Reduce Costs & Secure Vendor Payments

Payment technology is evolving at lightning speed. New technology provides bad actors new targets for fraudulent activity. Businesses cannot afford to become victims, no matter the fraud method used against them. The negative implications, including loss of money and damaged reputations, can destroy businesses and negatively impact employees and customers.

If you are involved in purchasing or financial decision-making for your company, you have likely heard the excitement surrounding virtual cards over the last few years. The payment industry is moving towards paperless vendor payments, and it is essential to understand how they can benefit your business.

Expense management is fundamental for maintaining the financial health of any enterprise. Conventional methods often face challenges, including payment delays and a lack of transparency, which can obstruct growth and productivity. This is where digital payments come in, offering assistance to business owners, financial managers, and entrepreneurs looking for a modern solution for managing business expenses.

In today’s fast-paced global marketplace, every business, large and small, is looking for ways to boost their business productivity. One area that often goes unnoticed — despite its potential to significantly enhance business operations — is automating the accounts payable (AP) process. 

Earlier this year, the U.S. Postal Service posted a warning about mailing paper checks, citing an alarming rise in mail fraud. While mail theft has doubled, so have reports of check fraud, with 680,000 reports in 2022, up from 300,000 in 2021.

In today’s interconnected world, where digital transactions have become increasingly prevalent in business operations, the importance of robust cybersecurity measures cannot be overstated. As technology advances, so do the tactics of cyberattackers who seek to exploit companies’ vulnerabilities to gain access to sensitive financial information. 

Vendors and suppliers are the lifeblood of any business, playing a pivotal role in its success. They provide the goods and services necessary for companies to operate efficiently and meet customer demands. 

Small to medium businesses (SMB) across the U.S. are still feeling the ripple effects of the pandemic with supply chain issues, rising interest rates, growing inflation and uncertain economic conditions. As we approach 2023, inflation is the primary concern. Thirty-seven percent of Main Street SMB decision-makers cite it as their greatest worry, and it doesn’t look to be going away anytime soon.

It might (or might not) surprise you that many B2B businesses are still using outdated payment methods like paper checks for their accounts payable (AP) processes. In fact, according to a study from PYMNTS, “25% of B2B payments are made via paper checks.”

The economic uncertainty of 2021 has offered the opportunity for many companies to focus on process improvement and organizational efficiencies. An overhaul of Accounts Payable (AP) and invoice processing can seem daunting, but it is worth researching given new technology that can provide measurable cost and time savings.

For many businesses, 2022 was a year of digital transformation. Continuing through 2023, we expect more companies to leave behind the days of paper and manual processes and take that first step to digitize processes by automating their payment procedures and ditching paper checks.

Payment fraud has been rising for years as fraud schemes become easier to execute. The increased reliance on digital platforms, processes and payments has given fraudsters more ways to commit crimes. Studies show that in 2023, businesses’ cost of fraud could rise by $7 billion, bringing the total to $48 billion. With such staggering predictions, taking the necessary precautions to mitigate these attempts is essential.

Organizations are under immense pressure to do more with less in today’s economy. After relying on traditional business processes and legacy systems for years, they’re now having to step out of their comfort zones in search of ways to enhance operations and cut costs.