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Banks trudging along slowly with digital advancements are getting a push from virtual card technology providers touting the concept of mass distribution for commercialcardissuers.
Leavitt says there are already some patterns emerging that reflect potentially long-term changes to the B2B payments ecosystem. A Surge In CommercialCard Interest. The card as a credit instrument is very much on a lot of people’s minds.”. While it’s still early days, Boost Payment Solutions Founder and CEO Dean M.
In B2B payments, the commercialcard has experienced a dramatic spike in adoption this year as organizations accelerated their digital transformations and, unable to physically enter the office, began to rely on electronic payments to conduct their business. Winter Blues. Spring’s SMB Support. Spring began in dramatic fashion.
Leavitt , founder and CEO of Boost Payment Solutions , said commercialcard programs are now coming to the forefront of AP departments’ priority lists when delaying payments is no longer the most viable, or effective, cash management option. Optimizing Card Spend. “We’re seeing a lot more of that mentality.”
Boost Payment Solutions , which works in optimizing payment cards, is partnering with Visa to give commercialcardissuers, cardholders and suppliers more automation and flexibility in their experiences, according to a press release.
Although commercialcard products can offer working capital benefits on both ends of the B2B transaction, adoption lags behind other digital payment methods in accounts payable (AP) departments. And with the pandemic all but wiping out business trips, the commercialcard could be at a crossroads.
But companies large and small are still making purchases, and with the pandemic fueling the need for contactless payments, commercialcard technology adoption is on the rise. With commercialcard adoption growing even before the pandemic, an increasing number of T&E technology firms began to step into the world of card issuing.
Commercialcard innovation continues to make big waves in the accounts payable (AP) department, as corporates and cardissuers alike explore new ways to drive business spend on cards beyond business trips or ad-hoc purchases. American Express commercialcards have been a staple for many corporates over the years.
That’s particularly true in accounts receivable (AR), with B2B suppliers not only needing money to flow in from their buyers, but high-quality transaction data for reconciliation, reporting and analytics. The drive for payment information is a key factor behind suppliers’ gradual path toward commercialcard acceptance.
Commercialcards account for only a portion of corporates’ overall spend, as checks stick around and ACH gains ground. However, their market share is on the rise as cardissuers develop more robust rewards programs, and the ability to integrate card spend into back-office spend management and analytics platforms.
Commercialcards have struggled to gain widespread adoption in B2B payments, and new research from Mercator Advisory Group aims to explain why — and how to overcome those adoption barriers. But corporate buyers often prefer cards to obtain rewards points.
JPMorgan Chase has become the first cardissuer to join the Visa and Billtrust Business Payments Network in an effort to streamline the delivery of electronic B2B payments for its commercialcard clients.
There is more than one way to drive commercialcard innovation. For vendors, commercialcard acceptance can be a matter of wielding technology to lower interchange costs. For vendors, commercialcard acceptance can be a matter of wielding technology to lower interchange costs. A Focus On Transparency.
According to reports, customers are voicing complaints that Curve was not transparent enough when sending cards to users. The publication pointed to Curve’s online community message board, in which users are reporting they were unknowingly sent a business credit card while expecting a consumer card. “I
During the 2020s, almost all businesses will have been looking at b2b payments processing solutions to meet changing consumer needs. But what about in the business-to-business (B2B) sector? Industry data shows that the B2B payments landscape is rather diverse. Learn More What are B2B Payments? Not sure where to start?
The interchange fees associated with commercialcard acceptance are the latest target of commercialcard optimization company Revolution Payments, which announced a new service designed to further reduce that burden on business-to-business (B2B) suppliers. In a press release Wednesday (Dec.
With commercialcards continuing to press their way into accounts payable, a new report from Accenture suggests it’s the virtual card driving adoption of card-based B2B payments. for 2018 — meaning v-cards may secure a larger share of the corporate card spending space than physical corporate cards.
Whether through virtual payment technologies or faster payment initiatives, the B2B payments ecosystem has explored ways to accelerate the time it takes a buyer to pay its supplier. Some argue electronic payments, like credit cards, are the answer. The delay in B2B payments forces small suppliers to explore ways to manage cash flow.
New payment rails are again in the spotlight, with commercialcard and contactless payments emerging as the top focuses for innovators. Boost Payment Solutions is teaming with Visa for commercial payments acceptance, while EE is joining forces with Square to help U.K. merchants accept touch-free payments.
In the absence of corporate travel and entertainment, as the road warriors stay (and work) at home, it may make sense that commercialcard use would see a pause in the B2B space. But we’ve focused on finding new areas of spend for buyers to utilize their cards,” Leavitt noted.
At the dawn of 2020, commercialcards made up only a fraction of overall B2B payments volume, even as corporates continued their slow-but-sure payments digitization efforts away from the paper check. But in the midst of the coronavirus crisis, the corporate card seemed to unlock more value for businesses large and small.
Coupa has announced another bank partner to join its recently launched suite of B2B payments solutions known as Coupa Pay. 22) that they are now working together to integrate JPMorgan’s Single-Use Accounts (SUA) virtual cards into the Coupa Virtual Cards for Purchase Orders offering, part of the Coupa Pay suite.
