There are a couple things to consider when looking to add virtual card payments to your B2B payment suite. First, you should ensure the payments provider already works with many of the suppliers in your industry. Many companies count a broad range of suppliers in their card-accepting network, but they may serve the healthcare, manufacturing, automotive, etc. spaces because their clients are in those verticals.
Nexus, on the other hand, only serves real estate. Therefore, we have a robust network of suppliers who already serve multifamily, CRE, mixed-use, retail, storage, student living, senior housing, and/or construction companies.
Second, the outsourced payments provider should have a strategy for adding new vendors to your virtual card accepting population. This way, you won’t miss out on additional efficiencies or rebates.
And finally, you should look at the amount of support they provide suppliers, who are receiving the virtual card payments. If they don’t get answers quickly, they could drop virtual card payments (or never select them in the first place).