Accounts payable and payment automation solution provider, MineralTree, is teaming with Visa to integrate the MineralTree platform with Visa Payables Solutions. The strategic alliance will help drive the growth of Accounts Payable (AP) payments using commercial virtual cards.
Many financial institutions have recognized the opportunity to help middle market businesses automate AP with virtual commercial cards, but have not been able to offer an easy to implement and easy to use solution that fully automates the process.
Until now. Financial institutions can offer this platform to help middle market businesses improve cash flow, make real-time payments, increase security and rely less on paper checks.
“[This] is the latest example of our commitment to provide middle market businesses with market-leading invoice and payment automation solutions that improve efficiency, optimize cash flow, mitigate risk, and support their growth by enabling them to do more with less," says MineralTree CEO BC Krishna. "Using credit cards for business payables is something our customers want and need.”
The MineralTree platform offers a number of key features, including:
- Out-of-the-box integration with Visa Payables Solutions for Visa virtual commercial card payments and supplier enablement
- Direct integration with bank and credit card accounts for account balances and transaction reporting
- Out-of-the-box two-way synchronization with common Accounting/ERP applications (e.g., Intacct, Microsoft Dynamics GP, NetSuite, QuickBooks and Sage 50)
- Automated invoice data capture and online approval workflow
- Payment authorization security and control: segregation of duties, dual approval, two-factor payment verification, authorization limits, Positive Pay support
- Support payments by multiple methods: check, ACH, virtual credit card and wire
- MineralTree guaranteed protection against online fraud
- Private-label support for bank branding
“Middle market businesses need solutions that can help improve cash flow while seamlessly automating financial processes,” says Vicky Bindra, head of Visa Global Business Solutions. “Enabling Visa virtual commercial card payments through the MineralTree platform is an example of how Visa seeks to bring innovative new solutions to middle market companies and support our issuing financial institutions focused on the needs of this critical segment.”