AP Payments Automation
with Virtual Cards

Revolutionize Your Accounts Payable Process with Virtual Cards

What Are Virtual Cards?

Virtual cards are randomly generated credit card numbers designed for a single charge of a specified amount. These cards are transforming accounts payable by offering enhanced security and efficiency, with 64% of CFOs planning to increase their usage in the coming year. Already, 55% of finance leaders are reaping the benefits of virtual cards.

Benefits of Virtual Cards in Accounts Payable

  • 1 Enhanced Fraud Protection: Virtual cards add an extra layer of security to financial transactions by providing unique, single-use numbers.
  • 2 Swift Payment Processing: They accelerate payment processes, ensuring timely and efficient transactions.
  • 3 Seamless Workflow Integration: Adopting virtual cards is easy and integrates smoothly with existing workflows.
  • 4 Simplified Payment Reconciliation: They simplify the tracking and management of transactions, making reconciliation easier.
  • 5 Cash-Back Rebates: Users often receive cash-back rebates, adding financial benefits.
  • 6 Vendor Acceptance: Many vendors prefer virtual cards due to faster, more secure payments and better remittance information.

Understanding Virtual Cards

Virtual cards are secure 16-digit numbers created through tokenization, allowing only single-use charges for specified amounts. Unlike traditional credit cards, they eliminate the need to safeguard physical card numbers, reducing the risk of fraud.

Advantages of Virtual Cards in Accounts Payable

  • 1 Mitigate Fraudulent Payments: With no physical card to steal and single-use numbers, virtual cards greatly reduce the risk of fraud.
  • 2 Optimize Working Capital: Virtual cards allow faster payments compared to paper checks, improving cash flow and supplier relationships.
  • 3 Earn Cash-Back Rebates: Up to 1.5% rebate on payments can translate into significant savings.
  • 4 Streamlined Supplier Experience: Suppliers benefit from faster payments, assured funds, and better remittance information.
  • 5 Cost and Process Efficiency: Virtual cards reduce manual processing, freeing up AP teams to focus on more strategic tasks.
  • 6 Improved Payment Accuracy: Assigning specific amounts to suppliers minimizes the risk of duplicate payments.
  • 7 Ease of Use: Virtual cards are easy to create and send, streamlining the payment process.
  • 8 Supplier Preference: Faster settlements, traceability, and enhanced security make virtual cards popular among suppliers.
  • 9 Paperless AP Process: Virtual cards support a paperless environment, ideal for remote or hybrid work settings.
  • 10 High Enrollment Rates: Revolution Payments assists with supplier enrollment, ensuring minimal disruption to your business.

The Business Case for Virtual Cards

Virtual cards reduce the cost and inefficiencies associated with paper checks. They enable AP departments to focus on value-added tasks, modernizing processes and yielding significant returns without compromising security.

Starting with Virtual Card Payments

Using an accounts payable automation platform like Revolution Payments simplifies the adoption of virtual cards. The platform centralizes the AP process, expediting steps from invoice receipt to payment execution, eliminating manual intervention, and ensuring a seamless transition.

Explore the Benefits with Revolution Payments

Curious about how virtual card payments and AP automation can transform your business? Contact Revolution Payments to schedule a personalized demo and explore the possibilities.

Frequently Asked Questions (FAQs)

How Does Virtual Pay Work? 

How Does Virtual Pay Work?

Is a Virtual Card Debit or Credit?

A virtual card functions like a credit card but is fully digital and single-use.

What Are the Benefits of Virtual Cards? 

They offer enhanced security, reduced fraudulent payments, improved controls and accuracy, and optimized working capital.

Can You Use Virtual Cards to Pay Online?

Yes, virtual cards are electronic payments for online transactions, usable only once for a specific amount.

What Are the Benefits of Virtual Card Payments?

  • Reduce fraudulent payments
  • Cut costs,
  • Optimize working capital,
  • Improve payment accuracy,
  • Streamline supplier experiences,
  • Earn cash-back rebates
  • Ease the payment process, meeting supplier preferences.
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