Virtual B2B payments company Noventis wants small- and medium-sized enterprises (SMEs) to get in on its services.
The company said Tuesday (Aug. 1) that it is offering its B2B payments services, including virtual card (V-Card) capabilities, to small businesses in an effort to promote electronic payments and reduce check fraud.
"At a time when check fraud and identity theft are increasingly problematic to all constituents in the ecosystem, there are [more than] five million small businesses in the U.S. that haven't had access to the same digital payment innovations as larger businesses," said Steve Taylor, CEO of Noventis, in a statement. "Noventis is on a mission to help our partners deliver new, innovative digital payment and delivery options to this traditionally underserved market. This includes the use of virtual cards, which support a smaller risk footprint, so that small businesses can protect themselves against fraud and become more efficient — just like larger businesses."
Noventis doesn't work with corporates and SMEs directly, but offers its services to financial institutions and payment processors so they can provide their own clients with virtual payment capabilities.
According to the company, its virtual card (V-Card) services are used by more than 5,000 banks in the U.S.
"Until now, most small businesses have not been able to take advantage of the virtual card solutions that have been widely available to medium and large businesses," the company said in its announcement. "This is due to the high cost and resource requirements of v-card solutions that were designed to satisfy the needs of larger businesses."
Understanding the need for a change, the company has addressed the problem head-on.
"Noventis has removed these barriers for small businesses by developing innovative digital payment options and expanding the number of suppliers that accept electronic payments in the Noventis network," the company said.