While the coronavirus has impacted business travel, the use of virtual cards for other B2B spending has actually been soaring, Thompson said. There’s been a “solid realization among corporates” that nearly all corporate transactions — from massive supplier payments to incidental coffee purchases — have common features, he noted. And this has become all the more apparent
This is a far different experience for everyday business purchases. When individuals pay for work purchases using legacy paper methods, they know they need to pay now, and fill out their expense reports later. Then, if they are able to collect and save their paper receipts, they can eventually get reimbursed for expenses.
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