Business-to-business payments network provider Viewpost will encourage more small and mid-size clients to convert to electronic payments through Visa virtual commercial cards.
The partnership with Visa will allow Orlando, Fla.-based Viewpost to expand its payments, electronic invoicing and real-time cash management services through online banking portals to more businesses.
As an open B-to-B network for businesses of all sizes, Viewpost says it provides financial institutions the tools to enable companies to connect and exchange electronic invoices and payments, share transaction data and access working capital on demand.
Bank customers using the Visa virtual commercial cards for B-to-B payments obtain a one-time virtual account number with a payment date and amount. After the payment is made electronically through Viewpost, the supplier receives a one-time card number for posting funds to its merchant account.
“Providing access to simple, secure working capital solutions for SMBs is a critically-important focus area for our business,” Vicky Bindra, global head of products and solutions at Visa, said in a March 28 press release. “Our collaboration with Viewpost gives SMBs comprehensive financial management tools in a single portal – right where they bank."
Viewpost delivers data-rich remittance information to both businesses, such as which invoices were paid, the amount paid and the due date.
“We’re excited to partner with a renowned brand and payments technology leader like Visa,” Max Eliscu, CEO at Viewpost, said in the release.
The partnership accelerates Viewpost's ability to address "costly pain points in the multi-trillion dollar B-to-B payments ecosystem" while providing flexibility, cost savings and simplicity of payment to an underserved small business marketplace, Eliscu added.
U.S. Bank recently added Viewpost's electronic invoice and payment network to its website, making the service available to the bank's 1.3 million small-business customers.