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

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

The Basics of Virtual Card Payments Technology [INFOGRAPHIC]

Posted on Mar 15, 2018 11:39:10 AM by Chad Clay

If you're like most professionals 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 card 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

How Virtual Card Payments Could Eliminate Your 1099 Hassle

Posted on Feb 1, 2018 1:00:00 PM by Chad Clay

It's the first day of February; do you know where your 1099 forms are? If your organization is on top of things, your 1099s were issued to your service vendors and filed with the IRS long before the January 31 deadline. But if they weren't, or you're still recovering from the painful experience of tracking down all your applicable vendor payments, take heart: Next year, virtual card payments could eliminate your 1099 hassle.

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Topics: Virtual Payments, Payment Cards, Taxes

Don't Make This the Most Wonderful Time of the Year for Cyber-Thieves

Posted on Dec 7, 2017 12:05:00 PM by Chad Clay

Ah, the holidays: It's the most wonderful time of year - especially for cyber-thieves. In a season when many of us are spending a lot of time (and money) shopping, the convenience of credit cards is tempered by fears about payment security, especially when buying online. The rolling data breaches that have affected major retailers and apps like Uber that are heavily used during the holidays are Grinch-y reminders that easy payment forms can also be easily compromised. But as banks, retailers and Silicon Valley continue to seek consumer credit card security solutions, it's hugely reassuring to know that the Accounts Payable community is actually ahead of the curve in terms of protected payments.

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Topics: Payment Fraud, Payment Cards, security

The Bank of the Future: Virtual Reality, Voice Recognition and AI

Posted on Jun 29, 2017 8:26:00 AM by Scott Songer

The bank of the future will look nothing like the standard brick-and-mortar bank with which you grew up. In fact, the bank of the future will be entirely virtual. As banks look to become more lean, and as patrons seek more efficient ways to bank, the bank of the future will answer the call in exciting ways. Here’s how banks plan to innovate in the years ahead:

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Topics: Virtual Payments, Payment Cards, Banking

Improving Accounts Payable Processes in 5 Easy Steps

Posted on Jun 8, 2017 8:24:00 AM by Tom Parrish

Would you believe that accounts payable processes can be dramatically improved in just five steps? A few simple procedures can 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 time, effort and money in the long run.

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

Why Use Virtual Card for B2B Payments If You're Already Using ACH?

Posted on Jun 1, 2017 8:49:00 AM by Chad Clay

So you're thinking about going paperless with your payments. Great. Now how do you decide which electronic format is best for your organization?

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Topics: Payment Cards, security, Virtual Payments, Automated Clearing House

Cutting Costs, Boosting Security: 4 Ways Ecommerce Wins with Virtual Card

Posted on Jan 31, 2017 7:00:00 AM by Scott Songer

A recent article on PYMNTS.com highlighted how payment security concerns have helped fuel the explosive growth of virtual cards in the travel vertical. Over the last fifteen years, online travel agencies (OTA's) like Expedia and Orbitz have revolutionized travel planning by empowering consumers - and, increasingly, small to midsize companies - to book an entire suite of travel services at the click of a button. The ability to make airline, hotel, car, and even activity reservations without having to pick up a phone or visit a host of different sites is tremendously appealing to many leisure and business travelers.

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Topics: Payment Cards, Payment Fraud, Ecommerce, Rebates, security

Are More Secure Payments on Your AP Wish List This Holiday?

Posted on Dec 1, 2016 11:54:10 AM by Kontrol Team

Well, the holiday season is well and truly upon us. If you're like us, your personal credit cards are getting a major workout as you cross gift and other holiday purchases off your lists. For many consumers, the convenience of credit card payments at this time of the year is tempered by fears about the security of these payments, especially online. The massive security breach that affected shoppers at Target and other major retailers in December 2013 was a Grinch-y reminder that easy payment forms can also be easily compromised. 

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Topics: Payment Fraud, Payment Cards, security