The largest corporations and financial institutions make payments and transfer funds at a magnitude that far exceeds consumer transactions. However, even many seasoned financial professionals may not fully grasp all the nuances of commercial payments.

Albert Bodine, Director of Commercial and Enterprise Payments at Javelin Strategy & Research, asked the leadership at the foremost banks and corporations about the most pressing topics in the commercial payments industry. Their main request was for a guide detailing the fundamentals of commercial payments which would explain the intricacies of commercial payables and receivables.

Because that training hasn’t been developed, Bodine created A Modern-Day Primer on Commercial and Enterprise Payments to be an introduction to commercial payments for those who are new to the space, whether it be for college grads that have just been hired, seasoned professionals who have moved into commercial banking, or leadership who are looking for ways to pass on knowledge to their staff.

Global Frameworks

In addition to the substantial sums involved, commercial payments also utilize a wider array of instruments.

Corporations use wire transfers, ACH transactions, paper checks, and now even the instant payments systems that have gained traction globally, such as Brazil’s Pix and India’s UPI. Payment methods such as electronic funds transfers (EFTs) and direct digital transfers between banks are also seeing increased use in commercial applications.

Adding another layer of complexity to the commercial payments landscape is the growing demand for cross-border instant payments. In many cases, there is simply no infrastructure to support these transactions. For instance, there is currently no instant payment rail between the United States and India.

“There are several options that could fill that gap and deliver the infrastructure for cross-border payments, but it’s still not clear which one will emerge,” Bodine said. “Visa and Mastercard would be perfect candidates for cross-border payments because they already have an established global highway. It could be a great addition to their business, especially if there’s a reduction in credit card interchange fees.”

Cross-Border Contenders

Beyond credit card companies, Belgium-based Swift is an interbank messaging system that has built a dominant framework for cross-border payments. A constant challenge in global payments is the sheer amount of time it takes to complete a transaction. With Swift’s GPI system, 50% of payments are credited to the beneficiary within 30 minutes.

Another key player in the cross-border payments space is the Bank for International Settlements (BIS), a consortium of the world’s central banks, including the NY Federal Reserve, the Bank of England, and the Bank of Japan. The consortium released Project Agorá, built on a unified ledger model.

The purpose of Project Agorá is to develop a way that tokenized commercial bank deposits can be integrated with tokenized wholesale central bank money on a single platform. In the current system, payments are processed through messages sent to banks, detailing how to credit clients. This means payment communication and fund transfers are two separate actions.

Tokenization technology has the potential to merge these two processes, allowing banks to update their ledgers in real-time. Automated ledger updates not only improve efficiency, but also help institutions remain compliant with Know Your Customer and anti-money laundering regulations.

“As new tech emerges, the further companies move away from the traditional system of correspondent banking that has dominated the industry,” Bodine said. “Global commercial payments used to be the wheelhouse of large commercial banks. With the arrival of fintechs, blockchain, and other innovations, it’s not just the blue bloods who can compete in cross-border payments.”

Eliminating Checks

One of the main issues in the commercial payments space is the continued reliance on legacy payments methods. Globally, roughly 33% of payments are still made using paper checks.

“For over 30 years, I’ve been talking about the elimination of paper checks at every chance I get,” Bodine said. “It’s finally happening, but it might not be for the efficiency reasons you would expect. Believe it or not, it’s more due to environmental, social, and governance (ESG) initiatives.”

“With all the payments alternatives, it’s an easy check box on an ESG initiative to simply get rid of checks,” he said. “You are helping the environment, increasing efficiency in your organization and potentially mitigating fraud.” 

A Training Centerpiece

Due to the lack of educational resources in the commercial payments space, many financial professionals seek more thorough solutions. For this reason, Bodine noted that his latest report is just the tip of the iceberg.

“I want the Modern-Day Primer on Commercial and Enterprise Payments to be positioned as the centerpiece of training for those new to the commercial space,” Bodine said. “It would be an excellent addition to a more comprehensive training program that includes seminars and video instruction. Look for that soon.”

