The benefits of adopting virtual card are indisputable. It is hard to quibble with a highly secure replacement for checks that saves time, reduces costs, maximizes cash flow and generates revenue in the form of rebates. But as with most things in life, the devil is in the details. There are many changes that need to be made before a virtual card program can be implemented.
As a result, making the transition from checks to virtual card can seem intimidating, especially at the beginning, but as the lessons learned from scores of clients demonstrate, it is a process that can be orchestrated and managed to maximize results while minimizing disruption. As you consider your implementation, keep these four tips in mind:
1. Develop a Strong Business Case
Beginning your virtual card journey by taking time out to build your business case pays dividends through every stage of implementation. It provides the perspectives you need to secure buy-in from corporate leadership, inspire engagement among essential contributors, and motivate suppliers to participate. The business case becomes the unifying thread that holds your effort together. As part of mapping out your business case, you should: