TORONTO, Nov. 3, 2021 /CNW/ – Today, Visa and Moneris Solutions Corporation (“Moneris”), a Canadian leader in unified commerce, announced a new feature to help businesses pay and be paid. Moneris B2B Pay™ works with Visa Payables Automation (VPA), Visa’s accounts payables solution and Visa virtual cards, to help enable businesses to disperse payments via commercial cards for purchases.
Moneris B2B Pay™ provides additional capability to Visa virtual commercial card users by automating the business-to-business payment process. Using straight-through processing, businesses can pay suppliers digitally with a Visa commercial card, have the funds directly deposited into the supplier’s account, and send detailed remittance reporting right away. The need for suppliers to manually process payments and handle sensitive account information is removed, giving businesses greater security and efficiency when it comes time to pay.
The need for a more integrated and digital approach for managing payments has come into sharper focus during the COVID-19 pandemic. Businesses recognize the need to re-evaluate their overall payment experience. From payment methods to processes, there is a heightened focus to automate payables and receivables to have greater control over cash flow. A recent Visa study determined that 74% of purchasing cardholders surveyed in Canada found Virtual Cards appealing.1 It reveals businesses are identifying utility in purchasing cards to automate and manage their accounts payable operations.
Visa’s virtual commercial cards can provide additional security and can offer a variety of solutions to help with common payment challenges, such as precise controls for when, where and how payments are authorized. In addition, virtual cards can help with working capital benefits and reducing operating costs of doing business, simplifying reconciliation and world-wide acceptance.
“Virtual commercial cards are becoming a widely accepted form of payment for business-to-business transactions, quickly replacing cheques,” says Jim Filice, head of New Payments, Visa Canada. “We’ve seen an increased adoption during COVID-19, and expect this trend to continue well beyond the pandemic.”
“Moneris B2B Pay™ helps 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 being made quickly and securely with little effort on their part.”
To learn more about Visa’s Virtual Cards, visit visa.ca.
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Visa Inc. (NYSE: V) is a world 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 around the world, and is capable of handling more than 65,000 transaction messages a second. Our relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit visa.ca, visa.com/blog and @VisaCA.
Moneris is Canada’s largest provider of innovative solutions for mobile, online and in-store payments, processing more than one in three transactions. Serving businesses of every size and industry, 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