CONEXT B2B payments network, which is supported by the CONEXT Visa Prepaid Card is now live.
In order to load funds onto the network, users have to go to a CONEXT reseller or use remote image capture on a mobile device.
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Other primary cardholders can receive real-time, direct transfers of up to $50,000 daily through the CONEXT Network, while qualified cardholders can get up to $100,000.
Offering real-time, secure transfers
To load funds to the network, users will be charged a fee of 0.5%. Furthermore, users will have to pay a 2.5% funds availability fee to the CONEXT reseller.
However, fund transfers to another cardholder or accepting fund transfers is delivered free of cost.
CONEXT founder Michael Casalini said: “With CONEXT, we’ve set out to build a truly customer-centric B2B payments network by addressing the fundamental challenge of making funds available in real-time on a scale that works for small-to-medium-sized businesses.
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By GlobalData“As payment cycles have gotten longer, businesses are getting paid an average of sixty-to-ninety days after services are rendered. It’s simply not feasible for small business owners to endure a three-to-five day holding period. By leveraging today’s technology and pioneering a model based on up-front transparency, we believe we can disrupt traditional business finance.”
The new network has already been beta-tested in New York, Georgia, and Florida last year. Plans are on to launch the network across all 50 US states this year.
