Launches Non-card Electronic Payment and Information Management Service
Visa U.S.A. has introduced a new non-card based electronic payment and information management service designed to help eliminate the use of paper checks in the business-to-business (B2B) marketplace. The new service called Visa Commerce is designed to simplifying the procurement process. Visa Commerce represents an entirely new model in commercial payment. It allows the buyer to determine when to initiate electronic payment, defer settlement of the payment based on pre-established terms with suppliers and transact the type of B2B payments needed in the procurement environment in any amounts up to US$10 million per transaction.