On the path to payments innovation, collaboration is key. This week’s Commercial Card Innovation Tracker finds FinTechs and payment technology players like Mastercard, Visa and Nets embracing partnerships to roll out new corporate card solutions, including virtual commercial cards and small business credit cards designed to enhance spend management and help SMBs access credit during turbulent times.
Mastercard Mobilizes The Virtual Commercial Card
This week, Mastercard unveiled its newest commercial payments technology offering: a virtual card product that is supported by mobile wallets. Powered by partners TSYS and Extend, Mastercard’s mobile virtual commercial card offering comes at a time when Adam Jones, the firm’s senior vice president of travel and expense (T&E), says contactless payments are up among consumers and businesses.
Speaking with PYMNTS in a recent interview, Jones noted that the mobile-friendly offering not only enhances the end user’s payment experience, but can also support enhanced control and visibility for managers who need to keep employee spending in check. Mastercard is also bringing its tokenization technology to the offering, ensuring that virtual cards are used only for their intended purposes.
Razorpay Links With Visa For Small Business Card Solutions
Recent reports revealed that Visa is working with Razorpay to debut a new small business card solution designed to help SMBs manage market volatility related to the coronavirus crisis, the companies said. Dubbed the RazorpayX Corporate Card, the solution aims to provide small businesses with access to credit to maintain cash flow via a card in the business’ name. Today, according to Razorpay, credit is often available only for larger corporates. By arming small businesses with card solutions, SMBs can not only streamline access to credit, but can also enhance reporting and spend compliance.
Yoba Smart Money Taps Nets For SMB Cards
Debuting its new small business payment solution, Yoba Smart Money is teaming up with Nets to connect SMBs to commercial card solutions paired with on-demand liquidity and spend management offerings. European payment services provider Nets is powering the offering to issue corporate credit and debit for small businesses, in a solution that aims to empower entrepreneurs to make payments using a card. “Nets has the required benefits of scale, modularity and innovative technology and mindset to help us reach our strategic goal of being the smarter way to pay for [SMBs],” said Yoba CEO Atte Suominen in a statement.
Conferma Eyes V-Cards To Eliminate Hidden AP Costs
In a recent conversation with PYMNTS, Conferma Director of B2B Partner Development Nick Reid discussed the opportunities for virtual commercial card technology to support buyer-supplier relationships and tackle some hidden costs in the accounts payable (AP) department. One of the biggest costs is supplier onboarding and bank account data management.
“They might only pay once or very infrequently, so supplier onboarding is not a one-off investment, either; it’s an ongoing cost of maintaining supplier payments,” he told PYMNTS. With business trips on hold, commercial card spend has had to migrate to other categories to maintain the valuable revenue of cash back rewards. AP, noted Reid, can be an important area of card spend to preserve those funds.
ReceiptHero Collabs With Eurocard On Receipt Management
With a focus on digitizing receipts and managing spend, ReceiptHero is working with Eurocard to loop into spend data from Eurocard corporate cards for end users across the Nordic region. The companies’ partnership aims to address the friction of manually managing and filing receipts from employees using company cards to make purchases, with ReceiptHero now digitizing those receipts generated from spend on Eurocard corporate cards.
“As the largest corporate card issuer in the Nordic market, Eurocard has a long history in helping Nordic companies improve their payment solutions. One of the key obstacles has always been for companies to handle the paper receipts when employees are making a purchase with a corporate card,” said Mads Moesgaard, Nordic business manager at Eurocard, in a statement.