You can get paid for paying your bills. That’s right. Create a new revenue stream from your Accounts Payable Department. At the same time, you can cut check processing costs. That’s a double win that generates more profit for your company.
Unlike in Europe, most American businesses still pay 70% of their invoices by check. You are wasting money when you pay by check. That’s wasting money that could be profits for your company.
Studies suggest that paying by check can cost you between $6, and as much as $20, every time you issue a check for payment. There’s postage, envelopes, check stock, and the time spent writing, printing, signing, stuffing, and mailing checks. Then there’s reconciliation and bank fees.
Of course there’s also security to be concerned about. Every check you put in the mail has your company’s account information on it.
What about ACH? Well, ACH is definitely cheaper than paying by check. But it is still about 60% more expensive than a virtual card. You still need to manually process each transaction.
And, the remittance advice sent with ACH payments is usually insufficient for automatic processing. So, ACH remittance data is usually separate from payment, thus complicating the remittance process.
Of course with both paper checks and ACH, there is no revenue generated for you.
Introducing Virtual Card Payments as a third option for paying your bills. Unlike checks or ACH payments, it generates new revenue for you and eliminates costs. On top of that, Virtual Card Payments are automated and more secure than checks or ACH payments.
Here’s why you should pay your invoices with Virtual Card Payments:
- Generate New Revenue: With Virtual Card Payments, on average, you will receive $50,000 for every $10 million in total AP
- Zero Cost: It costs you nothing to pay with Virtual Card Payments; no implementation cost, no transaction cost, no cost period. Eliminate the expenses associated with paper checks.
- Security: The Virtual Card Payment has a single use card number; valid only until payment is processed. Thus, preventing fraudulent and unauthorized charges.
Our affiliate for Virtual Card Payments has 29 years of payment processing experience and is completely PCI and SOC 2 compliant. We have global capabilities in Europe, Asia, and Latin America.
Over 7,500 corporate customers use our Virtual Card Payments. Examples include, Google, SAP, Four Seasons, Oracle, Texas Rangers, Intuit, Fairmont Hotels, Atrium Hospitality, and Sage, to name only a few.
Start Generating new revenue and cut unnecessary costs. Start TODAY!
Contact Us Today for more information on how Virtual Card can help your business.