Automating Payments: How Virtual Cards Remove Barriers to Electronic Payment Adoption
In an era where innovation in technology has transformed the way we work and live, it’s hard to believe that 50% of businesses continue to write paper checks. As businesses give up the paper and modernize their B2B payments, virtual cards are among the fastest growing means of electronic payments. The following document explores four case studies that demonstrate how virtual cards are enabling financial executives to overcome the barriers that have prevented more wide scale adoption of electronic payments, including security, acceptance and implementation.
"Sq1’s new electronic payment system saves the agency over $100,000 per year and countless hours of staff time."
For CFOs, has the time come to ditch the paper or hit the road?
In an era shaped by technology innovations that have changed the way we live and work, it’s hard to believe that 50% of businessesi are still writing checks to pay their suppliers. Although the majority of these businesses are expected to transition to electronic payment systems within the next several years, the best method remains a mystery for many CFOs.
In the meantime, companies continue to cling to paper checks, as reported in the WSJ CFO Journalii – a dangerous vice considering the costs to American business, estimated by Bank of America to be between $4 and $20 per check, with an overall potential economic burden of up to $54B.
Here’s a case where slow and steady is not going to win the race. CFOs that remain resistant to inevitable change may soon find themselves out of a job.