Mastercard has agreed to serve as the exclusive network to power OneSource Virtual’s myFlexPay Payroll Card and Invoice Pay.
Part of OneSource Virtual finance and accounting services, myFlexPay Payroll Card allows payments at all Mastercard-accepting merchants.
The card is intended to replace paper paychecks, which are issued by approximately 50% of the companies. Paper checks are costly, contain sensitive information and may get lost, damaged or delayed.
myFlexPay Payroll Card helps companies decrease payroll costs per employee. It provides companies with a digital payment solution that can be used by even unbanked or underbanked employees.
In addition to contactless payments, the card comes with Mastercard’s ID Theft Protection, credit monitoring and transaction alerts.
Users can also combine myFlexPay Payroll Card with OneSource Virtual’s myFlexPay Earned Wage Access solution. This combination allows instant access to employees’ earned wages on their card at a discount.
OneSource Virtual CFO John Bax said: “OSV and Mastercard share a similar commitment to helping customers do more and do it more efficiently and cost-effectively.
“We’re proud to be working with them to bring Workday customers new HCM and Finance solutions that will make their day more doable.”
The company’s Invoice Pay allows it to pay supplier invoices for finance and accounting customers. This capability brings processing and paying of invoices onto a single platform.
Apart from ACH, Invoice Pay’s features include wire, check, virtual cards powered by Mastercard, fraud protection and invoice reconciliation.
With each supplier payment, OneSource Virtual customers can earn card rebates through the issuer.
This partnership comes after Mastercard launched a badge to identify cards made from sustainable materials.