The North American virtual card market is poised for significant growth, with a projected 24% annual increase, illustrating the rising adoption and preference for digital payment methods in B2B transactions.
Buyers appreciate the risk management and control over vendor spending that virtual cards offer, particularly through the option of creating merchant-specific cards tailored to their needs.
While virtual credit cards provide numerous benefits for buyers, they also present challenges for sellers, especially in terms of the extra workload required to manage payment processing and remittance data.
Rejecting virtual credit cards can lead to dissatisfaction among buyers, as 80% prefer working with sellers who accept this payment method, emphasizing the need for sellers to adapt.
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