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Cash shortfalls. Poor supplier relationships. Fraud. There are some ways you could turn these setbacks into opportunities by enhancing your payment remittance process. And you might be surprised to learn all the ways that virtual cards can help improve remittance.
Payment remittance is the process of sending funds from one party to another using some sort of payment method. Remittance information is required by the biller (or seller) to post customer bill payments effectively.
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Chief financial officers (CFOs), payment directors, and accounts payable (AP) teams care about improving payment remittance for many reasons. The benefits could include:
Virtual cards speed up payment processing when compared with other payment methods. For example, check payments are delivered in 1 to 5 business days via standard mail.
Virtual cards allow for more data to be transmitted on the front end of a transaction, which speeds up payment processing and reduces the potential for data integrity issues later in the process.
With more data transmitted electronically, virtual cards make it easier for AP teams to reconcile payments without hands-on involvement. Streamlining this process allows your AP teams to be more productive and focus on other responsibilities.
Fraud occurrences and the fraud detection process can slow down remittance. With virtual cards, you can dramatically reduce your risk of fraud during the payment process. For example, checks are seven times more likely to be subject to fraud than virtual cards. According to the Financial Crimes Enforcement Network, there were over 680,000 reports of check fraud in 2022.
Virtual card payments flow over the major card networks, and rebates are earned based on spending volumes.
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The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers.
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