Product: Virtual Card Capture
Billtrust, a payment technology service provider, created Virtual Card Capture, a modernized business-to-business (B2B) accounts receivable solution. The cloud-based service enables merchants to pay vendors with stored, tokenized credit cards and one-time use virtual cards. Designed to improve efficiencies, the system replaces paper-based remittances and manual back-office processes with an advanced, Payment Card Industry (PCI) Data Security Standard (DSS)-compliant framework, Billtrust representatives stated.
"With the increasing popularity of virtual cards in the B2B market, we're solving what is quickly becoming a very critical pain point for [accounts receivable] teams – one that impacts their cash flow, customer satisfaction and operational efficiency," stated Flint Lane, Chief Executive Officer at Billtrust.
Nick Babinsky, the company's Director, Business Development, said, "Billtrust replaces manual entry of credit card data with a touchless process that embeds payments within remittance files, optimizing Level II and Level III interchange and ensuring PCI DSS compliance."
Merchants in the B2B sector can reduce interchange rates by capturing additional data fields within a credit card transaction. Billtrust Virtual Card Capture was created to automatically populate this transactional data, eliminating manual keying and accelerating payment acceptance. In addition to enabling B2B merchants to qualify for Level II and Level III interchange rates, these PCI-compliant solutions replace previously manual reconciliation processes, Babinsky noted.
Company representatives also listed the following additional features and benefits of Billtrust's Virtual Card Capture:
Billtrust partnered with Visa Inc. to add Virtual Card Capture capabilities to Visa's Straight Through Processing (STP). The companies said the integration has further enhanced Visa's accounts receivable solution. Visa STP merchants initiate commercial card transactions from their accounting systems. Visa can now route payments made to Billtrust suppliers directly to Billtrust. Billtrust processes the transactions and deposits funds into vendors' bank accounts on the next business day, company representatives noted. Taira Hall, Vice President, US Partnerships and New Initiatives at Visa, said partnering with Billtrust has solved key pain points in the B2B sector. "Collaboration with leading partners like Billtrust helps our financial institution clients streamline the B2B payments process for their commercial customers, better support supplier needs, and simplify the process suppliers have to go through in order to accept a payment," she stated.
Lane added, "The integration of Visa's Straight Through Processing and our Virtual Card Capture enables suppliers to more expediently manage a traditionally manual, cumbersome payment process." Babinsky said he expects the program to rapidly scale in the B2B sector, due to its two-pronged value proposition, described as follows:
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