Virtual Payment Partner - How To Select The Right One

By Author: Chris Work
Total Articles: 19
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If you follow payment industry trends, you have most likely heard the buzz about virtual (also widely known as electronic) payment solutions supplementing your check and ACH payment programs. This form of payment is gaining traction and quickly becoming a preferred method of vendor payment, but seeing significant benefits from going virtual are dependent upon choosing the right payment processor for your company.

When shopping for the best long-term partner who will work with you to advance your electronic payment processes, keep the following tips in mind:

Look for a partner who makes it easy for your vendors. Your vendors aren't consumers, and they may not respond to electronic payments in the same manner as a consumer. Your vendors are primarily concerned with security, ease of use, and repeatable, reliable payments, so make sure the processor you choose offers this for your vendors.
Look for a partner with a strong vendor enrollment plan. While you may wish to subset which of your vendors will be enrolled, you will still want 100% of those you choose to be engaged. Industry experience shows that ...
... effective vendor enrollment is one of the most important aspects of implementing a successful virtual payment program for your company, nearly tying for first place with technology.
Look for a partner who understands your company's goals. Be sure to engage with the appropriate long-term partner for the right reasons, not simply because it's convenient or treasury relationships are standing in the way. Determine what it is that matters most to your organization:

Ease of use and automated reconciliation?
Generating revenue out of the AP department?
Streamlining and introducing automation to a typically archaic process?
The virtual credit cards for accounts payable from Comdata is an electronic payables solution that streamlines the order-to-pay business cycle and turns your accounts payable department into a revenue generator.