Visa U.S.A. has announced a new non-card-based electronic payment and information management service designed to eliminate the use of paper checks for business-to-business clients. The service, Visa Commerce, is expected to simplify the procurement process for clients.
The card issuer said Visa Commerce lets the buyer determine when to initiate electronic payment, defer settlement of the payment on pre-established terms with suppliers and transact the type of BTB payments in any amount up to $10 million per transaction.
Visa Commerce consists of a member-branded payment account, an optional Web-based user interface and a secure technology platform.
