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 Psychology of a Successful Vendor Enrollment Process

Posted on Oct 26, 2017 11:13:29 AM by Chad Clay
A successful vendor enrollment process depends on a number of crucial factors. You will need to employ a well-planned strategy in order to reap the maximum advantage from this process. Put simply, the goal is to get all your vendors on the same payment software so that you can handle transactions in one place. Consolidating your transactions this way enables you to keep a close eye on your accounts. As a result, the entire process, from invoicing to transferring funds, runs in a smooth and efficient manner. 

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Topics: Vendor Enrollment

3 Vendor Enrollment Strategies That Boost Virtual Card Returns

Posted on Jul 25, 2017 8:07:00 AM by Tom Parrish

If you’re using virtual card for your payments, your vendor enrollment strategies should be two things: easy to implement, and guaranteed to improve relationships with your vendors. These three basic strategies accomplish both those goals, offering you easier vendor enrollment plus more personable business relationships.

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Topics: Vendor Enrollment, Virtual Payments

A Collaborative Approach to Vendor Adoption of E-Payments

Posted on Dec 15, 2016 8:20:00 AM by Kontrol Team

We’ve all read about the many benefits of moving from paper check-based payments to electronic card-based payments for accounts payable and other business-to-business transactions. It’s really a no-brainer for most purchasing organizations. Yet a critically important component of e-payment success is vendor acceptance. Your suppliers must be agreeable to accepting electronic payments, including virtual cards. Supplier acceptance is crucial to your company’s electronic accounts payable program.

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Topics: Vendor Enrollment, Supplier Enablement

Going Strategic: Shifting AP from Cost Center to Revenue Generator

Posted on Sep 15, 2016 7:30:00 AM by Scott Songer

Work life is better when you feel you bring value to your organization. Accounts Payable is an absolutely critical entity in any company, but AP departments may struggle with feeling like their work is not as strategic as that of others on the org chart.

In fact, a 2016 study of AP professionals by Ardent Partners found that 34% viewed transforming into "a more strategic and agile business function" as a primary goal for the next 24 months. Meanwhile, 41% aimed to reduce processing costs, 28% wished to improve reporting and analytics around AP, and 26% hoped to improve collaboration with suppliers in 2016.

Doing all of this in one, or even two, years seems pretty daunting. But the right AP automation approach can actually tick all of these boxes, effectively transforming an AP department from a less-than-agile cost center into a more efficient, more transparent, more strategic operation that brings significant value to both your organization and the vendors with which you do business. How?

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Topics: Payment Cards, Vendor Enrollment, Virtual Payments

Top 5 Questions to Ask A Prospective Virtual Payments Provider

Posted on Jun 30, 2016 7:30:00 AM by Tom Parrish

"Isn't this too good to be true?" is one of my favorite frequently asked questions about card-based virtual payments. I've found that potential users have a healthy amount of skepticism about a technology that offers better payments and even increased revenue, with no investment by the buyer. Frankly, the proposition sounded a little too good to be true to me, too, when I first heard it.

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Topics: Payment Cards, Virtual Payments, Vendor Enrollment

The Quick Guide to Convincing Suppliers to Accept Virtual Card Payments

Posted on Jun 2, 2016 11:00:00 AM by Tom Parrish

Everyone wants to get paid on time - in fact the top priority of most Accounts Receivable departments is to be paid faster. If yours is a buying organization wanting to pay more of your suppliers electronically — through card-based virtual payments — you can use this AR top priority to your advantage.

The Huffington Post released data last year from Sageworks (a financial information company) revealing the industries that wait the longest to be paid.

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Topics: Payment Cards, Vendor Enrollment

Virtual AP Best Practices: The Transition Shouldn't Be Hard

Posted on Nov 4, 2015 2:34:44 PM by Chad Clay

Still reeling from Sunday's time change? You're not alone. Every year at this time I'm taken aback at how dark it suddenly is so early in the evening. That, coupled with the rapid-fire onslaught of one holiday after another, can make this a season of uncomfortable transition.

Nobody likes uncomfortable transitions, especially not when it comes to your accounts payable processes. Is fear of change keeping your organization from realizing a more efficient, secure, and ultimately rewarding AP process? Don't let it. Your virtual card provider should follow these three best practices to help you painlessly transition to paperless payments: 

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Topics: Payment Cards, Virtual Payments, Vendor Enrollment

How to Leverage Vendor Satisfaction for Virtual Payment Success

Posted on Nov 20, 2014 7:30:00 AM by Chad Clay

Vendor enrollment is often something of an afterthought for bank-run virtual payments programs. But vendor enrollment can't be an afterthought: Getting your suppliers on board - and happily so - with your virtual payments program is critical to its success.

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Topics: Vendor Enrollment

Why Your Suppliers Ought to Love Virtual Payments, Too

Posted on May 22, 2014 6:00:00 AM by Kontrol Team

It's pretty easy to see why a company would want to go paperless with its Accounts Payables, when Virtual Payments Technology provides a ready opportunity to reduce costs and increase revenues. The benefits to your suppliers, however, might be less obvious, especially since vendors typically absorb the fees associated with card-based electronic payments.

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Topics: Payment Cards, Vendor Enrollment, Supplier Enablement