Digital B2B bill pay service Corpay One has launched a Mastercard that is integrated with its bill pay platform.
The card, announced in a news release Wednesday (Feb. 16), will provide businesses a single “subscription-free solution to make payments and manage spend,” Corpay said.
Corpay was born last year when parent company FleetCor combined its corporate payment companies, Comdata, Nvoicepay, Cambridge Global Payments, Associated Foreign Exchange (AFEX) and Roger, and relaunched them under a new brand. Corpay One is the spend management product focused on small businesses.
Among Corpay’s first roll-outs was its Pay by Card feature, which lets users fund checks and ACH payments with a credit card of their choice, even at vendors who don’t accept that card. The company said its new card adds Mastercard to that list of payment methods.
Corpay said its small business users can earn a 1.5% rebate when paying business bills through the Mastercard and a 1% rebate on other eligible purchases.
“Cash flow has always been top of mind for small businesses,” said Danny Martucci, president of Corpay One. “With the Corpay Mastercard, we are giving small businesses new options to optimize their cash flow. Combined with Corpay One, which automates tasks like bill pay, expense coding and reimbursements, we are further giving small businesses the tools they need to operate efficiently and grow.”
The launch of the new card comes at a time when businesses report spending on average 2% of their yearly sales on payment operations and 0.8% on payment processing, according to the Digitizing B2B Payments Tracker, a PYMNTS and Deluxe collaboration.
That report found businesses also dealt with frictions not related to cost: long wait times for payments and frustration at not being able to easily track payments. Vendors reported they needed more knowledge as they awaited compensation, while buyers said they fielded too many calls from vendors inquiring about the status of payments.