Today in B2B: virtual cards reduce costs for SMEs

Today, in B2B payments, Raistone and Mastercard are teaming up to streamline B2B payments, and small and medium-sized businesses (SMBs) are cutting costs and removing barriers with virtual cards and expense management. Additionally, electronic payments are helping B2B companies get closer to their customers, and Saber and eRoam are teaming up on a new travel solution for agencies.

Electronic payments foster closer relationships with B2B customers

Many businesses are beginning to discover that electronic payments complement their efforts to foster closer relationships with their B2B customers.

“The Strategic Role of the CFO,” a collaboration between PYMNTS and Versapay that surveyed 400 CFOs, reports that the most innovative companies try to improve the quality of their communications with customers. Making supporting documents visible with invoices can provide customers with the level of transparency and confidence they need to make payments on time.

One example is automated monthly payments, which have been available to consumers for years in the form of subscriptions. Recently, some companies have discovered that they can set up similar agreements with their business customers for items such as regular and recurring shipments.

Raistone and Mastercard streamline B2B payments and increase working capital for SMEs

FinTech Raistone has partnered with Mastercard to streamline business-to-business (B2B) finance payments and accelerate working capital for small and medium-sized enterprises (SMEs) using Mastercard’s virtual card technology, according to a Tuesday 5 press release. April.

Raistone will rely on Mastercard to speed up and secure the funding approval process, which can often prevent SMEs from accessing the money they need to grow their businesses, the press release said. The Raistone-Mastercard collaboration “promotes diversity and inclusion by extending practical financial tools to businesses that need them most,” according to the announcement.

Saber and eRoam launch travel solution for agencies

Travel software provider Saber Corporation is collaborating with B2B leisure sales platform eRoam Travel Technology to launch an online B2B and B2C leisure travel solution for agencies, the companies announced in a press release on Tuesday (April 5).

As part of the partnership, eRoam becomes a Gold Level Developer in the Saber Developer Partner Network, “which enables Saber-connected agencies, tour operators and destination management companies to find and use partner solutions to meet to their specific business needs and requirements”. statement said.

As part of this partnership, eRoam expands Saber’s partner ecosystem by adding an AI-powered leisure travel platform to Saber’s network, allowing agencies to create their own travel packages.

Virtual cards and expense management help SMBs cut costs—and bureaucracy

When employees have to pay their expenses out of pocket and get reimbursed later, the process is not only cumbersome, it is also costly. As a result, there is a continuous transition away from legacy solutions.

Providing a better solution is the challenge Torpago set itself three years ago with a platform that includes real-time integration and other benefits, starting with the Visa commercial credit cards it has rolled out. end of 2020. FinTech enterprise card and spend management platform offers physical cards, virtual cards, automated spend, integrations and credit.

The company has grown rapidly since its launch, with 1,400 small and medium-sized business (SME) customers using the platform. In March, Torpago announced on March 17 its acquisition of Wishlife, a technology company specializing in secure video communications and content management software.

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NEW PYMNTS DATA: WHY PATIENT PORTALS ARE BECOME TABLE TOPS FOR CONSUMERS

On: Patient portals have become a must-have for providers, so much so that 61% of patients interested in using the tools say they would choose a provider that offers one. For Accessing Healthcare: Easing Digital Frictions In The Patient Journey, a collaboration between PYMNTS and Experian Health, PYMNTS surveyed 2,333 consumers to learn how healthcare providers can ease digital pain points to improve care and satisfaction. patients.