The post The Complexity of Commercial Payments Isn’t Often Understood appeared first on PaymentsJournal.

The U.S. — and much of the world — is facing an inflationary environment not seen in more than 40 years. Persistent, high inflation is proving to be stubborn and shows no sign of slowing down. This greatly affects businesses buying goods and services because it increases their prices and makes running their business more costly. On the supplier side, any delay in receiving payment for a product from a business means that money is worth less when they receive it than when they submitted an invoice. The typical method of paper check in business-to-business (B2B) payments is less effective for all parties involved during times of inflation. These reasons are why commercial credit card payments are rising in popularity.

In September, PaymentsJournal sat with John Weinrich, Head of U.S. Sales at Boost Payment Solutions, and Steve Murphy, Director of Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group.

Fast-Rising Inflation

Weinrich noted that not only is inflation very high, but it has risen very quickly, leaving many unprepared to deal with its consequences.

“Twelve to fourteen months ago, inflation was virtually nonexistent,” he observed. “Now we are dealing with the fastest-rising inflation in 50 years.”

This means that waiting for invoices to be paid by check can have devastating consequences for businesses — especially small businesses with limited working capital.

“When you have a DSO [Days Sales Outstanding, which is the number of days a company waits to get paid for a sale] of 90 days or so, that dollar is worth far less when you receive the payment than when you made the sale,” said Weinrich.

With borrowing costs high due to increasing interest rates, many companies cannot afford to take out a loan to covers costs while waiting to get paid. This makes getting paid on time vital to staying in business during tough economic times.

Commercial Credit Card Upswing

These factors are making businesses rethink their stance on accepting commercial credit cards for payments. By and large, businesses have resisted accepting credit cards for B2B payments due to the perceived expense of doing so and the technical cost associated with upgrading infrastructure to accept them. Historically, credit cards have typically been seen as a consumer payments mechanism, and large-scale B2B payments were not usually contemplated.

However, this is beginning to change.

“I keep hearing over the past couple of years since the pandemic that card acceptance has accelerated among businesses,” Murphy noted.

While acknowledging that widespread commercial credit card acceptance “still has a way to go,” Weinrich agreed that it is increasing in the B2B space. Typically, the cost of card acceptance was thought to outweigh the benefits, added Weinrich, but companies such as Boost that provide a technology platform that seamlessly enables commercial credit card payments are creating an environment where accepting credit card payments is more viable in the B2B environment.

One major benefit is straight-through processing (STP), which enables suppliers to get paid quickly and eliminates manual input and human involvement on both ends. The Boost STP platform, for example, automates the entire onboarding, credit card transaction, and reconciliation process for buyers and suppliers, thereby eliminating what is typically a cumbersome and manual process, Weinrich said.

“This guarantees timely, accurate payments and helps both the supplier and buyer manage their cash flows in this high inflationary environment we are in,” he added.

Boost also helps businesses manage regulatory costs and burden by eliminating the need for PCI reporting as this automated solution eliminates exposure to PCI data for the supplier.

Murphy also noted the decreased risk of attempted fraud associated with commercial credit card payments as opposed to check payments.

“I believe it is less than three percent,” he added.

Weinrich agreed, and noted that figure is low compared with other forms of payments. He cited data from the Association for Financial Professionals showing that attempted fraud activity for checks is at 66%, and 37% for ACH debits.

Increasing Awareness

Probably the biggest hurdle in commercial credit card acceptance in the B2B space is changing the long-held mentality around commercial credit cards.

“We’re asking businesses to try something new,” Weinrich said. “So, we in the payments space really need to put on our educator hat and tell them about the benefits. All businesses are looking to innovate and grow and reach their potential.”

Murphy noted that one trend that could help with the increase of acceptance of commercial credit cards is an increasing desire for both suppliers and buyers to use new payment methods. For buyers, this gives them flexibility in how to pay. And for suppliers, it helps reduce risk as well as attract new partners since they are offering multiple, flexible payment options.

