Virtual Card Implementation & Rebate Program
Case Study
Finance leadership sought to optimize payment processing costs and unlock rebate revenue through deployment of a virtual-card (VC) program. New Wave Associates led the end-to-end implementation — spanning bank partnership selection, procurement integration, vendor enablement, and change management — establishing a recurring rebate revenue stream and measurable working-capital improvement.
Opportunity
- Dispersed payment methods with no rebate capture or tracking
- Manual AP workflows and limited visibility into supplier adoption
- Opportunity to monetize card payments and improve cash management
Approach
- Evaluated multiple issuing banks and selected preferred VC partner
- Designed a phased rollout covering supplier segmentation, enrollment, and enablement
- Integrated VC payments into the ERP and procurement ecosystem
- Established KPIs for adoption, rebate yield, and cycle-time reduction
- Delivered executive dashboards to monitor supplier participation and realized value
Outcome
- Achieved $4.5M annual rebate value within first 12 months
- Reduced AP cycle time by 35% through automation and digital processing
- Improved working-capital position and supplier transparency
- Institutionalized VC program as enterprise standard for future acquisitions
About the Author
Craig Keller, Managing Partner at New Wave Associates, specializes in finance transformation and payment optimization for middle-market companies.