Time to Improve Virtual Card Acceptance

The Pieces are in Place for an Increase in Supplier Acceptance of Virtual Cards

The evolution of digital financial operations has been ongoing throughout this century but in recent years a more rapid advancement has been under way. Two main drivers of the latest trends are technology advancements and the impact of pandemic-related economic and supply chain disruptions. The technology part of the equation is generally wide-ranging, with examples that include adoption of new payments messaging standards as well as the use of machine learning for improving automated decisions in the process of completing financial transactions. The pandemic has caused businesses of all sizes to take a closer look at how they manage their cash cycle, with a heavy emphasis on both how they pay their suppliers and receive inbound payments.  How will this affect virtual cards?

The commercial card industry had been gaining significant awareness among corporate buyers during the past decade about the benefits of using these payment tools for broader purposes than procuring office supplies or travel and entertainment.

This research report reviews the fundamental steps for gaining increased supplier acceptance, as well as provide some compelling arguments for why virtual cards are often a better choice than other payment types.

"Given the improvements in technology to allow for easier card acceptance experiences and greater analysis, along with several confluent economic issues, the time is ripe for the commercial card industry to achieve substantial gains in card share of the payables flows," commented Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service, author of the report.

This report is 15 pages long and has 5 exhibits.

Companies mentioned in this report include: American Express,  Association for Financial Professionals, Bank of America, Billtrust, Boost, Citi, JP Morgan Chase, Mastercard, Priority Payments, True Commerce, US Bank,  Versapay, Visa, Wells Fargo.