“Right now is the perfect time for businesses to rethink their stance on card acceptance,” said Weinrich.

The post Rethinking Commercial Credit Cards in a High Inflation Environment appeared first on PaymentsJournal.

There has been a fair amount of anecdotal evidence that digitization of financial operations has accelerated since March 2020, when a fair amount of panic set in, which included how to manage payments in a WFH environment, especially challenging for those companies with persistent reliance upon traditional analog processes and check payments. So the chit chat has been that digitization has become a top priority, and a few surveys here and there back that up, although specifics on actual percentage changes are hard to come by. In a piece posted at Supply & Demand Chain Executive, the president of a receivables fintech covers this and provides some AFP numbers around the declining use of checks as well.

‘It has been two years since the onset of the COVID-19 pandemic, which in many ways signaled the beginning of the business world’s race to embrace digitization. In the B2B space, the need to adapt to remote work and other external challenges like the mail delays and an uncertain economy required suppliers and buyers to accelerate the digital transformation of their payments processes. This was a considerable task, given some 40% of B2B payments were still made by paper check at the time, but it was also a move that most businesses knew was non-negotiable as late payments, worsening DSO and the slow movement of cash threatened their overall health like never before.’

Digitization for Efficient Processing Environments

The author then gets into some of the things that have been done, including results from a self-conducted survey, and what remains to happen for more optimal results on the receivables side of operations.  We have been covering this through member research as well, particularly the need for continued integration between and across solutions in financial operations. Things like automated payments networks, greater integration with ERPs and fintech emergence on payables and receivables options have all contributed to more efficient processing environments. However, it seems that some of the perceived gains may be over rated and more work has to be done. Worth a quick read to get some industry perspective.

‘For this future to be realized, organizations need to reexamine what the term ‘modernization’ means to them. This is because there are several contrary indicators suggesting they are not as modernized as they perceive. For example, 2021 research found that 86% of AR practitioners rate their department as very or somewhat modernized. Yet, over 50% admit they don’t have real-time integrations with their ERP systems, nor do they have automated integration with their customers’ accounts payable (AP) procure-to-pay platforms. Furthermore, more than 60% say the majority of their payments or invoices are not yet digital.’

Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group.

The post Financial Operation Digitization is Accelerating! appeared first on PaymentsJournal.

This release is found in businesswire and summarizes a recently conducted survey of financial professionals across the U.S. and Europe around the subject of automation in financial operations. The survey was conducted on behalf of a fintech specializing in financial automation. This is a topic that many of our clients will find to be familiar since we have recently posted research on the space and also been regularly commenting on the broader landscape in these pages as well. The gist of this referenced study (which readers can download via a link found in the article) is the rapidly evolving role of the CFO (and those in that frame) and how digitization remains a challenging necessity for companies to best manage corporate financial health.

‘Conducted in March, Yooz’s exclusive survey is the largest study of its kind, with over 1,200 Finance and Accounting decision-makers across eight countries taking part, including the United States, France, United Kingdom, Ireland, Spain, Switzerland, Luxembourg and Belgium. “We’re seeing a vastly different landscape this year among finance leaders and their departments compared to last year’s research,” said Laurent Charpentier, CEO at Yooz. “No longer are companies simply attempting to stay afloat – now they’re trying to thrive off of technologies and processes that were necessary adjustments made during the pandemic, and CFOs are being put at the heart of these innovative changes.”  ‘

Perhaps most surprising in overall highlighted results is the seeming continual struggle with comprehensive automation across financial operations, which through the pandemic has been highlighted as a key investment area by corporations. According to these findings, there continues to be a lag in such execution, regardless of the recognized shortcomings and subsequent priority being placed on improvements. Interested readers will want to review the survey and gain some insight as to where they and their organizations may stand in the mix.

‘“There is a lot of work to be done and a lot of responsibility riding on CFOs to find the right technology and people to best support their company’s digital transformation goals,” said Charpentier. “We are confident though that by implementing intelligent, secure automation solutions and reskilling leaders to better prepare for the challenges we’re seeing now, the future of financial departments will be paved for thriving success as we move into a post-pandemic workplace.” ‘

Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group

The post The State of Automation in Finance appeared first on PaymentsJournal.

