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You鈥檝e experienced the potential of virtual cards to create a more efficient payment process and transform your accounts payable from a cost center to a revenue generator. But perhaps you鈥檝e also learned that it鈥檚 not that simple when it comes to onboarding suppliers to accept your virtual cards.
To unlock the full potential of virtual cards, you need to increase supplier acceptance of virtual cards. But how can you boost supplier enablement to increase virtual card acceptance? In the first of a three-part series, we introduce supplier enablement and what you need to know.
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Virtual cards come with many perks for accounts payable teams, including:
That depends on a few factors, including:
For example, let鈥檚 say your business spends $5 million per year in payment types that aren鈥檛 virtual cards. By working with a payments provider that has a dedicated supplier enablement team, you manage to transition 30% of that spend to virtual cards. And you receive a rebate of 2% on your virtual card transactions.
In that example, your business has earned an additional $30,000 in virtual card rebates alone. That鈥檚 on top of the other perks your business receives for the above reasons.
Suppliers have real reasons to be reluctant to accept virtual cards, but they often can be solved when working with an experienced payments provider. Primarily, it can be time-consuming to onboard virtual cards, and the process might feel complicated if it鈥檚 a new experience for their accounts receivable teams.
When addressing these pain points, 澳门六合彩开奖现场直播works with businesses to understand challenges and communicate the perks that accounts receivable teams receive in accepting virtual cards, such as faster payment processing, decreased fraud, and streamlined reconciliation.
Businesses often work with their payments provider for supplier enablement. When evaluating supplier enablement services, learn:
With WEX, you鈥檒l have access to a dedicated supplier enablement team that鈥檚 helped onboard over $7 billion in virtual card volume. We work with each client to best understand how they want to approach suppliers so all sides get the best result. And we鈥檒l support supplier enablement for buying relationships of all sizes.聽
Check out our supplier enablement page to learn more.
The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers.
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