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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.
Leavitt told PYMNTS a big reason behind the resistance of commercialcard use and acceptance has been a lack of understanding or knowledge about the true value of commercialcards as an alternative payment method. Consider the hypothetical example of a $15 million monthly B2B payment that contains 5,000 invoices.
When the commercialcard first came on the scene, executives thought of the payment tool in limited terms: a piece of plastic their employees could use to make one-off purchases at the office supply or hardware store, buy a coffee while on a business trip or take a client out to dinner. ” Recognizing CommercialCard Advantages.
Mastercard Taps FinTech for Biz Card Boost. Mastercard wants to expand Europe’s commercialcard adoption, and is turning to a FinTech partner to help. One B2B FinTech embracing the API opportunity for payroll is AccountantsWorld , a U.S. AccountantsWorld Unlocks Payroll Data for FinTechs.
City National Bank, Extend Pair On Virtual Cards. To launch its new virtual commercialcard offering, City National Bank is working with FinTech Extend, the companies recently revealed. Apollo Bank Adopts CheckAlt Lockbox Technology. PNC Acquires Tempus Technologies.
Cichy also pointed to additional bank solutions, like lockbox operation, payment processing and commercialcard offerings, into which Palette’s P2P solution is linked, promoting cohesion in banks’ corporate offerings. Historically, opportunities to wield this kind of data have been limited for traditional FIs.
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