Middle market firms are important drivers of economic growth, accounting for about one-third of private sector employment in the United States. These companies often face unique challenges, such as access to capital, that can impede their growth. However, these firms have also been shown to be more resilient than large corporations during economic downturns. As a result, they play a vital role in creating jobs and fostering economic stability.

While middle market companies are an essential part of the economy, they often receive less attention than their larger counterparts. This is due in part to their size—mid-sized firms make up a relatively small percentage of all businesses. In addition, middle market companies are often overshadowed by the flashy success stories of startups and mega-corporations. However, it is important to remember that middle market firms are the backbone of the economy, and their continued success is essential for sustained economic growth.

Don’t miss another episode of Truth In Data! Click on the red bell in the lower-left of your screen to receive notifications as soon as the episode publishes.

Data for today’s episode is provided by Mercator Advisory Group’s Viewpoint: The Corporate Middle Market Seeks Digital Transformation

How to Define the Middle Market:

• American Express – between $1M-300M in revenue.
• Mastercard defines the lower middle as between $10M-100M, the middle as between $101M-250M, and the upper middle as between $251M-1B in revenue.
• National Center for the Middle Market – betwen $10M-1B in revenue.
• Visa – between $10M-$1B in revenue.
• The U.S. Government Small Business Administration defines in varying ways depending on NAICS code.
• The U.S. Department of Commerce defines as having a pre-tax income of between $5M-250M.
• Private Equity Firms – between $25M-750M in revenue.

About Viewpoint

The vast middle market differs in many ways from its large corporate and small business counterparts, but one thing that remains constant is the need for adaptation to new digital systems and operating methods. Fintechs are migrating into this space and financial institutions are figuring out ways to properly collaborate and service this important industry segment.

The post How to Define the Middle Market appeared first on PaymentsJournal.

Motive (formerly known as KeepTruckin) announced last Thursday the release of their zero-fee corporate card called the Motive Card. The company claims that the Motive Card is the first corporate card offering native integration with a fleet management platform. Through a dashboard, the product will allow fleet managers the ability to track fleet operations, operate card spend controls, and generate fuel, tire, and maintenance discounts. The card operates on the Mastercard network and is “open loop” as it can be accepted anywhere Mastercard is accepted. Motive offers a $0.05 per gallon discount on all fuel purchases and has partnered with popular fuel retailers such as Love’s Travel Stops, TA, Petro Stopping Centers, and TA Express to offer a higher rate. Fuel discounts are certainly an attractive feature given that U.S. diesel fuel prices averaged $5.509 per gallon yesterday according to the EIA. 

For more on the fleet card market overall, please see our report, “On the Road to Recovery: U.S. Fleet Card Market Sizing and Forecast, 2020-2025.”

Overview by Ben Danner, Research Analyst at Mercator Advisory Group

The post Motive Launches a New Corporate Card Aimed at Fleets appeared first on PaymentsJournal.

Enterprise resource planning (ERP) is crucial for the success of any business. The software and technology used to integrate the different management components of a business provides a bird’s eye view of enterprise processes and facilitates the most minute technical nuances.  

Software-as-a-Service (SaaS) and cloud-based solutions for ERP and treasury management systems (TMS) are the overwhelming preference for modern enterprises. However, ERP migrations can be complex and time-consuming, especially when corporate treasury and IT staff lack the bandwidth to support such a transition. 

To learn more about how partnering with a specialist helps reduce the strain faced during ERP migration projects, PaymentsJournal sat down with Jon Paquette, Vice President of Solutions, U.S. at Treasury Intelligence Solutions (TIS), and Steve Murphy, Director of Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group. 

Out with the old complexities… 

Enterprise resource planning has never been simple. Historically, the complicated aspects of ERP have involved hosting and architecture. These days, those complexities are largely resolved with SaaS and cloud-hosted solutions, the advantages of which are primarily felt on the IT side.  

