Unlocking Working Capital Efficiency with Virtual Cards
ETA Transact 2024 - "Virtual Cards: The Ultimate Working Capital Tool for Business”
I was particularly excited to attend the session titled "Virtual Cards: The Ultimate Working Capital Tool for Business," at the ETA Transact conference in Las Vegas last week. The session featured an array of payment networks, fintechs, and issuers advocating the win-win scenario of using virtual cards to manage working capital.
The session, moderated by Ankush Gupta, SVP, U.S. Commercial Card Solutions, Mastercard, featured panelists Seth Goodman, Chief Revenue Officer for Boost Payments, Todd Klusmann, SVP & Regional Sales Manager, Wells Fargo, and Diane Merrigan, Vice President, B2B Sales, Run Payments. All of the speakers did an exceptional job articulating the value of virtual cards in managing working capital.
Benefits of Using Virtual Cards for Business Transactions:
Enhanced Security: Virtual cards provide an added layer of security compared to traditional physical cards. Since they're not physical, there's no risk of loss or theft, and they often come with advanced security features like single-use or limited-time use.
Expense Management: Virtual cards can be easily integrated into expense management systems, making it simpler to track and manage business expenses. They also allow for better control over spending limits and can be assigned to specific employees or purposes.
Convenience: Virtual cards can be generated instantly and used for online transactions immediately, eliminating the need to wait for a physical card to be issued and delivered. This can be particularly beneficial for remote or distributed teams.
Cost Savings: Virtual cards can help businesses save on costs associated with printing and distributing physical cards. Additionally, they may offer rewards or cash-back incentives that can further reduce expenses.
Flexibility: Virtual cards can be easily generated and customized for different purposes, such as one-time purchases, recurring payments, or subscriptions. This flexibility allows businesses to adapt to changing financial needs and optimize their payment strategies.
