Visa and Conferma Pay Launch Innovative B2B Payment Suite to Simplify Business Transactions

Tuesday, July 9, 2024

Visa, the global leader in digital payments, and Conferma Pay, the premier provider of virtual payment technology, have announced a groundbreaking partnership. Together, they are launching Visa Commercial Pay, a comprehensive suite of B2B payment solutions designed to enhance cash flow for businesses and eliminate outdated manual processes.

Visa Commercial Pay offers extensive card-program management capabilities, including on-demand virtual card issuance to employees’ mobile devices through a dedicated app. This app, exclusively developed by Conferma Pay and Visa for Visa’s commercial clients, streamlines money movement between buyers and suppliers. It also features advanced data capabilities, automated payment processing, and expense reconciliation.

At its core, Visa Commercial Pay integrates virtual commercial cards and offers three main B2B payment solutions for financial institutions and their corporate customers:

1. Visa Commercial Pay Mobile App

The Visa Commercial Pay Mobile app is a Visa-branded application developed specifically for Visa’s commercial clients by Conferma Pay and Visa. It hosts digitally-issued Visa virtual commercial cards on employees’ and contractors’ mobile devices. The app provides enhanced tools and features that help businesses manage and track spending more efficiently, reducing the need for physical cards. Employees can use on-demand virtual Visa cards for business purchases, whether online or in-store, with seamless integration into mobile wallets.

2. Visa Commercial Pay Travel

This solution allows businesses to centrally manage their travel expenses, including airfares and hotel bookings. It integrates seamlessly into travel reservation processes, offering enhanced data, full visibility of spending, and automated expense reconciliation. Employees and contractors using the Visa Commercial Pay Mobile app can also view their reservations and total spending within the app.

3. Visa Commercial Pay B2B

Visa Commercial Pay B2B combines the strengths of Visa and Conferma Pay to offer buyers and suppliers various payment options. This platform helps companies manage cash flow more effectively and capture detailed data for reconciliation and reporting. It provides flexibility for companies to choose the best solution for their needs, whether a comprehensive program management platform or an integrated solution within third-party procurement platforms.

Financial institutions and their clients can leverage the Visa Commercial Pay suite across multiple commercial spending scenarios without the additional development or operational complexity typically associated with new capabilities. Visa’s flexible virtual-card capabilities can be utilized in full or selectively to meet specific client needs quickly.

Benefits of Visa Commercial Pay

Organizational Spending Insights:

• Gain a comprehensive picture of your organization’s spending.
• Utilize data-driven insights for more strategic decisions.
• Benefit from flexible billing and payment options.

Travel Benefits:

• Insurance: Travel insurance coverage for cardholders, including trip cancellation and baggage delay insurance.
• Concierge Services: Access to concierge services for travel planning and booking.
• Airport Lounge Access: Complimentary access to airport lounges.

Global Acceptance:

• Wide Acceptance: Accepted at millions of locations worldwide, facilitating international business.
• Currency Conversion: Competitive currency conversion rates for international transactions.

Required Documentation:

Business Information:

• Business name and address
• Tax Identification Number (TIN)
• Business registration documents

Owner Information:

• Personal identification (e.g., driver’s license, passport)
• Social Security Number (SSN) or other personal tax identification
• Personal and business credit reports

Financial Information:

• Bank statements
• Profit and loss statements
• Balance sheets

Visa Commercial Pay represents a significant advancement in B2B payment solutions, offering businesses the tools and flexibility they need to streamline processes, manage cash flow, and enhance operational efficiency.

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