PayStream Advisors – CSI globalVCard is featured in an article by leading payments industry analysts that explores the move to electronic payments (ePayments) solutions.
CSI globalVCard, a provider of virtual card account solutions, works to eradicate organizations’ concerns over payment automation with a safe and efficient virtual card tool. Virtual cards, also called single-use cards, generate a unique credit card number to settle a specific transaction. The solution operates similarly to a check in that once the transaction is complete, the virtual card number becomes invalid. Virtual card payments are issued through the web or from a mobile device and are processed just like traditional credit card payments.
The globalVCard virtual card payment system is integrated with a customer’s ERP or accounting system for simplified reconciliation and full visibility. It increases control and security by giving users the ability to authorize or block payments at anytime. In addition, the globalVCard system offers customers monthly cash back rewards based on the virtual card spend volume, enabling organizations to turn overhead departments in to revenue generating departments.
CSI globalVCard customers attest to the ability to bring more security and cost control than checks, and they consistently gain substantial ROI in a number of areas. Implementation benefits include:
- Paper and Cost Reduction: The globalVCard payment system reduces the paper trail and associated costs of paper checks: organizations no longer have to pay for paper, printing, postage, and other check-related costs, decreasing the company pay out. This cost reduction is even more valuable when paired with monthly payment rebates.
- Stronger Security: Organizations can more easily track vendor and payment information with the globalVCard system, and internal auditors report more efficiency and security in their auditing tasks.
- A Strategic Workforce: With an electronic payment system, organizations gain more value from their employees—many of CSI’s customers have been able to strategically reallocate a large percentage of their finance staff to more useful activities. Payment automation allows a company’s staff to work smarter instead of harder.
- Improved Vendor Relationships: globalVCard enables organizations to customize their payment schedules—they can even time their payments to vendors within the half hour. This greatly strengthens buyer and vendor relationships.
CSI built their globalVCard solution in response to organizations that had grown too comfortable in the familiarity of their check-based payment system. While they have confidence in their solution, CSI recognizes that moving beyond checks to an electronic process takes trust—both in the technology and the solution provider. They strive to build and maintain that trust by offering an ePayments tool that is virtually effortless to implement, and that offers benefits of efficiency and security beyond what manual systems can possibly offer.