Electronic payments like virtual cards improve daily working capital by increasing cash flow due to expedited receivables.
Virtual cards improve on the inefficiencies of paper checks that come with addressing, mailing, tracking, and remittance.
Paper checks also hold the highest end-to-end cost, between $4 and $10, and often higher. Electronic payments are more secure as check fraud and postal service reliability remain growing issues. An average of 75% of organizations experience check fraud each year.