Expanded access reduces friction in virtual card acceptance for suppliers and their customers.
Visa, a global leader in digital payments, announced the general availability of its innovative product, Visa AR Manager, in the United States. Visa AR Manager is designed to grow and maintain existing card volume by automating the virtual card transaction process, addressing a significant pain point for suppliers accepting commercial credentials.
Visa AR Manager streamlines the virtual card transaction process by retrieving card account details, initiating authorization and clearing steps on the supplier’s behalf, and then providing meaningful and timely reconciliation data to close out invoices in the supplier’s ERP system. This automation revolutionizes the way virtual card transactions are managed, simplifying the process and reducing manual touchpoints for merchants, allowing them to focus on core business activities.
“Visa AR Manager is a testament to Visa’s commitment to payments innovation, aimed at significantly reducing friction with commercial acceptance,” said Abhishek, Global Head of B2B Acceptance, Visa Commercial Solutions. “Visa AR Manager will significantly transform supplier AR workflows to enable increased efficiency and lower operational costs, while streamlining virtual card payments for merchants.”
Key Capabilities of Visa AR Manager:
. Streamlined onboarding process for suppliers, including identification and verification of merchant identifiers needed to enroll.
. Automatic card account retrieval via batch file integration (recommended), or email parsing with participating issuers. API coming soon.
. Initiates authorization and clearing steps on the supplier’s behalf for most major acquirer processors in the US.
. Provides meaningful and timely reconciliation to close out invoices, ensuring accuracy and efficiency.
Banking 4.0 – „how was the experience for you”
„To be honest I think that Sinaia, your conference, is much better then Davos.”
Many more interesting quotes in the video below:
