Create a new revenue stream with optimized digital payments

Although accounting software has revolutionized accounting functions across businesses large and small, manual processes still play a big role in a huge number of accounts payable operations. For some companies, perhaps the thought of automating their systems with digital payments and virtual cards seems daunting or unnecessary.

The reality is that companies can quickly and easily create new revenue generating opportunities by switching to digital payments. While the time is always right when it comes to automating accounts payable systems, the shift to digital payments has accelerated in recent years, driven in part by the global pandemic. 

Suppliers who were previously hesitant to adopt electronic payments were forced to adapt to meet the demands of the market. So as we move beyond the pandemic, receiving digital payments is becoming the standard for many businesses.

While payments automation streamlines processes, saves money, and improves working capital, payments optimization through WEX can bring companies so much more, including revenue generation, efficiency, and security.

Payments optimization: Get paid to pay your suppliers

Automated accounts payable solutions can help reduce expenses associated with traditional payment methods. At that rate, savings can add up quickly. Combined with monthly rebates – in essence, cash back from WEX on all payments to enrolled suppliers – a new revenue generating opportunity is created.

Businesses can take advantage of WEX’s broad issuing capabilities, technology investments, and focus on customer service in addition to enjoying competitive rebates. 

Efficiency: Accounts payable departments can make better use of time by using digital payments

Automated account payable solutions can dramatically reduce the time and resources spent managing invoices and payments. Plus, access to real-time data analytics and dashboards provides a better understanding of performance and possible ways to improve. With WEX, payments and reconciliation are streamlined, supplier relationships can be improved, better payment terms can be negotiated, and planning accuracy is increased.

Additionally, when your team is freed from the tedious tasks associated with a manual accounts payable system, they can focus on more meaningful work.

Security: Reduce the risk of fraud by adopting digital payments

The use of a virtual card – a single-use, randomly generated 16-digit credit card number – greatly reduces the risk of accounts payable fraud. Virtual cards simplify and increase the security of every transaction. WEX processes billions of dollars annually and has the proven and trusted capabilities to provide customers virtual payment options that save them time and money.

With payments optimization via a virtual card from WEX, you can reduce fraud, overpayment, and unauthorized use. Plus you can:

• Earn incremental revenue with every virtual payment through rebates
• Add customizable controls to help further reduce fraudulent use
• Negotiate supplier discounts in exchange for real-time payments
• Enable compliance with configurable business rules and workflows

By combining the right products and services into one powerful payment engine, WEX helps you automate, simplify, and secure payments. Learn more.

For more insights and updates on corporate payments, check out:

• Your guide to virtual card rebates
• Current trends in finance
• Accounts payables: Terms you need to know

Learn more about how WEX payment solutions can be tailored to your business, so you can accelerate and streamline operations while creating lasting growth and success for your organization.

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The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax, and investment advisers.

Editorial note: This article was originally published on March 16, 2023, and has been updated for this publication.

Sources:
CFO Dive