit that regional banks can offer its clients with virtual payments. By providing the same services as any national bank, via an agent banking platform, regional banks can compete on a level playing field while shoring up its market visibility and profitability. The more convenience and interactivity a regional bank can offer to local businesses, the more it will be able to develop longstanding relationships that will lead to a long and prosperous existence as a regional player.
For more information about how to start offering virtual payments at your regional bank, download our Agent Banking 101 guide today.