How Virtual Cards Can Benefit Your Business Pt. 2
In part 1 of our series on “How Virtual Prepaid Cards Can Benefit Your Business,” we showed you how virtual cards can improve expense management, reduce costs, increase transparency, and strengthen the employer/employee relationships. In part 2, we give you even MORE benefits:
Virtual Prepaid Cards Cut Down On Manual Labour
Creating and processing cheques take up a tremendous amount of human power. Valuable time, effort, money, and manual labour are wasted printing, signing, packing, and mailing cheques. On the receiving end of things, even more time is wasted opening cheques, endorsing cheques, depositing cheques, and then waiting for the cheques to clear. Whatever way you look at it, dealing with cheques is an accounts payable and accounts receivable nightmare.
Switching to virtual prepaid cards streamlines processes, increases efficiencies, and makes things easier for your team and business. It frees up your employees to focus on other tasks that can improve the business.
Virtual Prepaid Improve Accounts Payable
One surefire way to improve efficiencies within your business is by switching to automated payments. Accounts payable automation platforms can use virtual cards to streamline and centralize the AP process into a single, cohesive workflow. The time it takes to receive an invoice and pay the invoice is drastically cut down by removing manual interaction. Everything from data capturing and approvals, to payment authorization and execution, are done hassle free and automatically. With virtual prepaid cards, your business doesn’t have to waste time and resources chasing down receipts or checking every single item on invoices. Approval and reconciliation happen in real time.
Virtual Prepaid Cards Offer Improved Security
As we mentioned in our recent article, “How Virtual Prepaid Cards Are Improving Business Payments,” protecting online card information from thieves is a big deal. Virtual cards not only have all the usual security features of a plastic card, such as a security code, they also come equipped with enhanced security protections:
- New card numbers can be generated for each purchase/transactions, reducing the risk of card fraud/theft to zero. This process only takes a few short minutes
- The cards can’t be lost, as there is no physical card to misplace or have stolen
- Virtual prepaid cards are not connected to a bank account or credit
- Virtual prepaid cards can be edited or deleted after use
Virtual Prepaid Cards Are Great Marketing Tools
Virtual prepaid cards are a low-cost way to add value to promotions and improve marketing campaigns. With E-commerce growing larger and larger every year, a virtual prepaid card is an enticing offering to would-be customers.
Virtual Cards Offer Immediacy To Employees
With virtual prepaid cards, employees can use their mobile phones or computers to request a virtual card. This request is quickly sent off to a manager for approval, who can give instant sign-off. This level of immediacy means that employees don’t have to wait around to be issued a physical card and can make business transactions with little to no delay.
Virtual Cards Are The Right Move For Your Business. Make The Switch Today.
Virtual prepaid cards save time and money, improve accounts payable, increase security, and make great marketing tools. Click the image below to find out how your business can make the switch today.
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