While no one was looking, the largest corporations in the world have being changing the way they pay their accounts payables. Since the explosion of the business credit card, major players MasterCard, Visa and American Express have been salivating over the opportunity to issue branded credit cards to major corporations. American Express developed Open, while Visa and MasterCard worked with banks to offer procurement cards to the fortune 500 companies. These major players had a pretty clear road to domination; that is until some very clever young men in Silicon Valley created the virtual world of FinTech.
What is FinTech?
FinTech is the democratization of banking and finance. Like the old song says, “Anything you
can do, I can do better”. Through tech innovation, some very smart people turned lending and banking on its head. Twenty years ago it was almost impossible to compete with banks and their hold on the credit card market. Today, using readily available software, any lender can issue their own credit card. Well not exactly a real credit card, rather a virtual card. We carry them now. If you have purchased something from an online store, you are in all practical sense, using a virtual card.
So it wasn’t a major leap when companies like AeroPay Express, a service of AeroFund Financial, began issuing their own virtual cards to businesses. AeroPay Express began issuing their own Virtual Procurement Cards to mid-market companies in direct competition to Visa, MasterCard and American Express in 2015.
What was their competitive advantage?
Using an AeroPay virtual procurement card, buyers got more flexibility and a program that can be tailored to the needs of the user. AeroPay Express offers extended credit terms, rebates, lower cost to the vendors, free AP software, fraud protection, larger credit limits and unlike bank cards, the peace of mind knowing that any of their vendors can accept the AeroPay virtual card without having to be signed up to accept it.
If your company is looking to add a procurement card to your business, go with AeroPay, the virtual card with your needs in mind.
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