2022 Virtual Card Benchmark Survey Results
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The pandemic is widely thought to have significantly changed payment practices over the past three years. RPMG Research Corporation’s 2022 Virtual Card Benchmark Survey Results, the fourth in a series, highlights the role that virtual cards have played over the last three years and will play in facilitating payment practices going forward.
The analysis is based on 767 organizations in the U.S. and Canada responding to a survey conducted between Dec. 2021 and Mar. 2022. The responses represent customers of all major card brands (American Express, MasterCard, and Visa), 32 different virtual card issuers, and members of three professional groups (NAPCP, CPI, NIGP) accounting for a 15.3% response rate. Fifty-eight percent of respondents are corporations, 8% are Not-for-Profit Organizations, 14% are governmental entities (cities, counties, states), and 20% are educational institutions (K-12 schools, colleges, universities). Among corporations, 59% are Middle Market (annual revenue between $10 million and $1 billion) and 41% are Large Market (annual revenue of $1 billion or more).
The major themes of the report are embodied in the section titles, as follows:
• Virtual Card Value, Adoption, and Outlook
• Current Virtual Card Spending
• Virtual Cards and Suppliers
• Virtual Card Spending Breakdown and Impact on Other Payment Methods
• Virtual Card Benefits and Effect on the Organization
• Straight Through Processing
• Virtual Card Use Best Practices
• Virtual Cards and Complementary Technologies
• Virtual Card Fraud and Barriers to Growth
• Satisfaction and Issuer Relationship
• Virtual Card Effect on Environmental, Social, and Governance Goals
• Market Segment Statistics (including key metrics for Large and Middle Market corporations, Governmental, Educational, and Not-for-Profit organizations).