The State of Virtual Credit Card Adoption Among Finance Leaders
Discover the value finance leaders see in using and accepting virutal credit cards, the impact these payments have on customer experience, and what their virtual credit card priorities are
The State of Virtual Credit Card Adoption Among Finance Leaders
EXCLUSIVE REPORT
December 20th, 2022
Using the Gartner Peer Insights platform, Versapay surveyed 200 finance leaders to understand:
✓ What value they see in using and accepting virtual credit cards,
✓ The impact these payments have on customer experience, and
✓ What their virtual credit card priorities are
In this report you'll:
- Discover the impact virtual credit card acceptance has on revenue
- Learn how buyers benefit from making invoice payments using virtual cards
- Learn how sellers benefit from accepting invoice payments made using virtual cards
- Explore the challenges sellers face when accepting virtual credit cards
- Discover the impact virtual card acceptance has on customer experience
- And more
Take a peek inside the report
More than two-thirds of finance leaders have refused a virtual credit card payment.
... of finance leaders report losing revenue as a result of being unable to accept virtual credit cards. More than a quarter of respondents report having lost business multiple times.
Nearly two-thirds of finance leaders report downloading and transforming remittance data as a leading obstacble to accepting virtual card payments.
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Abstract
Virtual credit card acceptance offers strong benefits to organizations. Buyers agree there’s value in paying for invoices using virtual cards, and suppliers agree there’s value in accepting payments made using virtual cards.
However, businesses who stand to gain the most from accepting virtual credit card payments are struggling to provide their buyers with the option to pay for invoices using them.
There are many reasons for this, including difficulties associated with downloading and transmitting remittance data into ERP-accepted formats, and challenges with applying payments to the correct invoices. Yet, the result of not accepting virtual credit cards is the same; suppliers are refusing payments, are straining to provide their customers a great payment experience, and are leaving potential revenue gains on the table.
Using the Gartner Peer Insights platform, Versapay surveyed 200 finance leaders to understand what value they see in using and accepting virtual credit cards, the impact these payments have on customer experience, and what their virtual credit card priorities are.