10 Reasons Nexus Virtual Cards Are the Right Secure Payment Method for Your Business
1. Nexus Virtual Cards Are Among the Safest B2B Payment Methods
Nexus Virtual Cards are randomly generated, 16-digit credit card numbers that exist electronically – not on a physical card that can get lost/stolen. Suppliers receive this secure payment method via email and use it to pay a specific invoice (or invoices). Each Nexus Virtual Card number is unique – and can’t be used to pay for anything other than originally intended. It also has a short, 90-day expiry date.
2. Nexus Virtual Cards Are Sent to Suppliers, Only After You Approve Payment
Nexus Virtual Cards are created and emailed to your supplier only after you’ve reviewed and signed off on the associated transaction in Nexus. There, you can see details such as bank account that will issue the payment, supplier name, and amount, so all the details you need to approve are at your fingertips.
You can also have multiple people in your organization review payment transactions if you wish.
3. Nexus Virtual Cards Are Widely Accepted by Suppliers to Multifamily, CRE and Other Real Estate Companies
Because Nexus Virtual Cards are such a secure payment method (and are so easy to use), Nexus has an extensive, pre-built community of “in network” suppliers. In other words, suppliers who are associated with real estate and already accept Nexus Virtual Card. Many of your suppliers are likely part of this population and can start receiving cards from you on Day One.
4. Nexus Virtual Cards Are Accepted by Both SMBs and Mid-to-Large Suppliers
Since Nexus Virtual Cards are processed just like any other credit card, they’re suitable for a large swath of suppliers. This is true as it relates to supplier size (specialty, regional, national, etc.) and supplier type (flooring, software providers, HVAC, etc.) If you happen to have vendors who don’t yet accept credit cards, we have a Nexus Virtual Card solution – NexusDirect - specifically for them (See #5).
5. Nexus Offers Straight Through Processing with NexusDirect
Often, smaller suppliers (like law firms, or landscaping or snow removal companies) don’t have a Point-of-Sale system on which to process credit cards. For this population, Nexus offers straight-through-processing of payments with its NexusDirect solution.
With NexusDirect, suppliers get paid with a Nexus Virtual Card, but all the processing is done for them. Their funds then get deposited directly into their bank account. There’s no need to buy any equipment or key in any card data.
6. For Suppliers, Nexus Virtual Cards Are Just as Easy to Process as Credit Cards
Both flavors of Nexus Virtual Card are easy to process on the suppliers’ end. The traditional Nexus Virtual Card is sent via email and relies on the supplier entering in the card details on their POS system (just like they would a regular credit card).
The second flavor, NexusDirect, is a straight through processing option. Suppliers who accept NexusDirect don’t have to do any card processing or “swiping” at all. It’s all done on their behalf.
7. Nexus Virtual Cards Are Backed by Visa
Nexus Virtual Card funds are backed by Visa. This means that if there’s ever a fraud issue or dispute, you’re not liable for lost funds.
8. Nexus Virtual Cards Are Faster than ACH and Check Payments
Once you as the buyer has approved payment, your Nexus Virtual Cards are distributed immediately. They arrive in the supplier’s inbox within a few days, far faster than ACH and/or paper check.
9. Nexus Virtual Cards Are Fully Trackable Online
Buyers and suppliers can see every Nexus Virtual Card transaction, its status, and all other associated details online. Every payment is visible in the NexusConnect portal. There’s no more back-and-forth to determine where things stand – it’s all accessible with a few clicks.
10. Suppliers Can Accept Nexus Virtual Cards for Select Nexus Customers or for All Nexus Customers
Suppliers can receive payment via Nexus Virtual Cards from individual customers who use NexusPayments, or from all of their customers who use NexusPayments.
Should they opt to become a “global” acceptor of this secure payment method, they’ll join a growing club. The number of global Nexus Virtual Card has nearly doubled in the last year, because suppliers have found Nexus Virtual Card extraordinarily easy to use.