by BRIAN HARRIS
BAMSouth Guest Contributor
Monecity is the nation’s only virtual payment service dedicated to cities, counties, states, non-profits and universities that make communities happy and healthy. Monecity serves communities across the U.S. by competitively securing single-use virtual payment processing relationships that deliver cash back to local communities and non-profits.
Cash back get your attention? I will explain later in the article, but first let me explain virtual payment processing.
Accounts payables managers have no shortage of methods they can use to pay vendor invoices. From traditional paper checks and wire transfers, to ACH, purchasing cards (P-cards) and ghost cards, each company can mix and match the payment methods they use to allow for maximum benefit based on the company’s size, number of transactions and average dollar amount per transaction, among other factors.
While most of these payment methods and their strengths and weaknesses are known, companies should also consider a relative newcomer to the payments world: Single use virtual payment processing.
Often referred to as “virtual cards”, VPP can provide a safe, flexible and cost-effective method of paying for goods and services that falls in line with existing accounting practices and workflows. That’s because VPP payment is processed via a card account after an invoice is received. The power of VPP is that the card’s spending limit is adjustable to match the amount of each invoice with an associated single-use card number (EAP is also often referred to as “single-use accounts”).
In the past year, virtual payments have grown like never before. And that growth is expected to continue multiplying. According to research from First Annapolis, virtual card payments will double from $83 billion in 2015 to $160 billion in 2018, and explode to over half a trillion by 2024.
Let’s get back to the cash back to local communities and non-profits: For every invoice you pay through the virtual payment system, you will get a rebate. Many of your vendors are currently set up to receive virtual payments, making the transition seamless. We will run a vendor list report to give you a very clear picture of what your rebate will be in the future. Every vendor is not required to accept virtual payments, but we have found that vendors like the faster payments.Who doesn’t want to get paid faster? Vendors can reduce days sales outstanding and increase working capital with the speed of virtual payments.
Most virtual payment processing companies are pursuing CFOs at Fortune 500 companies and, for good reason, because there’s a lot of vendor spend with large corporations. More interested in promoting the public good, Monecity is the first virtual payment processing company dedicated to cities, counties, states, non profits, and universities, helping return money to local officials to support projects that make communities better like public works, traffic, schools, law enforcement, parks, arts and entertainment.Monecity brings this innovative payment solution to our local governments
If you are interested in learning more about how virtual payments can help your organization, you may email me at email@example.com. Please check out our website www.monecity.com. Our team members are excited to help you transition into the future of virtual payments.
(Brian Harris is a native of Jackson, MS who now works and resides in Nashville. He was also featured recently on BAMSouth.com the website as “Fake” Shelton, the Blake Shelton double)