Global Primex Debuts VLoad Virtual Payment Platform With Metropolitan Commercial Bank

Digital payments company Global Primex on Tuesday (July 12) debuted online payment platform VLoad in partnership with New York-based Metropolitan Commercial Bank, according to a joint press release.

VLoad offers consumers high levels of privacy and security and allows merchants in the VLoad Merchant Network to realize increased revenue using fraud prevention, dispute management and acceptance rates, per the release.

“Global Primex was founded on the premise of creating anti-fraud solutions for online merchants suffering from excessive chargebacks and low acceptance rates, and for providing consumers with a best-in-class private and secure online payment method,” said Marek Sala, CEO of Global Primex.

“Merchants are protected under Global Primex’s PCI DSS Level 1 certified payments platform, benefitting from early fraud detection and dispute resolution, while customers’ identities and data are kept private from third parties,” Sala continued. “VLoad brings tremendous value in industries such as online gaming, where we can bring consumers and merchants together in an environment where the risk of fraud on either side of a transaction is significantly diminished.”

The VLoad Merchant Network connects consumers to merchants who have successfully passed Global Primex’s merchant due diligence process.

All businesses in the VLoad Merchant Network have instant access to their customers’ purchasing power in one place, according to the release, and VLoad can be purchased online with several payment methods.

“Our partnership with Global Primex is a natural fit given our shared vision around digital transformation of the payments space,” said Nick Rosenberg, executive vice president, head of Global Payments Group at Metropolitan Commercial Bank.

PYMNTS research shows that almost three out of every five businesses (57%) that use virtual cards say that one of the benefits of that payment method is greater transactional detail, according to “Accelerating the Time to Realized Revenue,” a PYMNTS and Mastercard collaboration based on a survey of 400 corporate executives in the U.S. and Canada.

Related: US Companies Cite Transparency as Biggest Benefit of Virtual Cards

The U.S. firms responding to the survey were especially interested in this benefit, ranking it first among 10 benefits. Sixty-six percent of them said improving transaction details is a benefit virtual cards bring to their business.

Meanwhile, Canadian firms ranked this benefit third behind faster payments and secure transactions, tied with improved cash management.