Visa Debuts Program to Help Businesses Embed Payments
Visa launched Visa Commercial Integrated Partners, a program to help businesses embed payments into their products and platforms.
The program is designed to cover companies ranging from ERP platforms that streamline reconciliation processes to connected commerce applications that enable in-vehicle fleet transactions, Visa said in a Tuesday (May 21) news release provided to PYMNTS.
“Visa Commercial Integrated Partners is providing the ecosystem, technology and framework for innovative FinTechs and other business application providers to integrate payment functionalities into their platforms with ease and enable Visa credentials offered by Visa Commercial issuers,” the release said.
“This also benefits Visa business partners in the program by reducing their development time and costs, enabling FinTechs to focus on innovation and enhancing customer experiences, while providing their customers with the ability to make payments with existing commercial card credentials,” the release added.
Financial institutions can use Visa Commercial Integrated Partners to provide customers with payment solutions, such as payments in ERPs, expense management, mobile and vehicle apps, tokenization via virtual cards, and more elaborate transaction controls and enhanced data on settlements, according to the release.
Vehicle-embedded payments tech company CarIQ is among the program’s inaugural partners, the release said.
“Our digital payment infrastructure enables issuing banks to offer commercial customers a fleet solution that will enable them to connect their fleet vehicles directly to their existing Visa line of credit,” Car IQ founder and CEO Sterling Pratz said in the release. “We believe transforming the vehicle into a Visa payment credential for fuel, tolls and services will help banks recapture fleet spend that is currently lost to legacy card programs and private networks.”
The rise of embedded payments is helping transform the business models of several verticals, including legal and financial services companies, accounting firms, nonprofits and logistics operators.
For the payments processors working with those firms — and collaborating with independent software vendors (ISVs) and other providers — helping them give customers the payment options where and when they want them is critical.
In an interview with PYMNTS, Stax Chief Transformation Officer Adam Gray said that “as an industry, we are always trying to serve new markets — and for embedded payments, there are historically underserved markets that we’re seeing growth.”
For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
The post Visa Debuts Program to Help Businesses Embed Payments appeared first on PYMNTS.com.