Bank is offering a new service to corporate card managers in need over overseeing company cards around the world. Bank has launched a single platform through which commercialcard managers can manage card programs regardless of where those cards are. Bank issued the corporate card.
Bank will enable its corporate customers to use their commercialcards via the mobile Apple Pay , Android Pay and Samsung Pay solutions, reports said Monday (March 20). According to the bank, this makes it the first to support mobile payments for Visa commercialcard transactions. Bank Corporate Travel Card, while U.S.
The bank announced earlier this week that some of its commercialcards are now compatible with Apple Pay, Android Pay and Samsung Pay. Bank has lent support for mobile B2B payments. Last year the bank revealed that all of its small business card products were now compatible with Apple Pay. According to Jones, U.S.
While small- to medium-sized businesses (SMBs) continue to hustle to secure portions of various federal coronavirus relief funding, the commercialcard industry is finding itself in a position to support SMBs and their cash flow needs, too. “The card as a credit instrument is very much on a lot of people’s minds.”
This week's CommercialCard Innovation Tracker finds FinTechs and payment technology players like Mastercard, Visa and Nets embracing partnerships to roll out new corporate card solutions, including virtual commercialcards and small business credit cards designed to enhance spend management and help SMBs access credit during turbulent times.
Payment Software-as-a-Service firm CardFlight is introducing Level 2 card processing data into its software SwipeSimple, aimed at lowering transactions fees for B2B vendors. In a press release on Wednesday (June 26), CardFlight said sellers will have the capability to collect Level 2 data when accepting commercialcards.
Commercialcardissuer and payment processor Comdata is integrating its functionality into the invoice-to-pay platform Billtrust to enable joint customers to pay their vendors electronically. BPN rolled out last year as a platform that connects buyers, suppliers and financial institutions to facilitate electronic B2B payments.
Bank of America is adding mobile wallet functionality to its suite of commercialcard products, the bank said Wednesday (Sept. According to Bank of America, mobile wallets can enhance payment security by tokenizing account numbers, effectively using a physical commercialcard to generate a virtual card for a particular purchase.
With corporate travel still on pause, commercialcard innovation has taken a different direction. This week’s look at the latest initiatives explores how FinTechs are wielding the corporate card in ways other than business trips, from accessing credit for accounts payable to financing employee lunches.
SetldPay provides solutions for any kind of prepaid card program including gift cards, fuel cards, travel & FX, B2B and commercialcards. It brings together best in class partners through one technical connection and one contract.
The corporate card can have a home in the digital wallet thanks to collaborations and technology platforms designed for cardissuers. Furthermore, the collaboration will grow the reach of Volopay’s cards, letting its corporate customers and their staffers make card payments wherever they conduct business around the globe.
American Express is introducing a suite of new commercialcard products targeted at startups and entrepreneurs in a move that is aimed at competing with industry newcomers like Brex, Bloomberg reports said on Thursday (Oct. At the same time, industry newcomers like Brex , which has now reached a $2.6
B2B payments company Finexio is adding support for corporates that want to pay their suppliers with a credit card, regardless of whether vendors accept cards as a form of payment. Companies can pay using Mastercard or Visa credit cards, Finexio noted. In a press release issued Monday (Dec.
The company announced Tuesday (May 30) that it is enabling tokenization across its North American commercialcard program, allowing businesses to let their own cardholders pay with a mobile device. To do this across all of our U.S. According to TSYS , U.S.
However recent analysis from Iron Pillar , as reported recently in the Times of India, suggests that such a slowdown may not be detrimental to the B2B FinTech startup arena. raised $10 million from SEB Bank and Seed Capital for its commercialcard technology. Cardlay, based in the U.K., leading the investment.
Though commercialcard innovation has recently hit an acceleration point, there is still plenty of room for progress. Power took one key friction point of the small business (SMB) credit card market to task. Some are focusing on geography, looking at markets with significant room for commercialcards to gain traction.
In B2B payments, it’s not just the movement of money that’s a pain point for companies — it’s the tracking of that payment and the ability to reconcile those transactions that can be a major headache for both payers and payees. And that’s good news for cardissuers, too, which could see greater net-new card payment volume.
Corporate travel payments firm AirPlus International is rolling out a new commercialcard solutions designed for businesses with employees that travel throughout Europe. The company announced its European Corporate Card, according to Tuesday (June 19) reports in TravelDailyNews.
Boost Payment Solutions is one company that seeks to bring electronic payments to the B2B realm, as both an acquirer and a FinTech with an exclusive focus on commercial credit cards. That bridge, he said, is lacking in the B2B payments industry, where inefficient payment methods abound. “We
The biggest news from the commercialcard world this week came from American Express, which is facing allegations that it mistreated small business customers to hike card approval numbers. Shell Rolls Out Fleet Card in India. Shell is another player looking to strengthen its commercialcard position in India.
Commercialcards make up just a fraction of the supplier payments space, but the rise in virtual card technology – and the efficiency and security that come along with it – could help cardissuers grab a larger slice of the B2B payments market. But we’ve been focused on different pieces of the puzzle.
In MasterCard’s announcement of support for Android Pay, the credit card firm said that its small business and commercialcard products will also support the mobile wallet. But it is unclear whether other banks and cardissuers will link their corporate card products with Android Pay, too.
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