Conferma and WEX are enabling Concur Invoice users to pay suppliers using a WEX-issued virtual Mastercard and Conferma’s virtual card platform.
The solution allows commercial customers to make payments instantly and use the credit terms offered by WEX to manage their working capital and extend their days payable outstanding, the companies said in a Monday (Feb. 10) press release.
The integration generates a virtual card for a specific amount within Concur invoice when a business receives in invoice from a supplier, provides the pre-authorized payment details to the supplier for processing, and automatically reconciles the virtual payment against the invoice, according to the release.
The solution makes payments faster and more secure, eliminates the need to manually track receipts and invoices, avoids cross-border payment fees, and earns rebate revenue, the release said.
The integration will be available in all markets and currencies supported by WEX, according to the release.
Virtual cards offer buyers greater security and spending controls, and offer suppliers faster payment processing and simplified invoice reconcilation, according to the PYMNTS Intelligence report “Cutting the Checks: Boosting Commercial Payment Speed and Security With Virtual Cards.”
The report also found that 80% of B2B buyers prefer working with vendors that accept virtual cards.
Embedded payments often facilitate the high-value, complex transactions seen in the B2B space, WEX Chief Digital Officer Karen Stroup told PYMNTS in an interview posted in October.
“At the end of the day, … the payment or financial instrument is often a means to an end,” Stroup said, adding that “whenever there are friction points in business, that’s where you get drop off.”
“Embedding payments makes the process as seamless as possible,” Stroup said.
Digital offerings are helping corporate clients improve everything from procurement to invoicing to spend management, Conferma CEO Jason Lalor told PYMNTS in an interview posted in August 2023.
“The opportunities for other areas of spend, outside of travel, well, they’re coming through loud and clear,” Lalor said.
The new integration expands upon an existing partnership between Conferma and WEX. In April 2014, WEX Europe Limited and Conferma entered into an international agreement that provided Conferma and its clients with WEX’s business benefits internationally.
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