The days of people reaching into their physical wallets to make a purchase are decreasing as mobile wallets become more popular. It’s so much easier to simply tap the phone screen than to dig out the wallet and find the card you want to use for payment. And these digital payment methods continue to grow in popularity with Millennials and Gen Z. But even though mobile wallets are becoming a strong force in everyday B2C purchases, B2B has generally been a little slower to adapt a lot of the latest advances in payment processing. It’s time to make that a thing of the past, though.
When B2B companies shift into the modern world, they give themselves a competitive edge. In fact, some are looking at combining virtual cards with mobile wallets. Let’s talk about some of the benefits of this combination, along with the perks of accepting mobile payments and moving payments away from legacy options like writing checks or wiring money.
Virtual cards’ benefits include increased security, faster payment speeds, and more control over expenses. For example, a virtual card can be generated to make a specific purchase, giving the business more control over how an employee spends company money. Spending is easily tracked through their usage. Also, adding a virtual card to a mobile wallet makes it easy to complete purchases from a mobile device. Digital wallets enhance transaction security by frequently implementing tokenization, substituting actual card information with a dynamic token. Virtual cards also reduce waste since plastic cards, paper checks, and stamps aren’t required.
These cards are very convenient for businesses and their customers. This helps increase overall satisfaction since customers can make payments with ease. They don’t have to write a check or even pull out a physical card, and their payments are also more secure, helping protect them from fraud or identity theft. Allowing customers to make payments via mobile wallets utilizing their virtual cards can improve the overall customer experience, making the process smoother. It can even improve overall sales since a satisfied customer is more likely to return and recommend your business to others.
As noted, adding virtual cards to a mobile wallet generally has many benefits, whether for business expenses or sales. Utilizing these digital payment methods helps businesses not only survive but thrive.
To learn more about using next-generation technology tools to bring your B2B company into the future of payment processing, contact me at Richmond Financial Services.
