Emergencies top the list of reasons Americans are saving their money, according to a new survey by Visa. The numbers break out as follows: Emergency/rainy day, 30 percent; retirement, 20 percent; education, 10 percent; future needs, 10 percent; bills/living expenses, nine percent; holidays/occasions, eight percent; purchasing a home, eight percent; home/car repairs, seven percent; purchasing a car, seven percent; health care, four percent; family, three percent; taxes, two percent; and appliances/furnishings, two percent.
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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.