Let’s be honest — most finance teams aren’t spending their days thinking about how to make payments more exciting. But here’s the thing: the way your business pays its suppliers matters more than you might think. It affects your cash flow, your relationships, your exposure to fraud, and yes, even your bottom line.

The good news? Payment technology has come a long way. And for businesses that are ready to modernize, the timing has never been better.

Why are manual payment processes still causing problems?

Here’s a stat worth sitting with: nearly 79% of companies reported experiencing payment fraud in 2024. The biggest culprit? Paper checks. Despite being one of the oldest payment methods in the book, checks are still hanging around in many businesses — and they’re a prime target for fraudsters.

Manual processes are another drag. Nearly 51% of companies still handle up to half of their payment operations manually — leading to delays, errors, and frustrated AP teams.

And then there’s the visibility problem. When a check goes out the door (or a manual wire transfer is processed), tracking it down isn’t always easy. Did it arrive? Was it applied correctly? That uncertainty creates headaches on both sides of a supplier relationship.

The bottom line: legacy payment processes cost your business time, money, and peace of mind.

Want help choosing the right payment solution for your business?

Download our AP Buyer’s Guide to compare options and find the best fit for your accounts receivable and payable workflow

Download the guide

Why are CFOs moving away from traditional payment methods?

The appetite for smarter, faster, more secure payments is also clear at the leadership level. Around 80% of CFOs and treasurers plan to increase their use of external working capital tools, with virtual card usage projected to double in the near term. 

So what exactly should you be looking at? Let’s talk about one of the most practical innovations in the B2B payments space right now.

What is a virtual card and how does it work for B2B payments?

If you haven’t explored virtual cards for your supplier payments, here’s your introduction.

A virtual card is a single-use, digitally generated card number — created specifically for one transaction. There’s no physical plastic. You issue it, use it, and it’s done. Simple.

But the simplicity on the surface hides a lot of value underneath. Here’s what you actually get:

How fast do suppliers get paid with virtual cards?

Suppliers get paid fast — often faster than ACH or check. No waiting for a check to arrive in the mail, no multi-day bank processing windows. The payment moves quickly, and your supplier knows it’s on its way.

How do virtual cards protect your business from payment fraud?

Because each card number is generated for one specific transaction and then expires, the risk of fraud is dramatically reduced. There’s nothing to intercept, nothing to reuse. You’re not exposing your company’s main card details, and you’re not relying on a paper trail that can be tampered with.

How do virtual cards give you better control over accounts payable?

Every virtual card transaction comes with rich data attached — who was paid, how much, when, and why. Your team gets a clear, real-time view into what’s going out the door, without chasing down receipts or manually reconciling spreadsheets. That kind of transparency is genuinely useful when you’re managing supplier relationships or closing the books at month end.

Can your accounts payable process actually make you money?

Here’s the part that tends to get people’s attention: every time you pay a supplier with a WEX virtual card, you earn a rebate on that transaction.

When you pay with a virtual card, the issuing bank usually returns a portion of the interchange fee to your business. Interchange fees are what merchants pay banks each time a customer uses a credit or debit card.

For instance, if you earn 1 percent cash back on virtual card payments, spending $1 million on invoices would return $10,000 to your business.

You’re turning a cost center — accounts payable — into a source of revenue. It adds up.

How quickly is virtual card adoption growing?

Virtual card adoption is accelerating fast. The global virtual card market was valued at $358 billion in 2024 and is projected to reach $1.89 trillion by 2033 — a compound annual growth rate of more than 20%. And within B2B specifically, single-use virtual cards held nearly 60% of the market share in 2024.

For businesses already using them, the feedback speaks for itself: 82% of current virtual card users plan to expand their use in the next year. That’s not a group of early adopters hedging their bets — that’s a group that has seen real results.

What this means for your team

Modernizing your payment processes doesn’t have to mean a massive overhaul. Virtual cards slot into your existing accounts payable workflow without requiring you to rip everything out and start over.

• For your AP team, it means fewer manual steps, less time spent on reconciliation, and fewer fraud headaches.
• For your finance leaders, it means better data, better control, and a way to turn payment activity into tangible savings.
• For your suppliers, it means getting paid faster and more reliably — which tends to make for stronger relationships.

And for your business as a whole? It means being ready for what comes next. Payment expectations from suppliers and partners are shifting. Businesses that modernize now will find themselves ahead of the curve rather than scrambling to catch up.

Is your business ready to modernize its payment process?

WEX virtual cards are built for businesses that want to pay their suppliers smarter — faster payments, built-in security, full transaction visibility, and rebates on every purchase. It’s a straightforward upgrade with real, measurable impact.

If your payment process still relies heavily on checks or manual approvals, this year is a great time to take a closer look at what a more modern approach could do for you.

For more insights and updates on corporate payments, check out:

• Is the secret to better cash flow management AI?
• Traditional vs. virtual payments
• 2026 business payment trends

The information in this blog post is for educational purposes only. It is not legal, tax or investment advice. For legal, tax or investment advice, you should consult your own legal counsel, tax, and investment advisers.