Versapay's Barrett Smith Speaks on the Importance of Virtual Cards for Retention

From the article:

"In our personal lives, we all find it frustrating when a business won’t accept the method you want to pay with. B2B transactions are no different. 80% of buyers we spoke to prefer working with sellers who accept virtual card payments. And even more critically, 59% of buyers stated that they’d consider selecting (or switching to) a competing vendor because of their ability to accept virtual credit card payments.

Imagine putting in all the work it takes to acquire and onboard a customer, only to have them leave because you make it difficult for them to pay. Retention is critical in times like these, and accepting virtual credit cards is a powerful way to boost it.

Put simply, choosing not to accept virtual credit cards is choosing to give buyers a reason to take their business elsewhere."

Read the full article on Tearsheet.

About Versapay

For growing businesses that need to accomplish more with less, Versapay’s Accounts Receivable Efficiency Suite simplifies the invoice-to-cash process by automating invoicing, facilitating B2B payments, and streamlining cash application with AI. Versapay integrates natively with top ERPs, while allowing businesses to collect with a self-serve payment portal and collaborate with customers and teammates to resolve what automation alone can’t. Owned by Great Hill Partners, Versapay’s employee base spans the U.S. and Canada with offices in Atlanta and Miami. With 10,000 customers and 5M+ companies transacting, Versapay facilitates 110M+ transactions and processes $170B+ in payments volume annually.

Join the conversation at linkedin.com/company/versapay and x.com/Versapay. To learn more about how Versapay unlocks accounts receivable efficiency, visit: versapay.com.

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