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Virtual Card Supplier Acceptance by Capital One

Monday, October 2, 2017   (0 Comments)
Posted by: Terri Brustad

It’s called a soft skill, but the hard truth is that the success of any virtual card implementation depends on the communications required for effective supplier acceptance. This includes communication between the bank and the buying organization, between the bank and buyer and the supplier, and, equally critically, within the buying organization itself.

But one-way communications is not enough; if supplier acceptance campaign is to work, bank and buyer must do more than issue periodic edicts to external and internal audiences. They must be prepared to listen and respond to the concerns of these audiences. Finally, banks and buying organizations must approach communications strategically. They must develop a communications plan and revisit and refine that communications plan periodically.

Members, click here to read the full article by Raj Dutt of Capital One. Raj further elaborates on selecting and segmenting strategic suppliers, developing a script, communicating with nonstrategic suppliers and keeping the conversation going.

Not a member? Click here, to learn about the many benefits of becoming a NAPCP member!

This article originally appeared in Payments Journal.


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