“IT no longer needs to build, maintain, and support the infrastructure that ultimately ERP is being hosted on,” said Paquette, “which is a big advantage versus previous on-premises models that organizations have employed.” This frees up IT to take advantage of the unlimited processing power of a cloud providers like Amazon Web Services (AWS) or Microsoft Azure. 

The biggest business advantage of SaaS cloud-based solutions for ERP is the improved accessibility compared with on-prem systems. Giving all relevant individuals access to ERP applications offers a huge opportunity for improvement, not to mention an easier time with automating and standardizing processes. 

…in with the new complexities 

Now, the new challenge is for enterprises to get the most out of their investment in ERP migration. “A lot of the complexities don’t go away,” Paquette pointed out. As businesses consider all the different systems they are migrating from, there are a number of questions to ask: 

• What other integrations are necessary? 
• What do the payments processes look like?  
• What do the reconciliation processes look like? 
• What do the in-cash applications look like? 
• How can those processes be automated? 
• What data is necessary to drive everything? 

APIs (application programming interfaces) also present an opportunity. More businesses than ever want to use APIs to obtain real-time transaction information for cash flow forecasting, cash positioning, reconciliations, and more. For ERP migration in particular, APIs can be very useful for accounts payable batch payments.  

However, there is substantial variation both in what sort of APIs banks and businesses support, as well as whether or not those organizations can manage API integrations. “Not everybody has the capability of dealing with either creating or consuming APIs,” Murphy remarked. “Another issue is a lack of standardization of APIs.”  

Outside payments platforms such as TIS can help enterprises deal with standardization issues. Specialized partners can also help enterprises avoid redundant implementation processes by navigating API integrations that are actionable in the present and will adapt seamlessly to future capabilities. 

Regardless of the specific ERP concern, SaaS is a simpler, more cost-effective, more scalable, and more accessible solution. Still, it is important for enterprises to make the transition in a controlled way that does not disrupt business. “Business continuity is the most important objective during an ERP migration,” noted Paquette.  

Tips for successful ERP implementation  

There are plenty of common mistakes that can occur during ERP migration. Paquette offered several key points to keep in mind throughout the process: 

• Understand the business needs of end users – Ensure that ERP systems are suited to the needs of end users, which can vary greatly from region to region based on different standards and protocols.  
• Recognize knowledge gaps – There is a wide breadth of topics that must be addressed and understood during the implementation process, and recognizing where to fill those gaps with external resources is critical, lest small problems derail the process and drag everybody into finding a solution. 
• Compartmentalize and pace work streams – Separate finance-related and finance-unrelated ERP functions. Take ERP migration in small and controlled chunks, and know that ERP migrations are multi-year initiatives. 
• Do not lose sight of your vision – It is easy to get bogged down in technical components, but always keep an eye on how ERP implementation will bring major improvements. 
• Seize the opportunity for transformation – Investing in ERP migration with the help of an expert partner providing SaaS cloud-based solutions is a chance for businesses to take an exciting leap forward. 

“There is a perception that you save money by doing things in house during an ERP project,” said Paquette. “Partnering with somebody specialized in this particular aspect of SaaS solutions is really critical to the success or failure of your ERP project, and the SaaS fee that you are paying to a provider is pretty minimal in comparison to the investment that you are putting into the entire ERP migration.” 

The paramount partnership of business and vendor 

It takes a village to migrate ERP integrations; neither the ERP provider nor the enterprise itself is capable of going it alone. IT and treasury personnel may lack the bandwidth to play a major role in the migration. Specialist vendors such as TIS will plug the gaps with support and guidance on SaaS capabilities. Outside consultants will take integration a step further with specific insight into how the ERP system translates to regional connection points, but ultimately the buck stops with the business.  

“At the end of the day, it is the business that really owns [the transition],” clarified Paquette. “They are responsible for what they are looking to accomplish, what systems to integrate with, the scope, how they envision that all working right – and if things ultimately don’t go as planned, it is the business who is impacted.” 

