B2B payments company Finexio is adding support for corporates that want to pay their suppliers with a credit card, regardless of whether vendors accept cards as a form of payment.
In a press release issued Monday (Dec. 10), Finexio announced the launch of CredX, a solution that lets businesses on the platform pay their invoices with a credit card to gain rewards from their card issuers and take advantage of the 30-day float period. Companies can pay using Mastercard or Visa credit cards, Finexio noted.
The Finexio network then reroutes that payment to land at the supplier in an optimized payment rail.
“We’re excited to offer our customers new ways to eliminate checks and generate 30-45 days of new cash flow,” said Finexio CEO Ernest Rolfson in a statement. “With CredX, we enable any buyer to pay non-card-accepting suppliers with any Mastercard or Visa credit card by utilizing our proprietary network to route payments via the optimal supplier payment method.
“For us,” he continued, “it’s all about creating new alternatives to printing and mailing checks by making it even easier to adopt electronic payments.”
Supplier card acceptance has been a topic of interest for B2B FinTechs in recent years. Last year, Mastercard announced a partnership with Adflex in the U.K. to provide a Supplier Onboarding Service, making it easier for vendors to accept cards. More recently, with the rise of virtual cards in accounts payable, solution providers have also taken aim at the friction associated with suppliers having to manually receive and key in card numbers and information to accept payment.
Other solution providers, however, have introduced new ways for companies to pay with their commercial card products, but allow their vendors to receive payment in a different rail.
In addition to Finexio, B2B FinTech startup Plastiq also enables companies to pay via cards, while Plastiq then automatically pays vendors in the payment rail of their choice. The company recently secured $27 million in Series C venture capital for its solution.
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