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“Things like digital invoicing, virtual cards and cloud-based finance and accounting will help the bottom line of smaller businesses by enabling them to process and receive payments quickly,” he stated. ” The Asia-Pacific region has also witnessed a migration away from cash, but it’s not just happening among consumers.
It isn’t paper free in many cases, because invoices are still drafted on them. This is, unfortunately, is just a point-to-point system, there is no reconciliation on this basic platform. But the current process still comes with a host of lead weights holding it down. And the payment, he noted, is just that — a payment.
The nonprofit industry has a lot to gain from this payment technology, claims a new whitepaper from vendormanagement consulting firm Vendor Centric. Because virtual cards are just that — virtual — they automate the payment and reconciliation processes, connecting payment data directly into financial systems.
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