With the payments industry moving increasingly towards paperless vendor payments, it is important to understand how they can benefit your business, and what to look for in a Virtual Payment processor as you research if Virtual Payments are the right solution for your business.

If you are involved in purchasing or financial decision-making for your company, you have likely heard the excitement surrounding Virtual Payments (also known as electronic or e-payments) over the last few years. Industry processes such as printing, issuing, mailing, depositing and reconciling checks all add to your company’s costs and take up a large amount of your staff’s time.  Setting up a Virtual Payments program offers several benefits for both your business and your suppliers. It streamlines processes, improves cash flow, reduces costs, and mitigates risk for your business.

Reduce costs: Virtual Payments eliminate the need for paper checks. Loading, printing, and disbursing checks can add up to a significant expense, particularly when the costs for labor and tracking lost or stolen checks are built in.

Improve cash flow: Virtual Payments give your business the opportunity to earn incentives based on the spend you put through the Virtual Payment program, thus effectively turning your accounts payable department into a revenue generator.

Mitigate risk: A Virtual Payment program allows you to process all of your vendor payments via a safe and secure platform. This reduces the possibility of lost or stolen checks getting into the hands of unauthorized users.

Streamline your vendor payment process: Virtual Payments automate the payment and reconciliation process by integrating into your financial system. This integration releases your business from the manual work associated with vendor payments and frees your employees to perform higher value activities.