Virtual card technology adoption is on the rise among corporates, and for good reason: single-use virtual cards not only provide protection against fraud and misuse but can allow businesses to retain greater control over employee spend when a card is generated with a specific purchase in mind.
This week’s Commercial Card Tracker explores the latest in virtual commercial card innovation while also finding an embrace among commercial card industry players for mobile, digital-first tools linked to physical corporate cards.
RoadSync Adds Support For WEX Cards
RoadSync, a digital payment platform designed for the freight and transportation sector, has added support for WEX commercial fleet cards on its platform, RoadSync Checkout. A press release said RoadSync Checkout now allows warehouses and distribution centers to seamlessly accept WEX’s OTR (over-the-road) payment tools WEX EFS and Fleet One. Acceptance is also enabled for maintenance, repair and towing service providers, RoadSync said.
“Automating payments is really important to our customers when it comes to efficiency and cash flow,” said Robin Gregg, CEO, RoadSync. “Partnering with WEX has created a faster, easier payment process for warehouses, repair shops and truck drivers while allowing them to use their preferred payment method.”
Horizon Bank Adopts MOCA Card Technology
Austin, Texas-based community bank Horizon Bank revealed its adoption of MOCA’s payment platform to roll out card-based payment services to its own customers. Their tie-up will result in new card solutions for both businesses and consumers, an announcement said, noting Horizon Bank’s efforts to remain more digitally agile in the face of growing competition from FinTechs.
Their collaboration supports the bank’s ability to offer both physical and virtual card services with real-time transaction alerts, support for card controls and on-demand virtual card issuance.
AirPlus Revamps Its Virtual Card Offering
AirPlus is no stranger to the virtual card industry, but the company is now revamping its commercial virtual card offering as a standalone product. The company’s AirPlus Virtual Cards, which were once a part of AirPlus company account services, come in the form of three product versions. Classic supports business travel payments for their corporate clients, Procurement enables ad-hoc purchases, and Travel Agency allows for payments originated by travel management companies, available on a single-use basis only. Existing users of the old virtual card offering, dubbed AIDA cards, will be migrated to a new platform.
Selected by EFXA