In most discussions about accounts payable automation, there tends to be a focus on the efficiencies that come packaged with reduced data entry and a streamlined workflow. But the benefits don’t stop there. When your company chooses to extend your AP automation solution to include automated payments via virtual credit cards, you’ll find there’s a whole new world of benefits to be gained.
As a relatively new form of electronic payment, virtual credit cards offer their own set of unique security protections and workflow benefits. In a new whitepaper, Does Your AP Automation Solution Pay for Itself?, we talk about both the benefits and challenges associated with virtual credit cards while providing the tools you’ll need to get your business set up with this payment type.
What are Virtual Credit Cards?
As a basic definition, virtual credit cards (VCC) are a randomly-generated card number that is associated with a business’ actual credit card. Vendors will typically process a virtual card the same way they would and a regular credit card, but without ever seeing the actual credit card number. For businesses that have integrated virtual credit cards into their payments process, the real differences (and rewards) are more visible.
Here, we’ve outlined the top three ways that businesses can benefit from virtual credit cards.
1. Stellar security features that protect your business
Credit and debit card fraud is a major concern for businesses globally, with fraud losses topping $21.84 billion in 2015 and a loss of $32.82 billion projected for 2019. As a measure of protection against the perils of card fraud, virtual credit cards offer businesses a set of unique security features that can effectively combat the risk, which we detail in our whitepaper.
2. Full integration with your accounting system
The key to an efficient accounting workflow is in the integrations, and the most comprehensive workflow with include a fully integrated payments process. With virtual credit cards, payments can be approved and released to vendors directly from within your accounts payable automation software.
3. Cash-back rebates that can earn you money
When it comes to revenue-generating accounting activities, accounts payable has never been high on that list. But virtual credit cards actually make it possible to make money through cash rebate programs, offsetting the costs of AP automation. And unlike points cards, these rebate programs will earn your business actual money.
Companies of all sizes will gain peace of mind from the security and efficiency advantages that come standard with virtual credit cards while capitalizing on an untapped revenue stream through cash rebates. Get your copy of this free whitepaper to get an in-depth overview of virtual credit cards and how your company can take advantage of these benefits.