Two of the world’s biggest commercial B2B payment solutions have come together, Visa Inc. and WEX Inc., a leading provider of corporate payment solutions.
As part of this alliance, WEX and their corporate payment customers will now be able to use a Visa virtual credit card, allowing global business-to-business (B2B) payments, thus gaining access to Visa’s network security, global scale and value added services.
Currently, businesses cost an average of $8 per check, due to the fact that 51 percent of B2B payments in the United States are made via check. Nonetheless, virtual credit cards have begun to be a widely accepted form of payment for B2B transactions. By 2020, virtual credit cards are the fastest growing commercial segment, expecting a 24% growth. A variety of solutions to common payment challenges like additional security, precise controls for when, where and how payments are authorized, lower costs of doing business, easy reconciliations and global acceptance, can be met by virtual credit cards.
“As a world leader in payments, we are committed to creating payment solutions that help businesses of all sizes end their reliance on checks and take advantage of Visa’s secure, fast and reliable global network,” said Kevin Phalen, senior vice president, Global Business Solutions, Visa. “We are pleased to partner with WEX, an industry leader and innovator, to deliver B2B payments that will help our joint customers thrive in dynamic global markets.”
WEX serves the travel, insurance and media industries, among others, as a leading commercial card issuer with more than $30B in issued corporate payment spend. WEX, with This new relationship with Visa reveals that it is committed to providing choice to its customers. Visa’s growing role facilitating B2B payments, particularly within virtual credit card issuance is emphasized by the diversification of the WEX corporate payment portfolio.
“A core component of our strategy is to be the only technology partner that provides choice to customers to generate virtual credit cards on various networks—allowing payers and payees to choose their payment mode,” said Jay Dearborn, president of WEX Corporate Payments. “And this team-up is a key step toward bringing that to life.” PWKD06082018
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