One reason that businesses are so excited about paying suppliers electronically is the opportunity to earn cash-back rebates on payments made via virtual card. Forty-three percent of best-in-class accounts payable departments regularly look to earn cash-back rebates, Strategic Treasurer’s research finds.
It is not uncommon for businesses to earn cash-back rebates on 30 percent of their spending. In some cases, the cash-back rebates earned by businesses have single handedly transformed their accounts payable department into a profit center. The money earned through virtual card rebates also can provide an accounts payable department with the capital to automate invoice processing.