Our unique virtual credit card technology makes Comdata the perfect payment processing partner for Behalf’s expansion. Bob Sneed, senior vice president of Comdata
Brentwood, Tenn. (PRWEB) January 09, 2015
Comdata is collaborating with Behalf and MasterCard to offer a more flexible and convenient way for small- and mid-sized businesses (SMBs) to pay their vendors. The initiative helps improve cash flow for SMBs by providing payment terms to SMB’s for their payments to merchants that currently accept MasterCard and are approved for participation by Behalf.
With Comdata and MasterCard’s partnership, Behalf’s product benefit adds the ability to use a unique, secure virtual card for both point of sale and online purchases while receiving convenient payment terms.
Currently, Behalf provides simple working capital lines to small businesses to help bridge the cash flow gap between when they have to pay a vendor for a purchase—typically within 30 days—and the time it takes to generate revenue from that purchase. To cover this gap, Behalf will pay an SMB’s vendor invoice of up to $10,000 per purchase, and the SMB then pays Behalf back over up to 120 days. SMBs receive favorable rates and terms while their vendors benefit from more rapid cash flow, lower risk of fraud, fewer credit losses and increased sales.
Bob Sneed, senior vice president at Comdata, describes the business relationship as a win, win for small businesses. He noted that Comdata and Behalf share a common vision that innovation in payment technology can dramatically increase the rate of growth of small businesses.
“Our unique virtual credit card technology makes Comdata the perfect payment processing partner for Behalf’s expansion,” Sneed said. “Small businesses can pay their vendors quicker, while earning cash incentives just by paying their bills that can contribute to their bottom line. It’s a win for vendors as well as the small business.”
Behalf’s CEO and founder Benjy Feinberg noted that the growing demand for Behalf among SMBs is a clear indication of the critical need that it meets in the marketplace – simple, fast, flexible and secure purchase financing.
“Our partnership with Comdata and MasterCard will dramatically improve the usability, reach and security of what is already a great product,” Feinberg said. “We can’t wait to bring MasterCard’s merchants onto our vendor platform, making it easier for small businesses to purchase the goods, services and supplies they need.”
Comdata Inc. is a leading business-to-business provider of innovative electronic payment solutions. As an issuer and a processor, Comdata provides fleet, corporate payment, healthcare, virtual card, and prepaid solutions to over 30,000 customers. Comdata’s SVS division is a global gift card and loyalty innovator that manages over 600 million cards and processes over 1 billion transactions from over 45 countries and in 26 currencies worldwide every year. Founded in 1969 and headquartered in Brentwood, Tennessee with more than 1,200 employees globally, Comdata enables over $54 billion in payment volume annually. For more information about Comdata solutions, call 1-800-266-3282 or visit http://www.comdata.com.
MasterCard, http://www.mastercard.com/,is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.
An innovative payments platform targeted to small and mid-sized businesses, Behalf fills a significant market gap by offering short-term financing for inventory, services and other immediate business needs. Funded by Sequoia and Spark Capital, Behalf has reduced the credit application process to four simple questions: based on that information Behalf can instantly extend businesses as much as $10,000 in credit, at fair, affordable rates.