This story was delivered to BI Intelligence " Payments Briefing " subscribers. To learn more and subscribe, please click here . Payment automation technology firm MineralTree announced a strategic alliance with Visa that will give more of MineralTree’s clients access to Visa Payables Solutions. The move will help MineralTree’s clients, which are largely middle-market businesses, more easily automate accounts payable and invoicing processes. The partnership will allow clients access to virtual Visa credit cards for accounts payable payments, bank and credit card account integration, synchronization with accounting platforms, and data and security features. For small and medium-sized businesses, electronic invoicing solutions are often not available. Smaller businesses are interested in electronic options for business-to-business (B2B) payments. But these businesses likely don’t seek out electronic payment solutions for B2B payments because, unlike checks or other forms, they aren’t always affordable and accessible. In a press release, MineralTree noted that financial institutions see the opportunity to help these types of merchants integrate virtual commercial cards, but haven’t been able to capitalize on that opportunity. These types of integrations could make it easier for financial firms to bring these options to their clients. Finding ways to access these clients could be lucrative for Visa. Automation of B2B payments and accounts payable is on the rise. Many businesses still make over half of their B2B payments by check. But firms are increasing their spending on electronic and card-based plastic card solutions. That means that Visa and MineralTree could be reaching users that are interested in this type of automation. And the sheer size of the accounts payable market could build up a strong revenue stream for the card network. In 2013, the median organization processed 43,000 invoices per year. That’s a massive market that Visa can capture a share of, and presents a […]
