Why Now Is The Right Time For Operators To Adopt Virtual Cards

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How Virtual Cards Work

The old saying ‘you have to spend money to make money’ is often correct. But what if the money you are already spending could be turned into revenue?

OpenInvoice has partnered with Corporate Spending Innovations (CSI) to provide a virtual card payment option for operators to streamline and optimize payments. This method of paying vendors has many benefits including:

  • Effortless reconciliation of invoice to payment expense
  • Greater compliance control over how much is spent and when the card can be used
  • Increased payment security through approved vendor and amount controls
  • Reduced payment costs through the elimination of manual processes
  • Ability to generate a new revenue stream through rebate programs

The benefits are enticing, especially in a changing market where cost controls and revenue generation are critical. However, we often encounter the perception that these types of technology changes are costly and time-consuming to implement.

Here are 3 reasons why now is a great time to make the switch to virtual card payments:

  • No upfront costs: There are no out-of-pocket costs! No capital, no IT resources—no costs. Not only that, when you look at your performance against budget, you’ll show revenue. CSI can have you up and running in just a few weeks and, by the end of your fiscal year, you will show measurable results.
  • Maintain current payment processes: We can work within your current vendor-specific payment process. You can choose to leverage the virtual card payment program only for vendors that currently accept credit cards or automate all payments including ACH and checks. With the shift to a remote work environment, getting to the office to run a batch of checks could be a challenge. By outsourcing to CSI, we can help you maintain business continuity without adding extra burden to your internal staff.
  • Turn your cost center into a revenue center: The virtual card program unlocks rebates to your organization. One way that CSI is unique compared to other providers, such as banks, is the ability to drive significant incremental volume over other solutions. CSI manages all vendor onboarding and, as a result, is able to capture a higher volume of spend penetration, amounting to higher value for customers.

Interested in learning how to implement a virtual card program with your suppliers? Read the white paper here. Learn more here.