Accepting Virtual Credit Cards is Business Critical. Are You Ready?

EXCLUSIVE STUDY

August 15th, 2024

Customers want to pay with virtual cards, and over half are willing to switch vendors if you don't provide that option. This study shows why virtual cards are becoming increasingly critical and how you can turn them into a competitive advantage.

Virtual Credit Card Market Metrics

Virtual cards aren’t the future—they’re already here

The North American virtual card market is expected to grow 24% annually, hitting $694 billion by 2026. The faster you embrace this new reality, the more likely your customers are to stick with you.

Woman Switch Vendor

Denying virtual cards will cost you

It’s highly frustrating when a business denies your payment method in your personal life. Business payments are no different. In fact, nearly 60% of AP leaders said they’d consider selecting (or switching to) a competing vendor because of their ability to accept virtual credit card payments.

Why are buyers using virtual cards?

Benefits like these are a big deal to your customers. Without accepting virtual cards, you prevent your buyers from enjoying them.

Virtual Credit Card Stat1

Manage risk & control large vendor spending with merchant-specific cards

Virtual Credit Card Stat2

Instantly create and issue cards, worry-free, to employees

Virtual Credit Card Stat3

Avoid unwanted charges by limiting cards to single uses

Happy Man Laptop

More payment options = More retention

80% of buyers prefer working with sellers who accept virtual cards. Keeping customers is easier than finding new ones—why give them a reason to leave?

Take the first step towards virtual card acceptance

Accepting virtual cards doesn’t have to be overly complicated. This study will show you how you can accept and reconcile them with ease, saving you time and keeping customers happy.