To that end, there are a variety of rollout strategies for enterprises: 

• Maintaining a regional focus – Starting in one area allows everybody to work in the same time zone with the same standards and provide scaffolding for potential expansion. 
• Building on success – Starting with business lines that are already solid and highly automated means that ERP migration will be a lighter lift and offer valuable experience for future implementations. 
• Updating legacy systems – Starting with legacy systems in one particular region or business line can be a good place for businesses beginning the ERP migration process. 

No one can deny the rising popularity of cloud-based software. “Somewhere around 30-35% of institutions are now actively using cloud in some form,” Murphy stated, “and that is expected to move to above 50% in the next couple of years.” The cloud-based “as-a-service” model offloads the IT implementation and ongoing maintenance expenses of ERP migration, but also allows for the latest upgrades and software without having to do ongoing development. 

It is important for businesses to realize that there is not necessarily an ERP finish line; bank relationships are always changing, and payments technology is always improving. TIS helps enterprises stay on track. “The objective of most of these migrations is finance transformation,” Paquette concluded. “It is important for the business end users to stay laser-focused on the operational improvements that they are looking to get here.” 

The post SaaS Cloud-Based Solutions for Enterprise Resource Planning appeared first on PaymentsJournal.

Don’t miss another episode of Truth In Data! Click on the red bell in the lower-left of your screen to receive notifications as soon as the episode publishes.

Data for today’s episode is provided by Mercator Advisory Group’s Report: The Cost of Fraud: B2B Payments Experience 10% Increase During the Pandemic

Checks Are the Top Vehicle for Commercial Payments Fraud:

• 66% of surveyed organizations experienced actual or attempted check fraud – but incidents have declined by 8% since 2019.
• 39% of surveyed organizations have experienced actual or attempted wire transfer fraud.
• 34% of surveyed organizations have experienced actual or attempted ACH debit fraud.
• 39% of surveyed organizations have experienced actual or attempted wire transfer fraud.
• 24% of surveyed organizations have experienced actual or attempted corporate/commercial credit card fraud.
• 19% of surveyed organizations have experienced actual or attempted ACH credit fraud.
• 6% of surveyed organizations have experienced extortion due to ransomware.

About Report

Mercator Advisory Group released a report covering commercial payments fraud titled The Cost of Fraud: B2B Payments Experience 10% Increase During the Pandemic. The research explores the impact of fraud with particular emphasis on the B2B payments space. Through an analysis of internal and external fraud, one can gain a deeper understanding of the most common types of fraud schemes, what payment types are subject to the most payments fraud, and how the industry is fighting back. The report also explores the rise in business email compromise (BEC) fraud and new ways that fraudsters are targeting organizations.

“As fraudsters continue to adapt to ever-changing payment trends, organizations must be ready to defend their bottom lines,” comments Ben Danner, Analyst, at Mercator Advisory Group, and the author of the research report. “Organizations can perform several technological and non-technological interventions to combat this rising problem.”

The post Checks Are the Top Vehicle for Commercial Payments Fraud: appeared first on PaymentsJournal.

Don’t miss another episode of Truth In Data! Click on the red bell in the lower-left of your screen to receive notifications as soon as the episode publishes.

Data for today’s episode is provided by Mercator Advisory Group’s Report: Treasury Automation: Adapting to Increased Expectations

Trends That Will Impact Companies’ Risk Management Strategy:

• 61% of surveyed treasury professionals say treasury digitization will have a material impact on their company and risk management strategy in the next three years.
• 51% of treasury professionals say changes in operating business profile and global exposures will have a material impact on their company and risk management strategy in the next three years.
• 50% of treasury professionals say external digitization will have a material impact on their company and risk management strategy in the next three years.
• 43% of treasury professionals say geopolitical uncertainties will have a material impact on their company and risk management strategy in the next three years.
• 36% of treasury professionals say changes in group structure will have a material impact on their company and risk management strategy in the next three years.
• 34% of changes in FX regimes and regulations will have a material impact on their company and risk management strategy in the next three years.

