“This strategic partnership will enable Capital One small business cardholders to pay their vendors and suppliers with a card — even if they do not accept credit cards — directly from their Capital One Business account,” the companies said in a news release Tuesday (July 12).
Melio offers small businesses payments technology that allows credit cards to be accepted everywhere, saving them time and money that would otherwise be spent sending checks via mail or dealing with wire transfers.
The partnership will give Capital One Business cardholders access to more flexible payment options and streamlined workflows from their Capital One Business account, letting them better manage their cash flow while earning rewards and cash back on purchases.
“At Capital One, we recognize the power that adoption of payments technology can generate for businesses,” said Rebecca Silver, vice president, small business card at Capital One. “Through our partnership with the innovative team at Melio, we are proud to deliver this capability to our customers and continue to help transform how they do business.”
In May, Melio launched an international payments initiative that lets U.S. small businesses make payments to suppliers in more than 70 countries around the world.
The company said around 63% of small businesses have had to alter their supply chains in the past six months. That’s led to a rapid rise in cross-border payments, one that not every small business has been equipped to handle.
And as PYMNTS noted this week, that’s not the only problem facing small businesses these days. The chief issue is manual invoice review, mentioned by most of the SMBs surveyed for “The Future of Business Payables Innovation.”
The survey found that 45% of the SMBs said manual invoice review was a problem when making payments, with 19% naming it as their top issue and another 26% saying it was among the problems they experience. That placed it first among 18 problems included in the survey.
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