We live in a world where we can make payments for just about everything from the comfort of our home. We can order items from China or Pakistan and wait for them to be delivered. When it comes to B2B payments, commercial cards have become increasingly popular. Innovators in the financial industry are looking for new opportunities to boost adoption by mitigating friction.
For some, they focus on targeting smaller businesses and offering them with commercial cards to accelerate access to capital. The solution helps provide support to SMB operations, especially in times of market volatility. On the other, commercial card innovation also helps overcome hurdles faced by businesses due to a lack of supplier acceptance. Let’s take a look at the latest innovations in the world of commercial cards.
1. InstaRem Expands To BizPay
The latest B2B payment offering that you need to know about is BizPay. It enables companies to pay vendors using commercial cards. At the same time, it enables the suppliers to accept payments through bank transfers. The product is expected to launch in Australia after making a debut in Singapore. The reason why InstaRem wants to expand to the Australian market is that it claims that only 52 percent of small businesses in Australia have access to financing.
2. Conserv Collab On Cards by Five Star Bank
The Five Star bank is working with an external partner to gain support for its commercial card rollout. Conserv will help connect banks with credit card programs which would allow them to provide customers with card products. The partnership would facilitate the creation of unique consumer card products. Robust features will be provided to customers including virtual cards, controls, alerts, self-service card management, and more to automate different processes.
3. Collaboration between Capital On Tap & Marqueta
Marqueta is a FinTech platform that has recently revealed that it is collaborating with Capital On Tap. The goal is to expand into the small business credit lending market in Spain. The commercial card will help small enterprises to gain access to financing. Thus, it will accelerate access to financing in Spain without having to pay a visit to the bank. Moreover, the companies are even linking SMBs to valued-added features such as spend categorization and expense tracking.
4. BMO Harris Bank & Boost to Work On Automating B2B Payments
Another FinTech that is working to automate B2B payments is Boost. It has made a deal with none other than BMO Harris Bank to tackle friction in commercial card acceptance. The collaboration will connect banks to a straight-through processing solution for automated payment processing. Thus, visual card payments would be streamlined to enhance processing, B2B transactions reconciliation, and remittance reporting for suppliers.
Each of the innovations mentioned in this post is empowering SMBs to seek financing and invest in themselves. It will help boost the world economy. In times like these, there is a need for such solutions.