FREQUENTLY ASKED QUESTIONS
about VSPIRE's electronic payment program
Below you'll find answers to frequently asked questions regarding electronic payments utilizing integrated payables solutions.
A. Virtual card payments, also known as V-Card, are single-use, electronic credit card (no-card-present) payments initiated from the buyer to a supplier for the exact amount owed to them. V-Card payments replace paper check payments and utilize the MasterCard network.
A. Offering an electronic integrated payables solution such as V-Cards, or ACH is an excellent way for companies to pay their suppliers timely, securely, electronically and to reduce the high cost of issuing paper checks. Electronic payments help to reduce the costly check processing fees which can range from $8.00-$30.00+ per check. The reduction of paper check processing will improve financial costs of lost or stolen checks. Implementing an electronic payment solution with VSPIRE we will help guide your company through the process, and will allow you the opportunity to standardize supplier payment terms to industry standards and will also help generate a new source of revenue. Since VSPIRE's only focus is working with B2B companies, your company will benefit from our existing relationships with countless suppliers who are already familiar with our services and the on-boarding process.
A. Benefits include:
- No changes to your existing accounting systems or procedures
- Provide suppliers with a timely, secure, reliable and electronic payment option (eg. virtual card, ACH)
- Eliminate per item banking fees and processing costs
- Extend float and increase cash flow
- Check fraud reduction/elimination
- Ability to expedite payments (early pay) to suppliers while maintaining standard payment terms (moving payment terms early can negatively affect an organizations Days Payable Outstanding)
- Opportunity to strengthen supplier’s relationships including your local suppliers
ARE YOU READY TO TAKE THE FIRST STEP TO GO PAPERLESS?
If YES, then click "Start Now" to determine if your business qualifies to transition to electronic payments.
Transitioning from paper checks to electronic payments to pay suppliers is not complicated, but trying to determine if your company qualifies and where to start can be overwhelming, time-consuming and confusing. Click the "Start Now" button below and answer a few questions to determine if your company is eligible for electronic payment solutions. If so, VSPIRE will walk you through the entire process on how to make this happen for your business.
This questionnaire is absolutely FREE to determine if you qualify.