Payment card transactions have quickly become some of the consumers' most widely used methods. Card payments made with debit cards make up 28% of payments, while 27% use credit cards. Businesses in the era of a hybrid workforce need faster and more secure payment options. Ensuring payment methods quickly and easily tie back to invoices saves time and money. In addition, payment processing fees can be reduced or even eliminated with virtual payment cards. The benefits of this payment method are numerous and include:
- Improvements to the level of security over physical cards
- A payment method that is virtually impossible to be cloned
- Vendor and customer can pinpoint transactions for tracking
- A reduction in costs compared to check payments
- Improvements in spend control
More revenue can be saved when the comparison is made between paper checks and virtual business card options. The method is a genuinely effective spend control. Let's pull back the layers and look more closely at this method.
Virtual Payment Cards: What They Are
As more markets from cash, virtual currencies are stepping in to help with payment transacting. B2B payments are looking for this same speedy method. Virtual payment cards represent a physical payment method with streamlined processing and security. Protecting vendor and consumer data are vital in this era, and this method allows for both. Attached to each virtual card is payment data that allows the automation of payment reconciliation. Additionally, this pay style allows tracking to be dialed in, which further improves reporting.
Accounting processes can cut out the manual steps in remote workplace environments, which have increasingly become touchless. As a result, transacting has never been more secure, and most vendors and consumers believe it is here to stay.
Virtual Cards for Your Company: The Benefits
Your company has a tremendous need to keep itself and your customers secure. Virtual cards make that a reality. Additionally, your company saves money with lower costs over physical card processing and some check fees.
E-commerce transacting is on the rise. Meanwhile, the increased number of businesses with an online presence are finding virtual card payments invaluable.
The functions that make a substantial impact on business are data-driven. For example, virtual payment cards can allow your team to create analysis through metrics that are easy to track. Improvements to the day-to-day functions while moving away from a paper-based transacting style can take your business into its next evolution.
Risk mitigation, higher security, time, and money savings are all irreplaceable keys to the success of your organization. Additionally, improving customer and vendors relations begins with trust. Trust builds on an established record of handling relevant solutions for your customer base.
Card management becomes simpler, which increases accountability over card use. For example, tracking spending does not require keeping receipts stacked to the ceiling. Instead, precise controls attached to each card make the process a breeze.
Robust data sets from one transaction to another simplify the spending and purchasing processes. In addition, visible data represents more manageable business practices.
With virtual payment cards, users do not recycle card numbers. This key feature allows for better security. In addition, specific cards for specific transactions mean the kind of precision that protects data and payment details.
There is also the benefit of no more misplacing physical cards. Virtual payment cards mean never setting down a card and losing it. This level of fraud protection is not a luxury but a substantial investment for businesses—an investment that shields companies and customers from data breaches.
Easy To Use
Much like traditional plastic payment methods, virtual cards are easy to use. As a result, they are generally accepted everywhere that regular debit and credit cards are.
The unique card number is entered at the same point of the transaction like any other card. Therefore, the learning curve for this process is non-existent. Moreover, cutting down on time to adopt this new process means more savings and faster transacting.
Better Organization of Expenses
The organization of expenses is vital. As tax time rolls around, more people think of all those records and receipts they've kept. But unfortunately, integrating paper checks into expense reporting can become a hassle and quite time-consuming.
Virtual payment cards simplify data tracking and streamline the process. With more than two-thirds of payment professionals reporting exposure to check fraud in 2021, expense organization is crucial. Strengthening revenue is enhanced by keeping ironclad organization of income, of course, and expenses.
A Better Way to Organize Your Expenses
Effective organization of expenses means highly transparent expense management. Cash automatically moving from the source account and applying to the intended invoice is cost-effective and fast.
Dealing with lost or stolen checks is a thing of the past in the era of the hybrid workforce with virtual card payments. Remittance details are thorough and available quickly in this payment ecosystem.
Add to this ever-evolving landscape the completely integrated solution to all your expenses from Jenji. This leading-edge technology solution is the next step in better expense management.
The expense management platform that businesses and employees need moves past tedious processing. Automated navigation of expenses with a robust suite of tools allows your business to focus on growth. Meanwhile, your company saves time on accounting processes.
Integrating sources such as expense reports, corporate credit card statements, third-party supplier records, and even finance departments is indispensable.
Log on now to discover how Jenji can bring you clean and accurate data. The invaluable insights into your business provide functional governance that allows your team to reach beyond its purely financial goals.