Finexio CredX is now live for corporate buyers to pay any supplier using a credit card.
Finexio CredX is an integration of merchant-acquiring capabilities with B2B payments automation solution.
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The solution uses issuing as well as acquiring processing functionalities in a single cloud-based enterprise payments platform.
The new solution can be used by both Mastercard as well as Visa credit cardholders . Customers will be eligible for 30-day float period, along with cash back and point rewards.
CredX, which expands Finexio’s electronic payment options, is currently available only for the company’s existing customers. New customers will be able to access the solution from January next year.
Finexio CEO Ernest Rolfson said: “With CredX, we enable any buyer to pay non-card-accepting suppliers with any Mastercard or Visa credit card. We utilise our proprietary network to route payments via the optimal supplier payment method.
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By GlobalData“For us, it’s all about creating new alternatives to printing and mailing checks by making it even easier to adopt electronic payments. This important innovation is another step toward that mission.”
The company noted that paper checks still account to $13tn B2B payments per year in the US. This is estimated to cost the system $31 per transaction.
Research from Mercator Advisory Group and Mastercard found that the overall commercial card market in the US could grow at an 8.4% CAGR through 2020.
