Audience: All users.
Summary: This article is an overview of the benefits of SilverPay, MineralTree's virtual card platform.
The Benefits of SilverPay
Optimizing your payment strategy is a key element of MineralTree’s payment automation solution. B2B payments are rapidly transitioning away from paper checks in exchange for electronic payment methods because they are faster, easier, and more secure. When you submit a payment using SilverPay, it takes less than a day for a vendor to receive both their remittance information and the virtual card information required to receive their money. This reduces a lot of manual processes, thus removing friction from the vendor payment process.
The benefits to your organization are also extensive:
It earns cash back. With SilverPay, you receive rebates or cash back for something you’re already doing, paying your vendors. You will earn 0.5% back on all payments made to your card-accepting vendors.
It's easy. In order to send a SilverPay payment, all you need is an email address.
It's safe. Since the virtual card sent to vendors can only be used once and up to a certain amount, there's no risk of being overcharged or of vendors keeping your card numbers on file. Plus, you're not using checks, which is the #1 payment method targeted in AP fraud.
It's fast. SilverPay payments arrive via remittance email as quickly as a day after you submit them.
It saves money. SilverPay payments don’t contribute to your allotted number of MineralTree payments.
It's easier to reconcile. SilverPay payments appear as an ACH transaction in your GL and bank statement. So this isn’t just another statement you have to reconcile at the end of the month.