About Report

Automating treasury operations has been a steady goal in corporate finance since at least the mid-2000s. The increasing technology capabilities of the past several years, along with the pandemic, which has refocused the corporate world on liquidity, have combined to help shift treasury automation into a higher gear. In a new research report, Treasury Automation: Adapting to Increased Expectations, Mercator Advisory Group reviews the traditional and now changing role of treasury management into a more strategic resource for the CFO. Forward-thinking financial institutions, traditional treasury management solution providers, and latest generation fintechs are striving to assist their corporate clientele to optimize their capabilities in treasury operations. Companies are looking to their providers to help move them to a new level of effectiveness.

“Treasury management has traditionally been a specialized and lightly resourced area of corporate finance. This began to change after the global financial crisis as the role of treasury began to expand in the planning and execution of corporate financial imperatives,” commented Steve Murphy, Director of Mercator Advisory Group’s Commercial and Enterprise Payments Advisory Service, author of the report. “That adaptation through technology advancements continues and, of course, received a boost from pandemic-generated issues when the recognition of digitized financial processes as a catalyst for improved financial operations became quite clear to many, especially lagging organizations.”

The post Trends That Will Impact Companies’ Risk Management Strategy: appeared first on PaymentsJournal.

NEW YORK, March 2, 2022 /PRNewswire/ — Mesh Payments, a leading provider in the corporate payment and spend management space, announced today its latest innovation: the Plug & Pay™ Visa Business card which ties a physical and a virtual card. The new card program offers a numberless physical Visa Business card that can be linked with Mesh virtual cards and swapped out on the fly – all with just a click. The Plug & Pay™ card was enabled in collaboration with Visa, which worked closely with Mesh to roll out the innovative solution to growing businesses.

The Plug & Pay™ Visa card provides businesses with more security, flexibility, and control in the way they can make offline payments with a physical card, bringing all of the benefits of Mesh’s spend management platform into users’ pockets. The numberless card helps reduce security risk since there’s no visible number that can be stolen or abused by fraudsters. If the card is compromised in any way, the finance manager can simply link a new virtual card to the physical one. Additionally, finance managers have full control over the physical card, allowing them to disable the card, change its pin code, or swap the virtual card remotely all from the Mesh platform. 

Beyond that, the Plug & Pay™ Visa card makes it easy for finance managers to stay on top of their budgets since they can pre-approve the virtual cards that employees use. It also helps finance teams manage and shorten their monthly close with easy receipt collection and matching that provides real-time visibility and insights. 

“We designed Plug & Pay™ to address the needs of finance teams who spend valuable time worrying about abuse and fraud on corporate cards,” said Oded Zehavi, CEO of Mesh Payments. “As we see further consumerization of the enterprise, more and more small and medium enterprises are embracing new technologies and experiences. With the Plug & Pay™ Visa card, businesses can enjoy the security a numberless physical card provides, while still benefiting from the enhanced experience of virtual cards and our spend management platform. Working with Visa to bring this solution to the market has been incredibly rewarding, and we are proud to help deliver innovative solutions alongside them.”

“The way businesses manage their spend is evolving rapidly due to new innovations and technological solutions,” said Veronica Fernandez, SVP, North America Head, Visa Business Solutions. “We want to help our clients adapt to these changes and better serve them by enabling the enhanced experiences new technologies can provide. Our collaboration with Mesh on the Plug & Pay™ Visa card is a part of our efforts to help bring these innovations to the fast-growing market of small and medium enterprises.”

About Mesh Payments
Mesh Payments transforms the way finance teams operate with one centralized spend management platform that puts the focus on each payment. By giving payments a central focus, Mesh empowers finance managers with a whole new level of visibility and tailored insights that give finance teams the ultimate control and all the tools to continuously optimize their spend in real-time. For more information, please visit meshpayments.com.

The post A Spend Management Platform in your Pocket: Mesh Payments Collaborates with Visa to Unveil a Numberless Business Card appeared first on PaymentsJournal.