Nexus, which works in accounts payable (AP) automation and payments for the real estate industry, has partnered with WePay, an integrated payment solution of J.P. Morgan Chase & Co., on a new payment solution to help small businesses take virtual cards, a Tuesday (March 16) press release said.
Virtual cards, the release said, lead to more simplified payments and better working capital.
The solution is called NexusDirect powered by Chase. It lets small businesses and suppliers in fields like lawn care, pest management, marketing services and facilities management get payments directly to their banks with virtual cards.
The release said the suppliers don’t have to provide banking details to every customer like ACH would necessitate or have a point-of-sale system set up like what would be needed for processing virtual cards in other ways.
The NexusDirect solution will allow for a supplier to receive a virtual card that is highly secure, the release said. It is sent digitally to fund a single transaction. The manual work to process the cards is done through Nexus and WePay, and once the buyer pays for the purchase and authorizes a card, the supplier will see the money in their bank account — minus the card transaction fees.
NexusDirect is not only an improvement for the suppliers but also for the buyers and customers utilizing the AP automations and payments platform from Nexus, as now they will be able to use it to pay with virtual cards rather than writing checks.
Last year, Nexus debuted the better payments infrastructure, intending to help companies get acquainted with automated payments and implement them within a month.
Nexus President Jennifer Coolidge said companies were looking for efficient solutions to eliminate trips into the office and automate payments. She said the new solution also works on offering “connected and validated suppliers an easy way to sign up for, receive, track and reconcile their electronic payments.”