NEW YORK, September 22, 2021 / PRNewswire / – Melio, one of the leading B2B small business payments companies, today announced new payment methods for small business owners, offering real-time payments (RTP) and cards virtual machines powered by JP Morgan, to create an instant and secure way to manage supplier payments. These digital options will help small businesses improve cash flow, save valuable back office time, and focus on growing their operations.
Small businesses are essential to the U.S. economy, but cash flow and workflow issues remain a major concern for small business owners. Research has shown that 60 percent of small business owners have experienced a cash flow problem at some point, and 40 percent of small businesses spend five or more hours a week resolving payment issues.
Melio will continue to help small businesses maximize their cash flow and streamline workflows through JP Morgan’s RTP platform and virtual card offering, which uses a unique 16-digit card number. generated to pay a single supplier invoice. These payment methods have the ability to pay billions of dollars faster and more securely.
“We are focused on supporting small businesses and making them successful, especially during this time of economic recovery,” said Bar Matan, co-founder and CEO of Melio. “The pandemic has highlighted the need for more digital, secure and automated payment methods. By working together, we get one step closer to solving cash flow and workflow issues that can prevent small business owners from achieving meaningful growth and put them on track to meet their needs. unique business goals. “
These new payment methods are built on Melio’s easy-to-use Accounts Payable and Accounts Payable platform, which helps improve cash flow and workflow and allows credit cards to be accepted anywhere, including understood by suppliers in the United States who prefer to pay and be paid through traditional methods. , like paper checks. By using RTP and virtual cards, small businesses are able to pay vendors faster without changing the vendor’s existing card acceptance processes, while simplifying reconciliation data.
“We are excited to be working with Melio to provide a more seamless payment experience for their small business customers,†said Greg Kerwick, Head of Client Solution for Commercial Banking at JP Morgan. “Supporting all of their payment needs, including the launch of an RTP platform and virtual card solution, will help Melio continue to grow and create more value for its customers. “
RTP has been one of the first truly new payment methods for more than four decades. This allows funds to be available in real time and at a lower cost than some of the traditional payment methods. This new payment method has the potential to revolutionize small business supply chains.
Earlier this month Melio announced he raised a supplement $ 250 million, which will help accelerate the company’s integration with financial institutions, software vendors and markets interested in enabling B2B payments for their customers.
About Melio
Melio’s mission is to keep small businesses in business, help them improve their cash flow and workflow, better control their finances and optimize the financial health of their business. Melio was founded by the CEO Bar Matan, CTO Ilan Atias, and COO Ziv Paz in 2018, headquartered in new York and an R&D center in Tel Aviv. Melio also selected Colorado for its headquarters in the western United States and began recruiting for 250 new jobs in the state. The company raised $ 506 million nowadays. Melio’s intelligent B2B online payment solution is tailor-made for the needs of small businesses. It is a free, simple and secure solution that allows small businesses and their suppliers to transfer and receive payments quickly and easily.
Website: https://www.melio.com
SOURCE Melio
Related links
https://www.meliopayments.com/