Solving the Virtual Card Issue

Fintech companies are offering technical solutions to help eliminate the payment issues between buyer and supplier.

As ePayables have come on the scene, the numerous steps the supplier goes through to collect the payment can be cumbersome. Those steps can include the manually plugging in of card details into a Point of Sale (POS) system or virtual terminal, wait for the success message, and ensure the remittance data is entered into the financial system (ERP)—which most often involves manual entry and copy/paste actions. If all these steps are for low-dollar transactions, the Return of Investment (ROI) is reduced due to all these steps. If a supplier is only receiving a small number of transactions, this is manageable. But, as more transactions are received, suppliers are thinking twice about accepting virtual payments due to the time commitment required by their staff. How can this be resolved? Katie Canton, content marketing manager for VersaPay, explains the products that make accounts receivable staff smile. 

Members >> Learn more regarding the impact ePayables can have on suppliers and evolving solutions to remedy the challenges.

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