Visa has teamed up with Stripe, a fintech company focusing on online payment processing, for the acceptance of B2B payments using Stripe Connect.
This is an extension of the partnership that the two entities formed in late 2018 to enable real-time push payment.
The new solutions will be on the Visa Payables Automation platform, which allows buyers to enroll, manage and pay suppliers digitally with a Visa commercial card.
This new feature, which is powered by Stripe Connect, the technology company’s solution for multi-sided marketplaces and platforms, enables buyers on Visa Payables Automation to pay suppliers who are unable to accept digital payments easily and securely through the use of a virtual Visa card.
This helps bring suppliers who are not plugged into the traditional banking infrastructure into the digital economy.
Chavi Jafa
“When a buyer needs to pay a supplier, the enhanced Visa Payables Automation platform allows seamless digital payments experience. The supplier will be prompted to register with Stripe Connect, provide a bank account number, and start accepting payments,”
said Chavi Jafa, Head of Business Solutions, Asia Pacific, Visa.
“Migrating to digital payments benefits both buyers and suppliers, as it eliminates manual processing and enhances reconciliation. This improves productivity while reducing errors and fraud. It also allows buyers and suppliers to better manage their working capital, utilising a Visa Commercial Card.”
Noah Pepper
Noah Pepper, Stripe’s Business Lead for APAC said,
“We’re excited to see Visa leverage the power of Stripe Connect to facilitate complex payments flows. Less than 10 percent of commerce is online today, and that number is much lower in the B2B space. And when you consider the web has been around for over a quarter of a century, it’s clear that we’ve barely scratched the surface! We are always excited to work with forward thinking companies in developing better tooling for businesses wanting to accelerate their shift to online.”
