This blog deals with why you should consider using a virtual card when starting a nurse staffing company.
Today, the healthcare industry is experiencing a continuous demand for nursing professionals. In a situation like this, starting a nurse staffing company would be greatly profitable. Research shows that the US healthcare staffing market was valued at US$ 20.6 Billion in 2022 and is expected to reach US$ 26.97 Billion by 2030 at a CAGR of 3.4%.
However, before starting a nurse staffing company, you must consider the payment challenges that you may face. You must also try finding a proper solution to these challenges.
What are the common payment challenges faced by nurse staffing companies?
- Nurses will expect you to give their salaries on time. Sometimes you will have to pay them even before the client has paid you.
- Your different nurses may have different pay scales depending on factors such as shift types, qualifications, etc. Managing these different payments manually may result in errors, underpayment, or overpayment.
- Traditional payment methods can create a significant administrative burden. Handling any discrepancies, tracking working hours, and managing invoices manually can take up a large portion of your time.
- When dealing with large sums of money, it is important to ensure their security. Traditional methods are usually prone to fraud.
The best solution that you can find to solve the payment challenges of your nurse staffing company is Zil. The platform’s virtual cards can solve almost all financial problems related to payments.
Virtual Cards: An Ultimate Solution
Virtual cards offered by Zil serve as an effective solution for nurse staffing companies. They are basically digital versions of physical cards and hold the same value of it. The overall virtual card market was valued at USD 11.7 billion in 2021, and the market is assumed to reach USD 65.0 billion by 2030.
How can virtual cards help nurse staffing companies?
- Virtual cards offer immediate payment solutions. That is, you can pay your nurses the moment you get money, and your nurses can receive it instantly. This eliminates the delays associated with traditional transaction methods and helps you build a good relationship with your nurses.
- With Zil, you can customize your virtual cards for various pay structures. You can pay your nurses via virtual cards that are loaded with the precise amount they are owed based on verified data.
- Virtual card payments via Zil are completely safe. Each card can be created for a specific amount and for a one-time use. This mitigates the risk of fraud.
Why Zil’s Virtual Card?
Zil allows you to make any number of virtual card payments without restrictions. To use the virtual card feature from the platform you will have to first fill your wallet. You can make payments until your wallet is empty. Zil allows you to recharge your wallet easily once your balance is zero. The cloud-based platform allows you to make virtual card payments anytime. That is, you can make your payments even on holidays.
Now let us see what are the other payment options offered by Zil.
ACH Transfer
ACH transfers are one of the significantly growing B2B payment methods of today. Most businesses adopt this method because of its low cost and convenience. ACH payments can also be scheduled for making recurring payments. They are processed via the ACH network, and NACHA is the regulatory body that monitors ACH payments. Zil is an official member of NACHA. So, making ACH payments via Zil is easy and affordable.
Wire Transfer
Wire transfer is one of the ideal methods to make large transactions. You can make international and domestic wire transfers with Zil. You can also track your transfers with the cloud-based platform. This helps you to have control of your money even while sitting at home. International wire transfers often need specific codes like SWIFT or IBAN. On the other hand, domestic wire transfers only require a routing number and account number.
What are the other benefits of using Zil?
Checking Account
Zil offers you a fee-free checking account. That is, there are no monthly fees, initial fees, or any minimum balance requirement. A checking account like this is particularly beneficial to businesses that are in their initial stage since it helps them reduce operational costs. They can use the money they saved here for something more important.
A nurse staffing company might have to make multiple payments at a time. Zil’s checking account with a high transaction limit helps them to make all these payments without paying additional fees or penalties. Also, when your company grows, a checking account with high transaction limits can help you manage all the funds from a single account. That is, you don’t need multiple accounts, which could complicate your financial dealings.
Conclusion
For a nurse staffing company, Zil is a practical solution. The instant virtual card option on the platform allows users to send money quickly. The other payment options, such as ACH and wire, are also beneficial. Moreover, Zil’s fee-free checking account helps users to reduce their operational costs.
