With a single-use account, each supplier payment carries a unique digit virtual account number, so the credit limit on each number is set to the specific amount of each payment. By incorporating a single-use account solution, mid-sized businesses are able to automate the payment process by combining the benefits of a purchasing card, the functionality of a check and the efficiencies of ACH. On average, credit card statements allow payment to be made one month after the initial due date because of the statement cycle, which enables companies to maximize working capital gains by extending days payable outstanding and holding onto their cash longer.
Similar to the hesitancy seen among middle market businesses in transitioning to new technology, suppliers can also be resistant to giving up their traditional payment systems. But suppliers realize similar gains by receiving payments faster and reducing collection costs.
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According to the RPMG Electronic Accounts Payable Benchmark Survey, the predominant reason suppliers cite for not accepting electronic accounts payable solutions is the associated merchant fees 1 , which are typically perceived to be higher than other forms of payment. This concern can often be allayed by educating suppliers and discussing the real costs and the full benefits that virtual cards provide. A Mercator Advisory Group report notes that immediate supplier benefits 2 can include the following:.
The right provider will have a dedicated campaign manager to design and develop a tailored supplier enablement strategy and lead a successful recruitment campaign. They will become a critical component in overcoming supplier concerns, increasing acceptance of virtual payments and maximizing rebate potential. A supplier experience team will provide continuous guidance in the form of consulting, supplier support and program analytics to uncover additional opportunities as the program matures.
The goal is to optimize the value of a virtual card program, providing additional benefits to all parties involved.
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With our large supplier network, extensive recruitment experience and broad base of acceptance, we help middle market businesses drive maximum adoption and capture more spend. By shifting from paper to electronic payments and consolidating payments, companies can see significant gains in liquidity and increase their working capital.
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Bank of America Merrill Lynch is a leading provider of card solutions to large and middle market companies, globally, and to federal, state and local government entities in the United States. BofA Merrill cardholders can be served in numerous languages and have access to a worldwide network of more than 32 million credit card merchants and ATMs. In , the bank added new card solutions in 18 countries, and by the end of , it plans to offer card solutions in more than 70 countries and 29 currencies.
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with approximately 5, retail banking offices and approximately 17, ATMs and award-winning online banking with 30 million active users.
Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world.
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A Closer Look at Virtual Card Benefits for Both Buyers and Suppliers
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Corcentric Releases Latest Research on Procure-to-Pay Automation
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