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For businesses, the world market was thrown into volatility, yet soon, new opportunities emerged. For the corporate card, 2020 has been a season for dramatic shifts in how the payment tool is used and the value it adds to the enterprise. The year 2020 began inconspicuously — but in a few short weeks, everything changed.
For the many business travel and expense management FinTechs in the space today, the current market is far from favorable. 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. Consolidating Spend Data.
JPMorgan Chase has become the first cardissuer to join the Visa and Billtrust BusinessPayments Network in an effort to streamline the delivery of electronic B2B payments for its commercialcard clients.
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.
On the path to payments innovation, collaboration is key. Mastercard Mobilizes The Virtual CommercialCard. This week, Mastercard unveiled its newest commercialpayments technology offering: a virtual card product that is supported by mobile wallets. Yoba Smart Money Taps Nets For SMB Cards.
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.
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. “Business-to-businesspayment offerings feel too clunky,” she said.
PNC Bank is linking its corporate clients with a new mobile solution that links users of its Visa commercialcards into mobile wallet solutions Apple Pay, Android Pay and Samsung Pay. But the move is also part of a broader effort to keep corporate payments up to speed with consumer payment innovation, the financial institution said.
(The Paypers) Billtrust has announced that B2B payments processor and commercialcardissuer, Comdata , has joined BusinessPayments Network (BPN), enabling their buyer customers to send payments to suppliers on BPN.
Midpoint is preparing to offer a way for Xero clients to use the “Pay Now” feature with a commercialcard, in addition to its current offering, which uses direct bank transfer. These extra fees mean B2B suppliers and vendors are likely to pass on the cost of accepting commercialcards to their clients. Collaboration.
Business to business organizations provide services or goods to other companies, unlike business to consumer (B2C), which is when businesses transact with consumers (individuals). Business to businesspayments, therefore, refer to the payment processes and activities between two businesses.
When it comes to payments, old habits die hard. That proves especially true in business-to-businesspayments. How to streamline payments between buyers and suppliers who are unaware that new technology can significantly enhance operational efficiencies? Stubbornly entrenched, some would say.
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