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What is clear, though, is that ACH is a growing part of businesses’ accounts payable (AP) and other payment operations, with industry service providers pushing corporates away from paper checks. New data has emerged about how SMBs use other payment rails , including cards and wire transfers. NACHA said 43.2
And while industry experts agree there are payment rails far better than checks — like ACH and virtual cards — making the switch isn’t just about presenting a better option to corporate payers. There are still a lot of checks and traditional means of pain that businesses have not been able to move away from.”.
Accounts payable company MineralTree just gave a big show of support for commercial cards when it announced this week it is partnering with American Express (Amex) to offer companies an integrated platform to support supplier payments via virtual commercial card. But the hurdle of card adoption persists.
However, to push insurance providers in the direction of ePayments, service providers have to acknowledge the nuances of the insurance payments machine. That’s because the insurance industry is heavily reliant on payment data, perhaps more so than other verticals. “We see really high adoption of virtual cards.”
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