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INTERNAL STRATEGIES TO ENSURE A SUCCESSFUL VIRTUAL CARD PROGRAM FOR VENDOR PAYMENTS

Congrats ! You ’ ve convinced your executive team to implement a virtual credit card program to pay your suppliers electronically . That is something to celebrate !

You have taken the first step in automating your AP processes , improving your profit margin , and reducing paper checks . Now it ’ s time to get started on implementing your program so you can start reaping the rewards .

It takes a village to operate a successful virtual card program , and you ’ re going to need help from your entire organization far beyond implementation .

In order to optimize vendor enrollment , rebate strategy , and competitor benchmarking , you need to manage your virtual card program from year one to year fifteen .

By implementing best practices or a changemanagement strategy , you ’ re much more likely to attain your program goals and earn more rebates .

Designate an Executive Sponsor

Before kicking off your virtual card program to the entire organization , you need to get all of your ducks in a row .

The first step is designating an executive sponsor – typically a senior leader who is committed to leading the organization toward the defined goals and objectives of your program .

The executive sponsor will hold people accountable for a quick implementation and ongoing results . Have your executive sponsor launch the program through a company-wide communication to validate that the project is a salient one . p

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