Visa has announced a new strategic partnership with virtual payments tech firm Conferma Pay to launch Visa Commercial Pay. The business-targeted package will focus on making it easy for companies to issue virtual commercial cards and provide three different B2B payment offerings for financial institutions and their corporate customers.
The use of virtual commercial cards is on the increase, especially considering that many remote workers are calling on their own personal cards to pay for expenses. To help address the issue, Visa Commercial Pay will let business owners tackle employee expenses by issuing virtual cards to staff mobile devices via an app as a result of the collaboration with Conferma Pay.
Visa says that the service will also provide businesses with the ability to move money much more easily between their buyers and suppliers. On top of that there will be improved data resources available, automated payment processing and expense reconciliation too.
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New software in the form of the Visa Commercial Pay Mobile app will be aimed primarily at Visa’s commercial clients and will act as home for the virtual cards. The cards can be assigned and distributed to employee and contractor’s mobile devices. Authorised users will subsequently be able to pay for online purchases or use the app for contactless payments in-store.
Visa Commercial Pay
The package also features two other core areas, with Visa Commercial Pay Travel allowing businesses to better manage their travel spending. Staff and administration teams will be able to view reservations, track spending and make use of automated expense reconciliation as part of the arrangement.
Finally, Visa Commercial Pay B2B is a new platform that merges the Visa and Conferma Pay features to simplify outward payments and also the receipt of funds. Visa claims that it will help companies manage their cash flow more efficiently by optimizing their financial activities.
“Businesses are turning to Visa and our clients with a great sense of urgency to help them solve payment inefficiencies that the pandemic has quickly exposed,” said Kevin Phalen, global head, Visa Business Solutions. “The launch of Visa Commercial Pay in partnership with Conferma Pay allows us to accelerate B2B money movement away from slow, outdated methods to fast, data-rich, secure digital payments and give businesses better control over their finances.”
“With a new economic environment, the controls to decentralize payments have to be put in place and with employees working from home, the ability to monitor, reconcile and approve spend becomes far more difficult,” said Simon Barker, CEO at Conferma Pay.
“With the Visa Commercial Pay initiative, we are excited to partner with Visa and help businesses gain greater visibility and control over B2B spend whilst drastically improving the payment experience for buyers, suppliers, company contractors and employees.”
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