There are many benefits to simplifying your payables process by using your Business Visa, which include earning cash back, not having to write and mail checks, consolidating many payments into one bill and optimizing cash flow by using the grace period to extend your payables. Many of my clients would like to be able to use their Business Visa for more payables, but they do not know what companies they can pay with their Business Visa.
Visa has a tool that many business owners do not know about and it is called the Visa Supplier Locator. You can not only find your current vendors to see if they accept Visa but you can also search for new vendors that accept Visa. The only required search field is the Supplier Address, but you can also search using the Supplier Name, Industry Segment, Business Enterprise Indicator, CMM or Enhanced Data Level such as Fleet or Level II processing. Don’t forget to check to the box to prove that you are not a robot. After clicking Search, a list of matches will be listed in alphabetical order.
This tool is very helpful if you are looking to expand the use of your Business Visa or you just want to get a sense which of your vendors you can pay with the Business Visa. I have clients that are trying to use their card as much as possible for payables to take advantage of the generous cash back that the Business Visa is able to garner. Some of them are even able to transform their accounts payable department from a cost center to a profit center. At the very least, they are able to offset some of the expenses of the accounts payable department with the cash back that they receive.
The next question a business might ask is how do I convince my current supplier to accept my Business Visa? There a few ways to do this that will benefit your supplier. First, if you are a new client or you don’t have much history with them, the Business Visa payment is a cost effective way to make sure the funds are good. Once the card is run, the supplier knows that the payment is good and they should have their funds within 24 to 48 hours.
You can negotiate terms that will help compensate for the cost of accepting the Business Visa. If a supplier is reluctant to take a larger transaction because of the cost of processing the payment, you could offer them better terms. If payment is due 60 days after invoicing, you could offer to pay within 15 or 30 days. This is a benefit to both parties. The supplier pays a fee to process the transaction but they get to have their funds earlier and reduce their outstanding receivables. By using the Business Visa, you are able to simplify your payables process and receive cash back rewards.
As always, I am here to help and answer any questions that you may have about Business Visa or any other Treasury Management Products and Services.