The best of 2024: Your most-read payments blog posts

As we enter the new year, we’re taking a moment to reflect on the top payment trends and the resources that resonated most with our readers in 2024. Here are the top five most-read blog posts on payments.

1. Merchant model vs. agency model: A guide for business success

Choosing the right payment processing model for your travel business is a big decision. This post explored the differences between the merchant and agency models:

Merchant Model: In the merchant model, your business takes ownership of the travel inventory, directly managing customer data, fraud prevention, and chargebacks. This offers greater control and potentially lower fees, but it also requires significant investment in technology and resources. In this model, the online travel agency (OTA) acts as a travel service provider rather than an intermediary between travel products and services and the end customer.

Agency Model: With the agency model, you partner with a third-party payment processor who handles many of the complexities of the transaction. This frees up your team to focus on other aspects of your business, but it may come with slightly higher fees. In this case, OTAs serve as the middlemen that connect travelers to various travel services.

The post helped readers understand the pros and cons of each model, helping them make informed decisions that align with their specific needs and business goals.

2. Setting effective AP department goals: How to measure success

Accounts Payable (AP) is often seen as a necessary evil, but it doesn’t have to be! This post emphasized the importance of setting clear goals and measuring performance within your AP department.

We discussed how to set SMART goals in key areas like:

• Efficiency: Reducing processing times and automating tasks to free up valuable resources.
• Accuracy: Minimizing errors and preventing fraud through spending controls and data validation.
• Visibility: Gaining a clear understanding of your spending patterns to optimize cash flow and identify cost-saving opportunities.

The post also provided practical tips for tracking progress and identifying areas for improvement. By setting clear goals and measuring performance, businesses can improve their AP processes and recognize cost savings.

3. Your guide to virtual card rebates, savings, and profits

Virtual cards offer a wealth of benefits beyond just convenience. This post focused on the exciting advantages of virtual card rebates.

Highlights include:

• Understanding rebate structures: Different programs offer different rebate structures, such as rebates based on transaction volume, specific vendor categories, or a combination of both. So it’s important to understand how they work before choosing a provider.
• Optimizing your spend: Shifting spending to categories with higher rebates can significantly impact your bottom line.
• Gaining control over payments: Virtual cards can provide more granular control over spending, allowing accounts payable teams to set specific transaction limits and restrictions.

4. Virtual cards vs. ghost cards: Learn the differences

The world of digital payments can be confusing, with terms like “virtual cards” and “ghost cards” (also referred to as lodge cards) often used interchangeably. This post clarified the key differences:

Virtual Cards: 

• A single or limited-used digital card 
• Once the payment is processed, the card is invalid
• Vendors can customize the card’s controls

Ghost Cards: 

• Comes with an established credit limit as established by the vendor
• Transactions can’t exceed the authorized credit limit 
• Same virtual card number can be used repeatedly

Understanding these distinctions helps businesses choose the most appropriate payment solution for their specific needs.

5. Virtual cards: 5 simple steps to make the transition

Making the switch to virtual cards can seem like a big change. This post provides a clear and actionable roadmap for a successful transition:

1. Select your virtual card vendor: Choose a vendor that aligns with your business needs and offers the features and support you require.

2. Pre-opportunity analysis: Conduct a thorough assessment to identify areas where virtual cards can provide the most value.

3. Contract and approval: Negotiate a contract with your chosen vendor and obtain the necessary approvals from your internal stakeholders.

4. Implementation and supplier enrollment: Work with your vendor to implement the virtual card program and onboard your suppliers.

5. Ongoing payments strategy: Continuously monitor and optimize your virtual card program to ensure it meets your evolving business needs.

Read the full article for a complete breakdown of each step. By following these steps, businesses can smoothly transition to virtual cards and access their numerous benefits, including enhanced security, improved efficiency, and significant cost savings.

We hope these top-read blog posts provided valuable insights and helped you improve your payments in 2024. Subscribe to the payments blog for more informative content in the new year!

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

• 10 ways to make your AP process hassle-free 
• 2025 payment trends
• Is the secret to better cash flow management AI?

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, tax or investment advice. For legal, tax or investment advice, you should consult your own legal counsel, tax, and investment advisers.