In the 2016 AFP Electronic Payments Survey, 76 percent of respondents cited difficulty convincing suppliers to accept electronic payments as a barrier. However, the right payments provider can get suppliers on board with a customized approach that considers your needs, as well as those of your suppliers.
For example, an ideal payments provider will:
- Promote the benefits of alternative payment methods to checks, including faster payment receipt and greater visibility into payment status.
- Reach out to all suppliers, not simply those with whom you spend the most (in many cases, payments providers only seek out high-value suppliers who they think will generate the highest Virtual Card processing fees).
- Communicate on a rolling basis to engage new suppliers as some providers can only commit to performing one, short-term supplier acceptance push.
- Provide a designated campaign manager or supplier services team.
After consulting with you to develop a tailored onboarding strategy, an ideal provid-er will provide continuous consultative services to you including reporting, insights, and program analysis to ensure maximum adoption over time. On the supplier side, the provider should be equipped to address objections to virtual payments and perform post onboarding supplier support. Having an appointed champion for your payments initiative can prove key to achieving your desired results.