#USA #New York #Visa #payment solution #PingPong

Introduction

In an era where businesses strive for efficiency, PingPong has launched a groundbreaking solution that changes the landscape of B2B payments. The new Card to Account Payment Solution, developed in collaboration with Visa, enables businesses to pay any supplier invoice using existing commercial credit cards, even if those suppliers traditionally do not accept card payments. This innovative service is set to enhance the cash flow management of businesses worldwide.

The Challenge for Businesses

Many finance teams within mid-market companies and larger enterprises often encounter challenges in managing supplier payments. Banks typically offer financing that can be costly, and numerous suppliers, especially in regions like the UK and EU, do not support card payments for transactions. This results in cash leaving the business quickly, sometimes within a few days, and minimizes the flexibility that organizations have in extending payment terms, which could strain supplier relationships.

The Solution

PingPong's Card to Account Payment Solution addresses these issues by allowing corporate buyers to use their credit cards directly to pay suppliers. The suppliers receive payments via standard bank transfers, effectively maintaining cash flow stability while alleviating the friction often associated with traditional payment methods. No supplier onboarding is required, ensuring there is no disruption to existing workflows or supplier relationships.

Here’s a breakdown of the key features:

• - Pay Any Supplier Anywhere: This service allows businesses to settle invoices with more than 170 countries and across 25 different currencies, facilitating global commerce without the need for onboarding suppliers.
• - Working Capital Benefits: Users can defer cash outflow for over 45 days without incurring new debt, creating a favorable working capital position.
• - Flexible Deployment Options: Businesses can initiate payments easily through PingPong’s web portal or connect via API to existing ERP and Treasury Management Systems for seamless integration.
• - Vertical Integration: The comprehensive payment chain managed by PingPong ensures that buyers can execute payments without relying on third-party providers, thus reducing friction and the chances of complications.

Building Trust in B2B Payments

According to David Messenger, CEO of Global Businesses at PingPong, the collaboration with Visa highlights the company’s commitment to strong compliance and security. Trust is paramount for CFOs and treasury teams managing significant transactions through new payment platforms. The collaboration with Visa adds a layer of confidence, as they have established infrastructure and regulation standards, including being recognized as a foundational provider in Visa's Business Payment Solution Provider (BPSP) programme.

Lucy Demery, Head of Visa Commercial Solutions in Europe, reinforces this partnership’s importance by stating that businesses now demand greater flexibility in managing their payments. By teaming up with PingPong, Visa seeks to extend the functionality of commercial card networks to ensure more secure and advantageous payment options for both buyers and sellers.

About PingPong

Founded in 2015, PingPong has made significant strides in establishing embedded financial solutions aimed at enhancing global commerce. The company's payment infrastructure boasts compliance-first approaches that promote secure processing and transparent pricing. With a presence in over 40 cities worldwide and the capability to process more than $350 billion, PingPong is positioning itself as a leader in the financial technology sector.

PingPong's new service is set to reshape how businesses manage their payments and improve cash flow management, reinforcing the company’s mission to enable seamless business transactions around the globe. For further details, visit their website at www.international.pingpongx.com.

Conclusion

The collaboration between PingPong and Visa signifies an important step toward innovation in B2B payments. Through their Card to Account Payment Solution, they address longstanding issues in the payment process, making B2B transactions smoother and more efficient. As businesses continue to adjust to the evolving landscape of global commerce, solutions like this are essential for maintaining competitive advantage and strengthening supplier relationships.