Five Virtual Card Benefits for B2B Industry
Virtual cards can be the best fit for organizations and industry partners
Debit cards have steadily replaced the use of checks in B2C payments – allowing for faster and more secure transactions. But the B2B industry has been slow to follow suit. Today, checks are still the most prevalent form of payment when it comes to B2B transactions. And the reasons why are complicated.
For starters, buyers want to make larger purchases utilizing negotiated credit terms, but debit and credit cards don’t offer the credit limits that buyers often desire. With the average payment cycle of B2B transactions taking 34 days to complete and 47% of the invoices being paid late, it makes sense that a better solution is needed to kick checks to the curb and speed up the sales cycle.
Virtual Cards Can Close the Gap Between Suppliers and Buyers
With so many buyers looking for flexible payment options, virtual cards can be the best fit for themselves and their suppliers. Suppliers also have an opportunity to use virtual cards to their advantage to solidify the relationship with their buyers and significantly increase the speed in which they see revenue.
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