Both banks and B2B FinTechs are integrating vendor payments and employee expense management into the mobilization and digitization of the corporate card. With contactless payments accelerating among retail customers, commercial card innovation is following suit with card payment capabilities across a variety of scenarios.
- Bank of America Expands Contactless Business Cards
First launching a mobile wallet solution for corporate customers in the U.S. and Canada in 2018, Bank of America is expanding mobile wallet capabilities for corporate clients across Europe, the Middle East, Asia, and Asia Pacific regions. With the speed, security, and efficiency of mobile, contactless payments, Bank of America allows it corporate travel and purchasing card customers to make payments with mobile wallets, including Apple Pay and Google Pay.
- NatWest Brings Apple Pay to Business Credit Cards
Providing a safer, more secure, and more private way to pay, NatWest brings Apple Pay to its business credit card customers. Allowing customers to avoid handing their credit card to someone else, touching physical buttons, or exchanging cash, the Apple Pay contactless payment is now available to NatWest’s business and commercial banking customer base.
- Emburse Enhances Virtual Card with Pre-Approval
Allowing employees to access a virtual or physical Expense Card, Emburse automatically enforces company spending policies with pre-approval capabilities. Upon use of the card, the employee is prompted to take a photo of the receipt to both record the transaction data and to integrate the data into its digital wallet for reporting and reconciliation.
- DayTek Capital Enabled to Issue Prepaid Card & Accept Deposits
Instrumental in enabling DayTek to issue its prepaid Infinity card, the Australian Financial Services License also allows the FinTech to accept deposits. The Infinity card is a solution for small and medium sized businesses, as well as retail customers. This is the beginning of an array of offerings, including an AI marketplace to facilitate interactions between customers.
With near-real-time assessment of credit risk, machine-learning models can leverage new data streams to allow suppliers to quickly assess the credit risk of new buyers asking for trade credit. Plus, suppliers can get paid in the same manner as their B2C counterparts. The trends on the horizon are a game-changer in the world of B2B.
Host Merchant Services
Host Merchant Services offers state-of-the-art POS systems personalized for your business. With B2B payment solutions, HMS provides businesses the tools they need to be successful. For payment processing, HMS can help your business accept all credit and debit cards with the lowest transaction rates on the market. When we demonstrate your payment processing scenario selections, HMS offers your business several point of sale options, including Clover, Vital, Bonsai, and more to fit your specific operation. If your business is already equipped with hardware, HMS provides an easy point of sale integration. We are able to retain customers with our low rates and excellent customer service – not our contracts. With 24 hour customer service, seven days a week and 365 days a year, we require no term commitment, and we charge no upfront fees or hidden fees. Nor do we charge application or setup fees. An industry leader, Host Merchant Services is always here for you.