SAN MATEO, CA / ACCESSWIRE / September 28, 2022 / For companies seeking better ways to disburse payments to vendors, merchants, and employees, fintech technologies have remained relatively stagnant over recent years for those that need to send money fast to the people who need it most. That now has changed. There is a new player in the disbursements arena called Checkbook.io and their platform has made it possible for businesses to distribute payments faster and more frictionless than ever before through their use of virtual credit cards.

Although virtual credit cards have been in use for nearly a decade, they have only recently begun to gain popularity within the general public. As consumers search for faster and more secure ways to gain access to their funds, an increasing number of companies have found that virtual credit cards are meeting the demand head on and rapidly becoming the preferred distribution option for their recipients.

Checkbook.io serves as a bridge for these companies. The platform supports a choice of six different payment methods - anything from traditional paper checks to instantaneous virtual credit cards - within one engagement and allows senders the freedom and flexibility to choose the method that works best for their recipients. Increasingly, the virtual credit card option has become the go-to payment disbursement method because of its speed, reliability, and security.

"Virtual credit cards are growing in popularity because of the immediacy of access to funds," explains Checkbook's VP of Sales Clark R. Spink. "Instead of waiting three to four days for a check to clear, a recipient gets their money instantaneously and can immediately apply the virtual credit card to an online checkout or load it into their Apple Wallet, which subsequently allows them to pay for anything, anywhere."

For senders, virtual credit cards solve several key issues that arise when trying to issue traditional paper checks. Although paper checks still represent a substantial portion of payment disbursements, using this method costs businesses significant time and money. The Association for Financial Professionals estimates that paper checks cost companies between $2 and $4 per check - an enormous amount at scale - while being slower to process and more susceptible to fraud.

Fortunately for SMBs as well as larger enterprises, Checkbook.io can help.

"Senders can use Checkbook.io as a conduit to transition their recipients away from paper checks and toward more modern forms of payment," Spink says. "And, one of the most flexible disbursement options Checkbook offers is the virtual credit card."