Call Prime CFO today to learn how a Virtual Payments program can improve your bottom line!
Prime CFO Services has teamed up with Comdata, one of North America’s largest MasterCard issuers, to provide innovative payment solutions to businesses by offering virtual credit card payment services.
Virtual card payment programs offer multiple benefits for both your business and your suppliers. Virtual payment programs allow businesses to eliminate paper checks, streamline their back-office processes, improve cash flow, reduce costs, and mitigate risk.
Virtual credit card payments or e-payments, offer distinct advantages over the traditional paper check process:
- More Secure – Each vendor payment is tied to a unique 16-digit MasterCard number. There are no more visible checking account numbers or recurring credit card account numbers appearing on the payment. The secure payment platform reduces manual errors and eliminates the possibility of lost or stolen checks getting into the hands of unauthorized users.
- Cost Savings – Companies can reduce A/P processing costs by eliminating checks, printing, paper, envelopes, postage and the significant labor costs associated with the manual process.
- Streamline Your Vendor Payment Process – Virtual payments automate the vendor payment and reconciliation process by integrating into your financial system. This integration releases your business from the manual work associated with vendor payments and increases the efficiency of your employees.
- Vendor Benefits– Vendors benefit by accelerating their cash flow and eliminating the delays due to mailed checks. Virtual payments are accompanied by more detailed remittance information which provide greater visibility into the payment process and reduce disputes and collection costs. In addition, vendors will reduce the time spent processing manual payments.
- Improve Cash Flow –Every payment sent through the MasterCard network earns monthly cash rebates, effectively turning your accounts payable department, normally a cost center, into a revenue generator!
The implementation of the Virtual Card Program can be done in 30 to 90 days, with no disruption to your existing banking relationship or need to change software vendors.
Prime CFO has partnered with Comdata to offer businesses an expense management tool that combines the features of several types of corporate cards into one Multi-Card. Used as a purchasing card, a travel and entertainment card, a fleet card or all of the above, the Comdata MasterCard Multi-Card integrates activity across all categories, giving you a clear overview of expenses.
Contact Prime CFO to learn how the corporate Multi-Card can help your company get control of its expenses and reduce costs!
The Comdata MasterCard Multi-Card offers number of key benefits to businesses, including:
- Greater decision-making ability for expenses with real-time expense management and detailed reporting.
- Industry best controls help ensure greater compliance to your company’s policies and guidelines.
- Tremendous cost savings with significant reduction in check requests and purchase orders for high-volume, small dollar purchases.
- Reduce the potential for credit card abuse with spending controls and gain better insight into your business spending.
- Reduction or elimination of manual 1099 reporting and approvals.
- Streamlined processes with one card provider to manage, one invoice and one location for all real-time reporting and consolidated data. Results in increased efficiencies and reduced costs.
- Universal acceptance of more than 37 million MasterCard locations world-wide.
- Earn monthly cash rebates on every dollar you spend.