Is your business looking to boost efficiency and run like a well-oiled machine? What steps is your company taking to drive growth and stay ahead in the future? One strategy you may not have considered, but should, is adopting virtual cards. A recent guide from PYMNTS even highlighted “Why 2025 Could Be the Year of the Virtual Card.”
Why consider virtual cards?
At their core, virtual cards streamline payments, reduce the need for manual processing and reconciliation, and enhance security. As noted, “46% of virtual card users cite improved security and reduced fraud risk as the primary benefit.” Without a physical card, there’s no risk of it being misplaced or falling into the wrong hands. Some virtual cards even generate a one-time number for each transaction, providing an additional layer of fraud protection.
Beyond security, virtual cards often offer perks like cash-back rewards, boosting cash flow for your business. They eliminate printing, handling, and shipping fees, and provide real-time tracking so you always know the status of a payment. They can also improve customer experiences, creating smoother transactions, avoiding late fees, and reinforcing trust.
Key virtual card statistics
PYMNTS Intelligence reports that “78% of middle-market CFOs said they were highly interested in accepting virtual cards to facilitate automated invoice approval and timely payments.” Yet, despite growing interest, adoption remains limited. While “88% of global financial leaders are either considering or actively embracing virtual cards,” many businesses have yet to fully implement this innovative solution.
Why the hesitation when fraud and outdated processes remain a concern? “American Express reports that 65% of surveyed businesses have been victims of actual or attempted payment fraud, mostly via checks,” and “another study by American Express found that 59% of U.S. businesses link poor cash flow and forecasting to outdated manual accounts receivable (AR) methods.” The data clearly shows the importance of embracing digital payment solutions like virtual cards. You can read more in the PYMNTS guide linked above.
Moving forward
Ignoring modern payment solutions can cost businesses money, strain customer relationships, and stunt growth. The way forward is clear: evaluate your current processes, identify gaps or operational hurdles, define your goals, and consult an expert in payment processing.
At Richmond Financial Services, we’re the payment processing innovators of the heating fuels industry. Call us today to explore how we can help your business thrive.
