In an article on Friday, "First Bank and Target Stores Ready to Test a Cobranded Visa Card Featuring Rebates," on page 12, the percentage of rebates was incorrectly stated. Target Rewards Visa cardholders earn 3% on purchases at Target Stores and 1% on other purchases.
Access to authoritative analysis and perspective and our data-driven report series.
The increasing adoption of virtual card payments by accounts payable departments has created an unexpected complication for suppliers: more friction in the processing, posting and reconciliation of payments and receivables. The root of the problem is that most suppliers rely on a manual approach to processing e-mailed virtual card payments. Suppliers are forced to balance their organization’s need for operational efficiency and control with rising customer demand to pay with a virtual card. But a new breed of technology enables suppliers to process virtual card payments straight-through, addressing the needs of buyers and suppliers. This paper details the growth of electronic business-to-business (B2B) payments, shows how manual approaches to processing virtual card payments cause friction in accounts receivables, describes a way to process virtual card payments straight-through, and highlights the benefits of frictionless payments.