As business travel begins to resume, there's a clear opportunity for companies to make improvements. The effectiveness of business travel is high—every dollar spent on business travel generates up to $14 in revenue for the business—but there's always room to optimize. What if you could cut the cost of business travel? That means that you could offer even more travel on the same budget, which could visibly heighten your ROI.
Any optimization of business travel costs is worth pursuing—and virtual payments are the foundation of optimized costs, increased convenience, and improved security in the business travel sector. Although this technology is relatively new, it offers the prospect of a digital transformation.
Business travel used to involve a bundle of cash that you carried around. It then evolved into a little piece of plastic in your wallet. Virtual credit cards (VCCs) eliminate the need to carry anything around, and the benefits don't stop there. VCCs make accounting and reconciliation an easier, nearly automated process. They dramatically enhance security, resulting in a card that can neither be lost nor stolen. Meanwhile, they contribute to the automation of travel policy enforcement—but travelers themselves aren’t inconvenienced.
In short, VCCs can make life easier for accountants, travel managers, and travelers alike. This helps increase business travel that's known to be beneficial to the company, reducing costs and increasing ROI on business travel.
what you'll learn
This whitepaper will answer questions such as:
- What are virtual payments?
- What are virtual credit cards?
- What problems do virtual payments solve?
- How do virtual payments work?
- How secure are virtual credit cards?
- How do virtual cards save money?
- What are the different types of virtual cards?
- How do you choose a virtual payment provider?
- And much more!
Download the PDF to learn more about GraspPAY and the benefits of a Virtual Card Program!