TORONTO, November 3, 2021 / CNW / – Today, Visa and Moneris Solutions Corporation (“Moneris”), a Canadian leader in unified commerce, announced new functionality to help businesses pay and get paid. Moneris B2B Pay ™ works with Visa Payables Automation (VPA), Visa’s accounts payable solution and Visa virtual cards, to help businesses distribute payments through commercial cards to purchases.
Moneris B2B Pay ™ provides additional capacity for Visa virtual commercial card users by automating the business-to-business payment process. With straight-through processing, businesses can pay vendors digitally with a Visa commercial card, have funds deposited directly into the vendor’s account, and immediately send detailed remittance reports. The need for vendors to manually process payments and manage sensitive account information is removed, providing businesses with increased security and efficiency when paying.
The need for a more integrated and digital approach to managing payments became more evident during the COVID-19 pandemic. Businesses recognize the need to re-evaluate their overall payment experience. From payment methods to processes, the focus is on automating payables and receivables to have better control over cash flow. A recent Visa study found that 74% of acquisition card holders surveyed in Canada found the virtual cards attractive.1 It reveals that businesses are recognizing the usefulness of acquisition cards to automate and manage their accounts payable operations.
Visa virtual commercial cards can provide additional security and offer a variety of solutions to address common payment challenges, such as precise controls over when, where and how payments are authorized. Additionally, virtual cards can help improve working capital and lower operating costs for businesses, simplifying reconciliation and acceptance around the world.
“Virtual commercial cards are becoming a widely accepted form of payment for business-to-business transactions, quickly replacing checks,” says Jim filice, Head of New Payments, Visa Canada. “We have seen increased adoption during COVID-19 and we expect this trend to continue well beyond the pandemic. “
“Moneris B2B Pay ™ is helping businesses make the transition to accepting virtual commercial cards more easily,” says Rob wilkinson, Vice President, B2B, Moneris. “With this automated system, buyers and suppliers can know that their routine payments are made quickly and securely with little effort on their part.”
To learn more about Visa virtual cards, visit visa.ca.
|
______________ |
|
|
1 |
Visa 2021 study – Capitalizing on the potential of virtual cards |
About Visa
Visa Inc. (NYSE: V) is a global leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments worldwide and is capable of processing over 65,000 transaction messages per second. Our relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for anyone, everywhere. As the world shifts from analog to digital, Visa is applying our brand, our products, our people, our network and our scale to reshape the future of commerce. For more information visit visa.ca, visa.com/blog and @VisaCA.
About Moneris
Moneris is from Canada largest provider of innovative solutions for mobile, online and in-store payments, processing more than one in three transactions. Serving businesses of all sizes and industries, Moneris offers hardware, software and solutions to help transform the way businesses grow and operate, in payments and beyond. For more information, please visit moneris.com and follow @moneris.
SOURCE Visa Canada
For further information: Media contact: Melissa Vekil, Visa Canada, [email protected]
“Evil alcohol lover. Twitter junkie. Future teen idol. Reader. Food aficionado. Introvert. Coffee evangelist. Typical bacon enthusiast.”