To let companies make payments to their suppliers via card, whether or not the supplier takes card payments, Billhop has rolled out a tie-up with Visa in Ireland. Visa cardholders have a “preferential rate” as part of the arrangement, according to reports.
“Our ambition has always been to find the best possible solution for businesses to address their need for supply chain financing,” Billhop CEO Sebastian Andreescu said per reports. “Together with Visa we have been able to compose a very attractive offering which will benefit all Irish businesses whether they are an SME or a multinational Large Cap.”
Billhop has already rolled out in Britain and Sweden. The end beneficiary does not need to be onboarded, which lets Billhop allow for all supplier payments on cards to be made immediately. As a result, companies in Ireland can now make payments for almost all invoices using the credit card that they already have.
Philip Konopik, Country Manager, Ireland, Visa, said per reports, “More and more small businesses are turning to card as their payment method of choice for convenience and simplicity but also for easier tracking. This collaboration provides small businesses with all of these benefits, as well as a practical cash flow management tool.”
As reported in September, consumer and commercial cards issued in the United States brought in $6.13 trillion in spending for goods and services in 2018. Commercial card spending is up 11.7 percent, according to a past report, and consumer card spending grew by 10.1 percent. In 2018, commercial card spending was $1.39 trillion.
David Robertson, publisher of The Nilson Report, had said, “Consumer card spending is higher, but every year spending generated by commercial credit and debit cards used by employees of private companies, government agencies, and nonprofit organizations accounts for a larger component of overall card spending.”
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