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Bank Senior Vice President of Corporate Payments Robert Kaufman, is that there are so many versions of these accounting platforms and so many ways to customize them that ensuring B2B paymentstools integrate properly isn’t a sure bet. But it’s just one technology of many.
Analysts and industry players generally have their bets set on ACH to help guide accounts payable toward electronic payments, and indeed, research suspects ACH payments will finally surpass paper checks in corporate payments (the Federal Reserve’s latest data found it already has).
Initially, this came in the form of purchase cards that gave managers the ability to allow their employees to make purchases on behalf of their companies, from office supplies to travel and expense spending. Leavitt says suppliers are indeed more difficult than buyers to convince of commercialcards’ value proposition.
The company published its analysis on the role of virtual cards in the nonprofit sector, “The Nonprofit CFO’s Guide to Virtual Credit Cards,” last week, exploring how a sophisticated paymenttool like the v-card can be particularly valuable to this breed of business. The first is cash rebates.
In the area of commercial and virtual cards, for instance, connecting corporate buyers with a card solution they can integrate into their AP processes is nice. However, it doesn’t address one of the most significant barriers to commercialcard adoption: supplier acceptance.
Speaking with Karen Webster just ahead of the launch of Visa B2B Connect earlier this summer, Phalen noted the functionality under the hood of B2B paymenttools is just as important as what lies on the surface.
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