3 Reasons Why Vendors Love Accepting Virtual Card Payments by globalVCard
A common misconception about virtual cards is vendor acceptance. Our customers often come to us skeptical that their vendors will accept, and then find themselves pleasantly surprised by the enrollment numbers we are able to achieve. “I was so surprised that the CSI team achieved 50% enrollment during the initial campaign, and even more surprised that most vendors remain on the program because they immediately see the benefits,” Serge Laroche, Regional Financial Controller, The Fairmont Royal York (read the case study).
The reasons for this are numerous but they all stem from CSI’s focus on bringing value to our vendors. We have a dedicated vendor enrollment team that consistently outperforms the industry. While the average acceptance rate in the industry is estimated to be 10-15%, our team consistently achieves 40-50% for our customers.
As a vendor, accepting globalVCard virtual cards is more than just accepting a credit card as a payment type. As one of our vendors shares, it was a smart and strategic business move. “It wasn’t a good business practice to spend valuable time chasing down large account payments; businesses are busy and we understand that, but waiting for someone to sign and send a check just isn’t convenient anymore”, said Steve Morauski, owner of Nu Image Dry Cleaners and a globalVCard accepting vendor.
For new vendors coming onto the system, there are numerous benefits of accepting globalVCard payments:
- More convenient and faster processing
“This new payment system also saves time and money, by not receiving paper checks we no longer worry about getting deposits to the bank on time — we receive the email notification and then process the payment, no questions asked,” said Morauski.
By accepting virtual card payments, vendors no longer have to wait days, weeks (or in the event of lost mail) months, for your payment to arrive. Guaranteed payments through our network are settled within 48 hours with a single-use virtual card number generated specifically for your payment. Faster payments = better cash flow for your business.
- Saves time and money
“We used to spend at least three days every month making phone calls to collect payments… we now receive our payments like clockwork,” said Morauski.
Vendors are able to spend their time more wisely once they start receiving virtual card payments. They no longer have to waste their employee’s time tracking down lost payments and can focus on running their business.
- Rich Payment Details
“One of the greatest benefits has been the detailed email remittance,” said Morauski.
Every email remittance includes detailed transaction data with invoice numbers to make reconciliation easier. Unlike an ACH payment, they’ll have full visibility into the transaction details behind each deposit – making it easy to reconcile their A/R.
By accepting globalVCard payments, vendors have a more convenient payment method, save time & money and receive greater payment details than ever before.