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Virtual card programs
Virtual Cards

New to virtual cards? Here are 5 best practices to help you get started

June 11, 2024

Virtual cards offer a wealth of benefits for businesses looking to streamline their payment processes and enhance financial control. However, despite their benefits, many businesses have yet to fully embrace virtual card programs. For businesses looking to tap into the potential of virtual cards, navigating them can be daunting. That’s why we’ve compiled five best practices to help you launch a successful virtual card program. 

1: Engage buyers

Successful virtual card programs hinge on buyer involvement. Engage senior management to champion the initiative, ensuring commitment and support throughout the implementation process. Their endorsement not only provides crucial leadership but also encourages buy-in from other stakeholders within the organization.

2: Targeting existing virtual card acceptors first

Begin with familiar ground. Target suppliers who are already accepting virtual cards to streamline the transition process and capitalize on existing relationships and infrastructure. These suppliers have already demonstrated their willingness to embrace digital payments, making them prime candidates for expansion within your virtual card program.

3: Integrate virtual cards into payment processes

Incorporate virtual cards seamlessly into your payment processes. Make them an integral part of your company’s financial transactions to maximize efficiency and convenience. This integration involves aligning virtual card usage with existing workflows, ensuring smooth adoption by both internal teams and external suppliers.

4: Implement buyer incentives and disincentives

Motivate buyers to embrace virtual cards by offering incentives such as favorable terms or access to preferred supplier status. Conversely, consider disincentives for non-compliance to drive adoption. By aligning incentives with corporate objectives, you can encourage widespread acceptance and utilization of virtual cards across your supplier base.

5: Regularly review Accounts Payable files

Maintain vigilance over your accounts payable files to identify new suppliers open to accepting virtual cards. Regular reviews ensure ongoing expansion and optimization of your virtual card program. By actively seeking out new opportunities for virtual card acceptance, you can continuously enhance the reach and effectiveness of your payment strategy.

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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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