Optal, a world leader in optimising B2B transactions, today announced a new partnership with Visa to help businesses across Europe optimise their working capital. Working together, the companies will expand the Invapay platform to businesses that bank with Visa issuers, enabling corporate finance departments to pay a large majority of their suppliers via commercial credit lines, even those companies that don’t normally accept cards.
Many companies are unable to use the full extent of the working capital available to them due to their suppliers not accepting credit card payments. This can result in unnecessary delays due to the longer timeframe needed to go through the invoicing process. By using commercial card credit lines to give businesses much-needed flexibility, the offering from Optal and Visa will help speed up payments and help companies of all sizes in the UK, Italy and France optimise their capital management.
“Invapay’s acceptance model offers businesses a whole new way of thinking about B2B payments,” said Optal, Global Head of Working Capital Solutions, Andrew Watson. “We’re delighted to be teaming up with Visa because they are a global leader in payments and provide unparalleled scale across the globe for our Invapay platform.”
“During a time of rapid change and innovation, many businesses are still using antiquated ways to pay and get paid. Through our strategic partnership with Optal, we are extending the speed and security of the Visa network to businesses who may not currently accept card payments, which can be a lifeline for companies” said Helen Jones, Executive Director of Visa Business Solutions in Europe.
Optal and Visa see particularly high demand for the Invapay solution from customers looking to pay tax, utility bills, commercial rents and subcontractor payments — recipients which often don’t accept credit cards, and are underserved by current working capital solutions such as trade and supply chain finance.
Working capital is a critical indicator of financial health and more important than ever at a time of economic uncertainty.