If it has been a few years (or, lets face it, a few decades) since you have updated your preferred method for paying vendors, your small business could be wasting time and resources writing checks and missing out on cash back opportunities that larger businesses have been taking advantage of for years. The virtual credit card is a digital form of payment that works like a normal credit or debit card, but offers additional benefits for small businesses. If you’re thinking of revolutionizing your accounts payable, here are three ways virtual cards can help your small business:  

1. You could be generating revenue through your accounts payable

You already know about cash back programs with personal credit cards. Large businesses have been enjoying the same benefits for years with their corporate virtual credit cards. Now, with Paybaks, small businesses can enjoy the benefits of a cash back card with the added security of a virtual credit card.

You might be wondering how this works. Suppliers pay processing fees when they accept credit cards. Those fees usually go to the vendor’s bank, the Visa/Mastercard network, and the bank that issued the credit card used to make the payment. With Paybaks, a percentage of those fees is paid to you. This means rebates up to 0.75% on your business’s transactions.

2. Virtual cards are easy to use

Traditionally, small businesses pay their suppliers with checks. But writing checks can be costly and complicated: they take time to write; they get lost in the mail; and they can be stolen. Not to mention the delay between writing the check and the money leaving your business’s account, necessitating time-consuming bookkeeping.

With virtual cards, your business can avoid the hassle and confusion of check writing. Like a traditional credit cards, virtual cards offer immediate expense reports and account reconciliation. No more delays, and no more account balancing. You’ll be able to see where and how your company is spending in real time.

3. Virtual cards offer added security

In addition to the risks associated with writing checks, small businesses also face security risks when they rely on traditional plastic credit cards. Plastic cards can be lost or stolen, costing businesses time and opportunities as they deal with the headache of identifying fraudulent charges and getting replacement cards. With a virtual credit card, you’ll never have to deal with the hassle of a lost card again.

But the biggest risk to your account’s security can be found online. In recent years, major companies, such as Target and Delta, have fallen victim to cyber attacks, leaving hundreds of thousands of customers vulnerable to credit card fraud. Virtual cards protect your business from fraud by simultaneously presenting two highly effective barriers to potential hackers. First, your virtual card account doesn’t use the same card number for every transaction. In fact, every transaction is completed using a computer-generated, random, 16-digit number that is only valid once. That means that even if a hacker gains access to your card number, it will be useless to them. Second, each card is generated for a specific purchase and a specific dollar amount, meaning that you can’t be over or under charged.

Businesses are discovering that replacing checks with virtual cards improves their account security, streamlines their record-keeping, and adds dollars to the bottom line. With Paybaks, you can modernize your small business’s accounts payable and leave the hassle and the uncertainty of writing checks in the past.

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