Corporate payment solutions provider Wex has partnered with Visa to enable its corporate payment customers utilise a Visa virtual credit card to carry out business-to-business (B2B) payments globally.
Under the alliance, Wex will utilise Visa’s network security, global scale and value added services.
Visa senior vice-president of global business solutions Kevin Phalen said: “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.
“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.”
Virtual credit cards offer several advantages over checks, such as additional security, control over authorising payments, global acceptance as well as lower associated costs.
Visa cited a survey, which states that around 51% of all B2B payments in the US are made through check that cost businesses around $8 per check on an average.
Wex corporate payments president Jay Dearborn said: “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. And this team-up is a key step toward bringing that to life.”